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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:

  • 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

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:

  1. Ascertaining if a contract is or contains a lease
  2. Determining the lease term, which will affect the amount to be recorded, including the consideration if the renewal and/or termination option(s) is reasonably certain to be exercised
  3. Determining the amount of lease liability to be recorded on balance sheet, including the appropriateness of the discount rates used
  4. Accounting for variable rents payable to JTC Corporation, in particular the change in accounting treatments from previous method under FRS 17 which was recognised the difference between the actual lease payments and minimum lease payments from the revision as contingent rents

Programme Outline

  • Determining whether there is a lease
  • Determining lease term
  • Determining lease payment for initial measurement
  • Determining discount rate for initial measurement
  • Determining lease asset for initial measurement
  • Variable lease payment – JTC lease contract
  • Variable lease payment – contingent rent
  • Exemption from lease accounting – short-term lease
  • Exemption from lease accounting – low-value asset lease
  • Modification of Lease – increase in scope
  • Modification of Lease – others
  • Sale and lease back transactions
  • Transition from FRS 17 to FRS 116 – cumulative adjustment method 2

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

Target Audience

Accountants and Finance Professionals who would like to have a practical understanding on Lease Accounting 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).

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