FRS 116 Lease Accounting for Lessee (incorporating the Amendments for COVID-19) (On Demand)

Description

FRS 116 replaces FRS 17 and is effective from annual period beginning on or after 1 January 2019. This webinar is for accounting professionals who are applying FRS 116 first time and also for those who would like to reinforce their practical knowledge of FRS 116.

The practical expedients available for accounting of rent concessions arising from COVID-19 will also be covered.

Programme Outline

  • Scope of lease accounting for lessee, i.e. what is a lease
  • Determining lease period
  • Determining lease liability
  • Determining right of use assets
  • Subsequent measurement of lease liability
  • Subsequent measurement of right of use assets
  • Accounting for changes to the lease
  • Practical expedient – short lease
  • Practical expedient – lease of low value underlying assets
  • Transitioning from FRS 17 to FRS 116
  • Practical expedients available for accounting of rent concessions arising from COVID-19

Cases with figures and double entries will be used to illustrate the initial measurement of lease liability and right of use assets.

This workshop qualifies for 3.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).

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).

The webinar was recorded on 24 July 2020

  • Elearning
    • PD hours: 3
    Complete online at your own pace (Self-paced)
    • $235.40 incl. GST (7%)

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