Course Detail()
Not Available

UTAP Funding

7.00 CPE Hours (Category 1, Category 2, Category 3, Category 4, Others)
Live Webinar

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 Objective
 
The release of FRS 116 (IFRS 16) Leases dramatically changes how lessees account for leases. For lessees, there no longer are operating leases and all leases come on a balance sheet in the form of a right of use asset and a financial liability.
 
Accountants have faced a number of challenges regarding the recognition, measurement, presentation and disclosure requirements.
 
FRS 116 (IFRS 16) Leases has recently been amended to provide practical relief for rent concessions resulting from COVID-19.

Programme Outline


Overview of the New Standard
 

  • What is a lease?
  • Is the contract a lease, service contract or combined contract?
  • What about leases of low value items or short term leases?
  • How to determine the value of the right of use asset and financial liability?
  • What interest rate to use?
  • How to determine the lease term?
  • Covid-19 impact to FRS 116 (IFRS 16) Leases

 
Case Study:  Applying the new standard to a property lease
 
Using the lease of a property, we will examine issues to include:

  • Determine the lease term
  • Determine the value of the financial liability and right of use asset
  • Calculate the depreciation and interest for the period
  • Establish the journal entries
  • Remeasuring the lease on a change to assumptions on options to extend

 
Implementation Challenges
 

  • What if you modify the lease?
  • How is foreign exchange translation of the financial liability treated?
  • How do you recognize restoration costs in the ROU asset?
  • How are Sale and leaseback transactions treated?
  • Presentation and Disclosure Impact
  • Useful life of leasehold improvements
  • What are options and mutual options?
 

Pre-requisites

Please take note of the following admission requirements:

  • Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
  • Mandatory for video camera to be turned on throughout the course
  • Display your official name (as per NRIC) in Zoom, to facilitate attendance taking

Training Methodology
 
Lecture style, with Case Studies


Closing Date for Registration
 
1 week before programme or until full enrolment

Intended For

An Intermediate level programme intended for both Practising and Non-Practising Accountants and Auditors.

Schedule & Fees

Testimonial

Funding

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

Programme Facilitator(s)

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 Objective
 
The release of FRS 116 (IFRS 16) Leases dramatically changes how lessees account for leases. For lessees, there no longer are operating leases and all leases come on a balance sheet in the form of a right of use asset and a financial liability.
 
Accountants have faced a number of challenges regarding the recognition, measurement, presentation and disclosure requirements.
 
FRS 116 (IFRS 16) Leases has recently been amended to provide practical relief for rent concessions resulting from COVID-19.

Programme Outline


Overview of the New Standard
 

  • What is a lease?
  • Is the contract a lease, service contract or combined contract?
  • What about leases of low value items or short term leases?
  • How to determine the value of the right of use asset and financial liability?
  • What interest rate to use?
  • How to determine the lease term?
  • Covid-19 impact to FRS 116 (IFRS 16) Leases

 
Case Study:  Applying the new standard to a property lease
 
Using the lease of a property, we will examine issues to include:

  • Determine the lease term
  • Determine the value of the financial liability and right of use asset
  • Calculate the depreciation and interest for the period
  • Establish the journal entries
  • Remeasuring the lease on a change to assumptions on options to extend

 
Implementation Challenges
 

  • What if you modify the lease?
  • How is foreign exchange translation of the financial liability treated?
  • How do you recognize restoration costs in the ROU asset?
  • How are Sale and leaseback transactions treated?
  • Presentation and Disclosure Impact
  • Useful life of leasehold improvements
  • What are options and mutual options?
 

Pre-requisites

Please take note of the following admission requirements:

  • Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
  • Mandatory for video camera to be turned on throughout the course
  • Display your official name (as per NRIC) in Zoom, to facilitate attendance taking

Training Methodology
 
Lecture style, with Case Studies


Closing Date for Registration
 
1 week before programme or until full enrolment

Intended For

An Intermediate level programme intended for both Practising and Non-Practising Accountants and Auditors.

Programme Facilitator(s)


No course instances or course instance sessions available.