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 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.
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 termDetermine the value of the financial liability and right of use assetCalculate the depreciation and interest for the periodEstablish the journal entriesRemeasuring 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 ImpactUseful life of leasehold improvementsWhat are options and mutual options? 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 takingTraining Methodology Lecture style, with Case StudiesClosing Date for Registration 1 week before programme or until full enrolment
Overview of the New Standard
Case Study: Applying the new standard to a property lease Using the lease of a property, we will examine issues to include:
Implementation Challenges
Pre-requisites
Please take note of the following admission requirements:
Closing Date for Registration 1 week before programme or until full enrolment
An Intermediate level programme intended for both Practising and Non-Practising Accountants and Auditors.
Category 1 = 7.00 Hours
28 Aug 2024 (9:00 AM - 5:00 PM)
For Members: $ 318.28 For Non-Members: $ 382.59
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
Thomas EganTom is a member of ISCA, as well as ACCA, CPA Australia and is a licensed US CPA. He had served on a number of committees related to accounting standards, financial reporting, and XBRL. He has extensive experience related to accounting for financial instruments gained through the past 18 years in technical accounting roles with a Big 4 firm and an international bank and is currently the accounting advisor to the airline industry for implementation of IFRS 9, Financial Instruments, IFRS 15, Revenue and IFRS 16, Leases. He holds a Masters degree in accounting from the University of Wisconsin - Madison and a Postgraduate Diploma in Strategic Finance from the University of Oxford.
Online Classroom in or outside ofSingapore
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21 May 2024 - 21 May 2024
23 May 2024 - 23 May 2024