UTAP Funding
The format of this course is a Live Webinar. A detailed set of instructions on the Live Webinar will be sent to you closer to date.Programme ObjectiveOn 13 January 2016, after deliberations of almost seven years, the International Accounting Standards Board issued IFRS 16 to improve the reporting of lease contracts. The new standard FRS 116 Leases has been adopted by the Accounting Standards Council of Singapore and will replace the existing standards on leases for periods beginning 1 January 2019. The objective of this course is to facilitate an understanding of the principles and changes arising from the revised model of lease accounting for lessees and to illustrate the application of the requirements relating to lessee accounting. Although there is no substantial change in the model of accounting for lessors, the context of lessor accounting is now within this new standard FRS 116. This course also provides a review of the accounting for lessors within the context of FRS 116 with illustrative examples.
The format of this course is a Live Webinar. A detailed set of instructions on the Live Webinar will be sent to you closer to date.
Programme ObjectiveOn 13 January 2016, after deliberations of almost seven years, the International Accounting Standards Board issued IFRS 16 to improve the reporting of lease contracts. The new standard FRS 116 Leases has been adopted by the Accounting Standards Council of Singapore and will replace the existing standards on leases for periods beginning 1 January 2019. The objective of this course is to facilitate an understanding of the principles and changes arising from the revised model of lease accounting for lessees and to illustrate the application of the requirements relating to lessee accounting. Although there is no substantial change in the model of accounting for lessors, the context of lessor accounting is now within this new standard FRS 116. This course also provides a review of the accounting for lessors within the context of FRS 116 with illustrative examples.
The course will explain the principles and application of the requirements through decision flowcharts, clarifications of the basis of conclusions for critical changes and illustrative examples with hands-on exercises. It will also highlight major differences between the new standard and the outgoing standard FRS 17 Leases. Objective of FRS 116 Scope of FRS 116Part I – Lessee AccountingRecognition exemptionsIdentifying a leaseDistinguishing leases from service contractsLease termLease paymentsAllocation of bundled payments into lease and non-lease componentsMeasurement for lesseesInitial measurementSubsequent measurementReassessment of liability to make lease paymentsIssues relating to variable lease paymentsSale and lease back arrangementsDisclosures for lesseesPresentation for lesseesTransitional issuesPart II - Lessor AccountingIdentifying a leaseCriteria for finance and operating leasesRecognitionMeasurementSpecial lease arrangements, e.g. sales-type leasesPresentation and disclosures Pre-requisitesPlease take note of the following admission requirements:Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsoryMandatory for video camera to be turned on throughout the courseDisplay your official name (as per NRIC) in Zoom, to facilitate attendance taking Training MethodologyLecture style, with illustrative examples, scenario analysis and hands-on exercises. Participants should bring their calculators. Closing Date for Registration1 week before programme or until full enrolment
The course will explain the principles and application of the requirements through decision flowcharts, clarifications of the basis of conclusions for critical changes and illustrative examples with hands-on exercises. It will also highlight major differences between the new standard and the outgoing standard FRS 17 Leases.
Pre-requisites
Please take note of the following admission requirements:
Training MethodologyLecture style, with illustrative examples, scenario analysis and hands-on exercises. Participants should bring their calculators.
Closing Date for Registration1 week before programme or until full enrolment
An Intermediate level programme suitable for Accounting and Audit Professionals.
1] NTUC Union Training Assistance Programme (UTAP)UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. To find out more on the UTAP funding and support validity period please click here.
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008
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