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Description
As a result of COVID-19, business changes either arising from government intervention measures or business decisions have created implications on the accounting treatment. This webinar aims to cover some common scenarios such as temporary suspension of business, government grant, loan concession and lease concession and their impact on some specific accounting scenarios.
Programme Outline
- Does an entity incorporate cash flows from government assistance or grants when determining the value in use of a cash-generating unit?
- Can an entity stop depreciating an asset or change its depreciation method of the asset if it is idle?
- What is the borrower’s accounting treatment of a loan repayment holiday negotiated between a bank and a borrower?
- How should a borrower account for a loan repayment holiday imposed by law?
- How might capitalisation of borrowing costs be affected by suspension of activities due to COVID-19?
- How should a landlord account for the property rebates given by the government?
- How should a lessee account for the lease concession arising from the property rebates given by the government to the landlord?
- Update on IASB’s amendment to IFRS 16 – Leases to provide practical expedients to lessee in lease concession as a direct consequence of COVID 19:
- Relieves a lessee from assessing whether a COVID-19-related rent concession is a lease modification;
- Option for lessees to apply the practical expedient to account for COVID-19-related rent concessions as if they were not lease modifications;
- Require lessees to apply the practical expedient retrospectively, recognising the cumulative effect of applying the amendment as an adjustment to the opening retained earnings (or other component of equity, as appropriate) at the beginning of the annual reporting period in which the lessee first applies the amendment.
- Effective period and transition arrangement
This workshop qualifies for 2.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).
Target Audience
- Accountants and Auditors
Expert Speaker
Daniel Chee
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).