FRS 116 Leases replaces FRS 17, and is effective for annual reporting periods beginning on or after 1 January 2019.
On 28 May 2020, the Accounting Standards Council (ASC) issued the Amendment to SFRS(I) 16: Covid-19-Related Rent Concessions and Amendment to FRS 116: Covid-19-Related Rent Concessions, effective for annual reporting periods beginning on or after 1 June 2020.
This timely workshop will cover the Accounting and Auditing aspects of Determination of Lease Term and Lease Concession due to COVID-19.
This section will cover the determination of lease term, particularly those leases containing short notice of termination option.
Factors to consider on whether lease concession can be accounted for using the practical expedients in FRS 116 Covid-19 Related Rent Concession and Amendment.
The section will cover the common issues encountered when auditing the entities’ application of lessee accounting:
This workshop qualifies for 3.5 CPE hours in Financial Reporting Standards and Pronouncements (Category 1) and 3.5 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3).
Accountants and Auditors
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 15 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).