Lessee Accounting under FRS 116: A Practical Overview (On Demand)

Description

The new FRS 116 Leases replaces FRS 17 – Leases and became effective for financial statements with annual period beginning on or after 1 January 2019. This webinar addresses the common questions faced by accountants in application of FRS 116 in lessee accounting.

Programme Outline

• How is an operating lease in the lessee book accounted for under FRS 17 – Leases be affected by the new FRS 116?
• How is a finance lease in the lessee book accounted for under FRS 17 – Leases be affected by the new FRS 116?
• How do we perform the initial measurement of the lease liability under FRS 116?
• How to perform the initial measurement of the right-of-use asset (lease asset) under FRS 116?
• Is there any practical expedient for short lease or small lease ?
• What is the simplest method to transition from FRS 17 to FRS 116, i.e. the transition accounting on existing leases as lessee when FRS 116 is first implemented?

This workshop qualifies for 1.5 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).

What you will learn

Have a practical overview of the accounting for lessee under FRS 116

Target Audience

Accountants and Auditors

Expert Speaker

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).