FRS 116 Leases: Practical Applications

Description

The following group discounts are available:

Promotional Code “ GP2-15 ” – 15% group discount for 2 registrations for any event
Promotional Code “ GP3-20 ” – 20% group discount for 3+ registrations for any event
Promotional Code “ GP5-30 ” – 30% group discount for 5+ registrations for any event

This is a hybrid session. You have the option to attend this live in-person or online via Zoom. Please select accordingly at registration.

This workshop sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of an entity.

Programme Outline

Leases

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 using the incremental borrowing rate
How to include rent free periods in calculating rent free periods
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

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

What you will learn

Have a practical knowledge of the accounting requirements for lease accounting in accordance with FRS 116
Understand and learn to address the practical issues arising from Lease Accounting
Learn to apply the concepts of FRS 116 in real life

Target Audience

Accountants and Auditors who would like to familiarise or refresh their knowledge in lease accounting

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.