Course Detail(A207 : IFRS 16 / FRS 116: Leases)

A207 : IFRS 16 / FRS 116: Leases

7.00 CPE Hours (Category 1)
Classroom

This course is also available as a Live Webinar session. To view the available dates, please click here

Programme Objective

On 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.

Programme Outline


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 116
  • Part I – Lessee Accounting
    • Recognition exemptions
    • Identifying a lease
    • Distinguishing leases from service contracts
    • Lease term
    • Lease payments
    • Allocation of bundled payments into lease and non-lease components
    • Measurement for lessees
      • Initial measurement
      • Subsequent measurement
      • Reassessment of liability to make lease payments
    • Issues relating to variable lease payments
    • Sale and lease back arrangements
    • Disclosures for lessees
    • Presentation for lessees
    • Transitional issues
  • Part II - Lessor Accounting
  • Identifying a lease
  • Criteria for finance and operating leases
  • Recognition
  • Measurement
  • Special lease arrangements, e.g. sales-type leases
  • Presentation and disclosures


Training Methodology

Lecture style, with illustrative examples, scenario analysis and hands-on exercises. Participants should bring their calculators.
 
Closing Date for Registration

1 week before programme or until full enrolment
 

Intended For

An Intermediate level programme suitable for Accounting and Audit Professionals.

Competency Mapping

Category 1 = 7.00 Hours

Schedule & Fees

Date & Time

23 Jun 2022 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Dr Pearl Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709

Date & Time

19 Dec 2022 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 356.31
For Non-Members: $ 428.00

Programme Facilitator(s)

Dr Pearl Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709

Testimonial


Learning experience is practical and applicable to my working environment.

Sharon Ong

Funding

No funding Available!

Programme Facilitator(s)


Dr Pearl Tan
Associate Professor of Accounting (Education)
Singapore Management University


Dr Pearl Tan has extensive experience in teaching and developing courses on advanced topics in financial accounting. Dr Tan has won a number of teaching awards in SMU and also in Nanyang Technological University (NTU), where she previously taught. Dr Tan also conducts seminars for professional and government bodies, listed companies and auditing firms. Her research evaluates the implications of accounting standards on the informativeness of financial statements. Dr Tan has an active interest in the development of accounting standards and provides feedback to policy-making bodies.  She has co-authored two books on IFRS that are used by a number of Asian universities. Dr Tan serves on the inaugural Learning and Assessment Committee of the Singapore Qualification Programme, is a member of the Advisory Committee for Accounting Standards for Statutory Boards, and was also a member of the Financial Reporting Committee of the Institute of Singapore Chartered Accountants (ISCA).

This course is also available as a Live Webinar session. To view the available dates, please click here

Programme Objective

On 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.

Programme Outline


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 116
  • Part I – Lessee Accounting
    • Recognition exemptions
    • Identifying a lease
    • Distinguishing leases from service contracts
    • Lease term
    • Lease payments
    • Allocation of bundled payments into lease and non-lease components
    • Measurement for lessees
      • Initial measurement
      • Subsequent measurement
      • Reassessment of liability to make lease payments
    • Issues relating to variable lease payments
    • Sale and lease back arrangements
    • Disclosures for lessees
    • Presentation for lessees
    • Transitional issues
  • Part II - Lessor Accounting
  • Identifying a lease
  • Criteria for finance and operating leases
  • Recognition
  • Measurement
  • Special lease arrangements, e.g. sales-type leases
  • Presentation and disclosures


Training Methodology

Lecture style, with illustrative examples, scenario analysis and hands-on exercises. Participants should bring their calculators.
 
Closing Date for Registration

1 week before programme or until full enrolment
 

Intended For

An Intermediate level programme suitable for Accounting and Audit Professionals.

Competency Mapping

Category 1 = 7.00 Hours

Programme Facilitator(s)

Dr Pearl Tan
Associate Professor of Accounting (Education)
Singapore Management University


Dr Pearl Tan has extensive experience in teaching and developing courses on advanced topics in financial accounting. Dr Tan has won a number of teaching awards in SMU and also in Nanyang Technological University (NTU), where she previously taught. Dr Tan also conducts seminars for professional and government bodies, listed companies and auditing firms. Her research evaluates the implications of accounting standards on the informativeness of financial statements. Dr Tan has an active interest in the development of accounting standards and provides feedback to policy-making bodies.  She has co-authored two books on IFRS that are used by a number of Asian universities. Dr Tan serves on the inaugural Learning and Assessment Committee of the Singapore Qualification Programme, is a member of the Advisory Committee for Accounting Standards for Statutory Boards, and was also a member of the Financial Reporting Committee of the Institute of Singapore Chartered Accountants (ISCA).

Upcoming Schedule

Date & Time

23 Jun 2022 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 345.61
For Non-Members: $ 415.16

Programme Facilitator(s)

Dr Pearl Tan

Venue

60 Cecil Street
ISCA House
Singapore 049709