Accounting for Leases under FRS 116 (incorporating the Covid-19-Related Rent Concessions beyond 30 June 2021)

Description

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The new FRS 116 Leases differs substantially from the previous standard. Many Accounting Professionals are finding that the new requirements have imposed new reporting burdens and have significant impact on an organisation’s financial position, financial results, leverage and capital ratios, cash flow and EBITA.

This workshop will also address some of the common queries on the impact of rent concessions provided by landlords to tenants as a result of the COVID-19 situation. Such rent concessions are common for leases of retail property and may be required by governments.

The workshop will touch on the Covid-19-Related Rent Concessions beyond 30 June 2021.

Programme Outline

Leases and Off-Balance Sheet Financing

  • The IASB’s Leases Project
  • Summary of the new Standard
  • Impact of lease accounting on debt-equity ratio, ROA, EBITDA, EBIT, net income and cash-flow classifications
  • Scope of the FRS
  • Exemptions from applying the FRS
  • What is a lease?
  • What is a lease term?

Accounting By Lessees

  • Right of use model
  • Measuring the lease liability
  • Amortization and revaluation of right of use leased assets
  • Reassessment of the lease liability
  • Lease modifications
  • Presentation and disclosure

Practice questions 1 and 2

Accounting By Lessors

  • Classification of leases
  • Finance leases- recognition and measurement
  • Manufacturer or Dealer lessors
  • Lease modifications
  • Operating leases- recognition and measurement
  • Sub-lease accounting
  • Presentation and disclosure

Practice questions 3 and 4

Sale and Leaseback Transactions

Practice question 5

Covid-19-Related Rent Concessions

You are encouraged to bring along your calculators for this workshop.

This workshop qualifies for 7.0 CPE hours in Financial Reporting Standards and Pronouncements ( (Category 1) .

Target Audience

Accountants and Auditors who would like to have a practical understanding of FRS 116, including the Covid-19-Related Rent Concessions

Expert Speaker

Sardool Singh

Sardool is an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He has been lecturing for the past 20 years, and is a highly sought-after seminar leader in the areas of Financial Reporting Standards, Cash Flow Statements, Analysis of Financial Statements, Consolidation and other technical accounting topics.

Sardool brings a commercial perspective to the understanding of complex Accounting Standards and simplifies the requirements of these Standards to enable the participants to have a clear understanding of the topic. Sardool is also the Chief Financial Officer of an investment company. Prior to his current appointment, he was the Group Financial Controller of a Singapore listed healthcare company. During his ten years in the healthcare industry, he was responsible for the entire Group financial functions and the IPOs of two subsidiaries on SESDAQ. He had also gained his working experience with KPMG Peat Marwick and a Japanese merchant bank.

This is a face to face event, to be conducted on 4 June 2021.

  • Jun 04
    Fri, 9:00 AM - Fri, 5:00 PM Hotel Venue to be Advised
    • $449.40 incl. GST (7%)
    • PD hours: 7

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