Accounting for Leases under SFRS(I) 16 Leases with Excel Illustrations

Description

Under the current leasing standard, SFRS(I) 16, a lessee will have to recognise all leases in the Balance Sheet. Companies will 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 including the related disclosures. In addition, SFRS(I) 16 requires re-measurement of lease liabilities arising from modifications to the lease agreement.

This practical workshop will share some insights into the more challenging aspects of accounting for leases under SFRS(I) 16 Leases. Through a combination of conceptual discussions and illustrative applications using Excel, the workshop will address key accounting issues and requirements of leases under SFRS(I) 16 Leases.

Programme Outline

Examine the Accounting for Leases under SFRS(I) 16 :

• Overview of SFRS(I) 16 requirements, underlying rationale and impacts
• Key changes in lease accounting for lessors and lessees
• Definition and identification of a lease
• Lease term and how termination and extension options impact the lease term
• Exemptions from lease accounting
• Lease modifications
• Subleases, sale and leaseback arrangements and investment property
• Other issues – COVID-19 Reliefs, May 2021 Amendments to SFRS(I) 1-12 and transition provisions

Participants are required to bring along their laptops to complete illustrations on lease accounting using Excel.

Your laptop should be installed with Microsoft Excel 2010 and above with full installation. Participants should have basic knowledge of Excel.

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

What you will learn

• Acquire a good understanding of the key accounting requirements of SFRS(I) 16 Leases
• Understand the impacts of SFRS(I) 16 Leases on a company’s financial statements
• Learn how to apply SFRS(I) 16 in practice including the computation of information required for lease accounting using Excel

Target Audience

• Accounting and Finance Professionals
• Those who need to understand the recognition and measurement issues relating to leases

Expert Speaker

Low Kin Yew

Low Kin Yew is an Associate Professor of Accounting (Practice) at the Nanyang Business School of Nanyang Technological University. He is also NTU’s Deputy Associate Provost (Programmes) and Co-Director of the Interdisciplinary Collaborative Core (ICC) Office. 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.

Prior to joining Nanyang Technological University, he worked in the Singapore office and Sydney (Australia) office of a Big 4 accounting firm. 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 of the Year Award of the Division (Accounting), the Nanyang Excellence Award in Teaching and the National Day Award – the Public Administration Medal (Bronze).

Kin Yew is a member of the Chartered Accountants Australia and New Zealand (CAANZ) and Institute of Singapore Chartered Accountants (ISCA). He is currently the Chairman of SAC Learning and Assessment Committee - Foundation Programme for the Singapore CA Qualification.