This course is also available as a Live Webinar session. To view the available dates, please click here. 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.
This course is also available as a Live Webinar session. To view the available dates, please click here.
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 disclosuresTraining 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.
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.
Category 1 = 7.00 Hours
23 Jun 2022 (9:00 AM - 5:00 PM)
For Members: $ 345.61 For Non-Members: $ 415.16
19 Dec 2022 (9:00 AM - 5:00 PM)
For Members: $ 356.31 For Non-Members: $ 428.00
Sharon Ong
60 Cecil StreetISCA HouseSingapore 049709
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19 May 2022 - 19 May 2022
20 May 2022 - 20 May 2022