IFRS 16 - Leases

OBJECTIVE:
The new lease standard under Part I – International Financial Reporting Standards (IFRS) 16 will be effective for annual fiscal periods beginning on or after January 1, 2019. The impact will be significant for all companies that currently have operating leases. The seminar provides an in-depth review of the new standard, including the objective and scope of the standard, defined terms, exemptions, its effective date and transitional requirements. The entire standard will be covered however more emphasis is on the areas of change which focus on lessee accounting.

The starting point will be identifying a lease and separating components of a contract between the lessee and lessor. The lessee coverage will include the principles of recognition, measurement, presentation and disclosure. The likely costs and benefits of the new standard on the lessee will be discussed and the impact on a company’s financial statements and ratios. The lessor coverage will include the classification of leases as finance or operating and disclosure and subleases. In addition, the topic of sale and leaseback transactions will be reviewed.

Participants will have the opportunity to review a number of illustrative examples and exercises. In addition, to help address transitional issues the topics related to leases from the IFRS Discussion group are reviewed. 

WHO WILL BENEFIT:
Practitioners, financial analysts, and controllers responsible for lease accounting. In addition, it will be of interest for CPAs interested in understanding the implications of the new lease standard. Audit committee members may also find this to be a useful course.

LEARNING OUTCOMES:
By the end of this course, participants will be able to:

  • Explain the requirements of the new lease standard IFRS 16 for both lessee and lessor
  • Review the likely costs and benefits of the new standard on the lessee and the impacts on the company’s financial statements and ratios
  • Explain the impact of transition and required note disclosure
  • Identify potential transitional issues. 
Course Code:  VO2013
CPD:  Estimated CPD Hours: Total - 7  Licensing - 7
Competency:  Financial Reporting
Course Level:  Intermediate

 

When
4/20/2020 - 8/30/2020
Where
Video on Demand
Canada

Program


Monday, 20 April 2020

 
Select if you do not have a Passport.
Time
4/20/2020 - 8/30/2020
4/20/2020
Requires 1 Passport day.
Time
4/20/2020 - 8/30/2020
4/20/2020

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