SDF Funding, SkillsFuture Credit, 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. Introduction Assets and liabilities arising from finance leases have historically been reported on the balance sheet, while the rights and obligation of operating leases are off the balance sheet. The new approach to lease accounting, often referred to as the “Right-Of-Use” model differs substantially from the current standard. Effective January 2019, the new Standard prescribed a ‘single lessee model’ that require lessee to recognise lease assets, arising from the contractual rights to use the resources for a specified period of time, and the corresponding obligation to pay for that rights as lease liabilities on the balance sheet. The new requirements will inevitably impose a new reporting burden and have significant impact on an entity’s financial position, financial performance, gearing and capital ratios, cash flow. Programme Objective This seminar presents a comprehensive analysis of the technical requirements of the IFRS 16/ FRS 116 for Lease Accounting. It provides a detailed understanding of the changes from current Standards to the New Standard, analysing the logic, implications and problem areas to watch out for. The seminar will enable you to assess the impact of the New Standard on the business decision to make arrangement to acquire the rights to use resources and the impact of the contractual terms that may have significant impact on the reported financial position, financial performance and cash flows of your company. Discover the best ways to handle the new rules and avoid the pitfalls. Learn what you need to do NOW to prepare for the new changes.
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.
Introduction Assets and liabilities arising from finance leases have historically been reported on the balance sheet, while the rights and obligation of operating leases are off the balance sheet. The new approach to lease accounting, often referred to as the “Right-Of-Use” model differs substantially from the current standard. Effective January 2019, the new Standard prescribed a ‘single lessee model’ that require lessee to recognise lease assets, arising from the contractual rights to use the resources for a specified period of time, and the corresponding obligation to pay for that rights as lease liabilities on the balance sheet. The new requirements will inevitably impose a new reporting burden and have significant impact on an entity’s financial position, financial performance, gearing and capital ratios, cash flow. Programme Objective This seminar presents a comprehensive analysis of the technical requirements of the IFRS 16/ FRS 116 for Lease Accounting. It provides a detailed understanding of the changes from current Standards to the New Standard, analysing the logic, implications and problem areas to watch out for. The seminar will enable you to assess the impact of the New Standard on the business decision to make arrangement to acquire the rights to use resources and the impact of the contractual terms that may have significant impact on the reported financial position, financial performance and cash flows of your company. Discover the best ways to handle the new rules and avoid the pitfalls. Learn what you need to do NOW to prepare for the new changes.
The Overall Technical IssuesNew PrinciplesScope of coverage and interaction with other StandardsIdentifying a lease contractIdentifying and accounting for short-term lease and low value leaseSeparating components of a lease contract for lessee and lessorHandling complex lease terms and understanding their impact on financial statementsIntroduction to the new principles on sale and leaseback transactions Accounting for LesseeRecognition principlesWhen to recognise a “lease liability” and a “right-of-use asset”Measurement principles for initial and subsequent accountingLease obligations and right-of-use assetsReassessment of lease liabilityAmortization and impairment of the right-of-use assetsPresentation and disclosure of lease liabilities and right-of-use assetsPractical illustrations on setting up the ledger accountsExamine the impact on financial statements and ratios analysisTransitional provisions for lessee Accounting for LessorDetermining whether a lease is a finance lease or an operating leaseFinance LeaseRecognising and measuring the lease receivable assetsInitial measurement of the amount of net investment in leaseSubsequent recognition of finance income over the lease termPresentation and disclosure of lease receivable assetsOperating leaseHow to recognise the income of an operating leaseRecogniton and measurement of the underlying assets Depreciation or amortisation of the underlying assets Presentation and disclosure of the underlying assets subject to operating lease Special Consideration for Granting a Lease of PropertyLesseeHow to classify and account for right-of-use propertyLessee granting a sub-lease of the right-of-use propertyLessorGranting a head-lease lease of propertyGranting a sub-lease of propertyClassification consideration for both Lessee and Lessor:Whether to classify in accordance with IAS 40 Investment Property or IAS 16 Property, Plant and Equipment Sale and Lease Back Transactions for Both Seller-Lessee and Buyer-LessorDeciding whether a transfer of asset is a sale (Application of SB-FRS115 Revenue from contracts with customers)Accounting treatments for both seller-lessee and buyer-lessor for:Transfer of an asset that is a saleAccounting treatment where fair value sale consideration does not equal to fair value of the assets Transfer of asset that is not a sale Transitional provisionTransition and disclosure requirements for lesseePre-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 Practical illustrations and Interactive discussion Closing Date for Registration1 week before programme or until full enrolment
The Overall Technical Issues
Accounting for Lessee
Accounting for Lessor
Special Consideration for Granting a Lease of Property
Sale and Lease Back Transactions for Both Seller-Lessee and Buyer-Lessor
Transitional provision
Pre-requisites
Please take note of the following admission requirements:
Training Methodology Lecture style, with Practical illustrations and Interactive discussion Closing Date for Registration1 week before programme or until full enrolment
An intermediate programme suitable for Accounting and Audit professionals.
Category 1 = 7.00 Hours
08 Jul 2022 (9:00 AM - 5:00 PM)
For Members: $ 345.61 $ 276.49 For Non-Members: $ 415.16 $ 332.13 Discount till 31 Dec 2022
06 Oct 2022 (9:00 AM - 5:00 PM)
1] SkillsFuture Credit (SFC)Funding Period: Until 31 Aug 2023Course Reference Number: TGS-2020505515
All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. You may wish to use your SFC to pay for partial/full ISCA course fees.
On 1 Oct 2020, the Government provided a one-off SkillsFuture Credit Top-up of $500 for all eligible Singaporeans aged 25 or above by 31 Dec 2020. Singaporeans aged 40 to 60 by 31 Dec 2020 will also receive an Additional SkillsFuture Credit (Mid-Career Support) of $500 which can be used for courses under: (i) SGUnited Skills Programme, (ii) SGUnited Mid-Career Pathways Programme – Company Training, and (iii) Career Transition Programmes. This additional SFC (Mid-Career Support) is NOT applicable for use on ISCA courses. (For more information on the SFC scheme, please visit www.myskillsfuture.gov.sg)
If you wish to enrol for the course with SFC Funding, please proceed with the following steps:
Failure to submit claim application and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use. Please note that there will be an administrative fee of $42.80 for any revision of invoice.
2] WDA Training Grant - SDF FundingThis course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (Eligibility criteria apply).
Funding Period: Until 31 Aug 2023Funded Hours: 7 hoursCourse Reference Number: TGS-2020505515
If you wish to enrol participants with SDF Funding, please proceed with the following steps (For Corporate enrolments only) :
For course run start date before 1 Nov 2020, submit training grant application in SCN until 30 Nov 2020.
For course run start date on or after 1 Nov 2020, Enterprises/employers are NOT required to log into TPGateway/SCN to submit training grant.
Remarks
• Step 2: After receiving email that the programme status is confirmed, please proceed to submit the Training Grant application via SkillsConnect Portal (https://www.skillsconnect.gov.sg/).
Employers of company-sponsored participants must submit training grant via SkillsConnect to obtain training grant for course fees. You may submit the Training Grant application within the period from 30 days before the course start date to 30 days after course start date.
The employee’s enrolment, attendance and assessment recordswill be submitted by ISCA onto TPGateway.
Please note that there will be an administrative fee of $42.80 for any revision of invoice.
Eligibility Criteria:
3] NTUC Union Training Assistance Programme (UTAP)UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members.
NTUC members enjoy 50% *unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP. NTUC members aged 40 and above can enjoy higher funding support up to $500 per individual each year, capped at 50% of unfunded course fees, for courses attended between 1 July 2020 to 31 December 2022. *This excludes miscellaneous fees such as GST and registration fee etc. To find out more on the UTAP support validity period, please click here. As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.
To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008
Online Classroom in or outside ofSingapore
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Do you wish to apply for SFC funding? (Singapore Citizenship Only)
19 May 2022 - 19 May 2022
20 May 2022 - 20 May 2022