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IFRS 16 Leases - Are You Ready For The Latest Updates?

Are You Ready For The Latest Updates?

IFRS 16 Leases Course Training Course

A half-day course

  • This highly practical course will address the more judgemental aspects of the IFRS and will provide tangible advice on the proper application;
  • The course provides a comprehensive overview of all aspects of the IFRS in one single session;
  • We will look at the impact of the IFRS on key performance metrics and not just from an audit and accounting viewpoint
  • We are always judged by our results which speak for themselves and the feedback received from previous delegates has always been excellent

  • Identify contractual arrangements that are within the scope of IFRS 16
  • Understand the accounting implications of these agreements and appreciate the impact this could have on key performance indicators such as EBITDA;
  • Be aware of the more judgemental and subjective aspects of the IFRS and those areas where management estimation will be required; and
  • Carry out additional research as required on the more detailed practical aspects of the IFRS
  • To explain how the requirements of IFRS 16 are different to the new leasing requirements under USGAAP contained in Topic 842 (if relevant to participants)

Scope of IFRS 16

  • Definition of a lease
  • Impact on lessor accounting
  • Exemptions available for a short life and low-value leases
  • Interaction with IAS 38 Intangible assets and IFRS 15 – Revenue from Contracts with Customers
  • Illustrative examples of issues with determining what types of contract are within IFRS 16 scope

The required accounting treatment for lessees

  • Identifying the cash flows and other issues in valuing the ‘Right of Use’ lease asset
  • Variable and contingent payments
  • Lease incentives
  • Identifying the lease term
  • Foreign currency leases and the impact on existing hedging arrangements
  • Re-assessment of lease payments
  • Discount rate to apply
  • A numerical example of day 1 and subsequent reporting of Right of Use asset and lease obligation

Transition, presentation and disclosure issues

  • Options available for transition including the option to adopt early
  • Presentation in Income Statement, Statement of Financial Position and Cash Flow Statement
  • Specific disclosure requirements
  • Specific additional year one disclosures
  • Illustration of presentation requirements

IFRS 16 – other matters to consider

  • Consolidation issues – not all the group reports under IFRS?
  • Group entities applying UKGAAP – FRS 102 and leasing
  • Groups including entities reporting under USGAAP
  • Impact on KPIs and how to present – FRC guidance
  • Latest developments and comment on early adopters
  • COVID 19 implications including guidance on the treatment of rental holidays granted by landlords.

The trainer qualified as a Chartered Accountant in 1987 with a six partner firm, Gilberts, following completion of an accountancy foundation course. In the same year, he joined Binder Hamlyn to work in their Business Development Group.

In 1990 he joined a major training company to work as a trainer on their accountancy exam courses. During the next four years he taught auditing, financial reporting and taxation for ACA, ACCA, CIMA and AAT exams, he also taught the ACA multi-disciplinary case study. he mainly taught on fulltime courses organised for Deloitte, PWC and EY; he was also personally responsible for the ACA final level auditing paper.

In 1993 he became a director of post-examination CPD training for accountants. He was also responsible for financial training programmes for non-accountants especially solicitors. Around this time he also started training in International Accounting Standards initially for Ernst & Young’s non-UK based professional staff in Europe.

Since 1998 he has been training on a freelance basis, concentrating on financial training for both accountants and non-accountants. The trainer also specialises in training on IFRS and US accounting standards and has presented on both subjects throughout Europe for the past 20 years.

He has considerable experience in presenting training on the following topics:

  • Accounting for financial instruments and insurance contracts
  • IFRS reporting issues for energy and pharmaceutical businesses
  • Completion accounts and the role of financial standards in corporate finance transactions
  • Accounting for business combinations – mergers, acquisitions and all joint and special purpose arrangements.

This course is designed to cover all the key issues of first-time adoption of IFRS 16 in a single practical session. The course will cover all the key requirements of the Standard from the scope, the accounting requirements and disclosure issues and will look at the specific issues that will arise on transition.

Have this course presented In-House

  • On a date, time and in a location of your choice
  • Topics expanded or deleted to your bespoke requirements
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Have this course pre-recorded

  • Full course recording edited exclusively for your company
  • Files converted to enable housing on your LMS
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