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Under the latest SFRS(I) 16 Leases, a lessee will now have to recognise all leases in the Balance Sheet. Implementing this standard will therefore require significant judgements, changes and modifications. Companies will now have to identify and review all lease contracts, identify the lease, determine the lease term, determine the present value of the right-of-use (ROU) asset and liability and prepare the new disclosures. In addition, the new FRS requires re-measurement of lease liabilities arising from modifications to the lease agreement.
This programme is designed specifically for accountants and finance leaders. This technical workshop will use practical and numerical examples to discuss best practices in handling the new requirements, avoiding the pitfalls and how to implement the latest SFRS(I) 16.
At the end of this workshop, you will:
The Rationale behind SFRS(I) 16 Leases
- The IASB’s Leases Project
- Comparison between current and new standard:
Key changes – what does this mean for businesses?
- Analyse and review the impact on companies’ financial statements:
Numerical illustrations and Practical examples
- Illustrative approach to the application of the new accounting treatment of lease contracts:
- How has the accounting treatment changed?
- What are the transitional provisions?
Next Steps in Preparing and Implementing the New Standard
- Broad recommendations on requirements for businesses transiting from the current to adopting the new standard
Anyone who needs to be aware of the recent changes and updates in the Singapore Financial Reporting Standards
Low Kin Yew is an Associate Professor of Accounting (Practice) at the Nanyang Business School of Nanyang Technological University and the School’s Associate Dean (Undergraduate Academic). He has a Bachelor of Accountancy degree (First Class Honours) from the National University of Singapore and a Ph.D. in accounting from the University of Illinois at Urbana-Champaign.
Since joining the Nanyang Business School, he has taught accounting and auditing courses at both the undergraduate and graduate (MSc, MBA and EMBA) levels. He has won the Researcher, Teacher and Teacher of the Year Award of the Division (Accounting), and the Nanyang Excellence Award in Teaching. Prior to joining Nanyang Technological University, he worked in the Singapore office and Sydney (Australia) office of a Big 4 accounting firm. He is a member of both the Institute of Chartered Accountants of Australia (ICAA) and Institute of Singapore Chartered Accountants (ISCA). He is currently a member of SAC Learning and Assessment Committee, and AGD’s Advisory Committee on Accounting Standards for Statutory Boards. He is a co-author of two accounting textbooks: A Practical Guide to Financial Reporting Standards (Singapore), 5th edition, 2013, CCH, and Intermediate Accounting IFRS Edition, Global edition 2, 2019, McGraw Hill.
This is a face-to-face event, to be conducted on 26 November 2020.