FRS 116 Leases replaces FRS 17 Leases, and is effective for annual reporting periods beginning on or after 1 January 2019.
The preparation of financial statements of companies transitioning into FRS 116 Leases will cover:
ACRA’s FINANCIAL REPORTING PRACTICE GUIDANCE NO. 2 OF 2019 (Issued on 21 November 2019) highlighted that the accounting of leases as required by FRS 116 will be one area of focus of review to be conducted by ACRA’s e Financial Reporting Surveillance Programme (FRSP). Amongst others, ACRA encourages directors to pay attention to the following areas when implementing the new lease standard:
This workshop qualifies for 7.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).
Accountants and Finance Professionals who would like to have a practical understanding on Lease Accounting for Lessees
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).