Auditing the Leases of Lessees in accordance with FRS 116 (To be re-scheduled due to COVID-19 regulations)

Description

FRS 116 Leases replaces FRS 17, and is effective for annual reporting periods beginning on or after 1 January 2019.

The audit of financial statements of companies transitioning into FRS 116 will cover:

  • The proper carry forward of leases accounted for under FRS 17 to FRS 116 according to transition rules provided in FRS 116
  • The new leases signed during the year

Most auditors will identify the above as a risk of material misstatements during the audit planning risk assessment process. Auditors are required to assess the risk and design audit procedures in response to identified risk of material misstatements at assertion level.

Programme Outline

Evaluating client’s documentation of all leases prior to FRS 116 and the effect as opening balances for financial statements post FRS 116:

  • The remaining lease term
  • The remaining lease payment
  • The determination of discount rate, i.e. incremental borrowing rate

Evaluating new leases identified by client since the financial reporting period on or after 1 January 2019:

  • Meeting lease criteria
  • Determining lease term
  • Establishing lease payment, including any variable lease payment
  • Determining discount rates, i.e. incremental borrowing rate
  • Evaluating client’s accounting system in lease recording, including the recording of invoices from lessors and subsequent adjustments, if any
  • Design audit procedures in response to the evaluating results from the above process

Evaluating any leases that clients have opted elective exemption because:

  • They are short-term leases; or
  • They are low value leases

This workshop qualifies for 3.5 CPE hours in Auditing Standards, Pronouncements and Methodology (Category 3) .

Target Audience

Auditors who would like to have a practical understanding on the Audit of FRS 116 for Lessees

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 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).

  • Apr 16
    Thu, 9:00 AM - Thu, 12:30 PM Hotel Venue to be Advised
    • $278.20 incl. GST (7%)
    • PD hours: 3.5

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