Booking Information
Once you have booked your course, the link to the
recording will be available in your "My Account" area.
Please be aware that you will have access to this course
for 180 days from the date of purchase
Who should attend
The course was recorded on 9 March 2021 and is particularly suitable for financial controllers and directors of PLCs who need to implement the new standard and understand its impact on their financial statements. As it will undoubtedly eventually also be incorporated into FRS 102, the course will provide an insight into the issues that accountants currently applying FRS 102 will face in a few years’ time. No detailed knowledge of the previous standard IAS 17 Leases is required. Delegates are taken right through from basic terminology to the more complicated measurement and modification rules implemented by the standard.
Course overview
- The definition of a lease
- The distinction between a lease and a service
contract
- The exceptions of low value and short term leases
- How to measure ‘right of use assets’ and ‘lease
obligations’ for lessees
- The inclusion of assets and liabilities on balance
sheet and subsequent accounting treatment
- The impact of ‘economic incentives’ in changing the
lease term and their impact on recorded assets and liabilities
- Modifications to lease agreement including Covid 19
amendment on rent concessions
- How to account for variable payments in a lease
- How to account for modifications
- How to account for sale and leaseback operations
- The minor changes in lessor accounting
- Transitional arrangements
Key learning outcomes
- Appreciate the essential differences between IAS 17
Leases and IFRS 16 Leases
- Identify a lease contract
- Apply the appropriate measurement, presentation and
disclosure requirements of IFRS 16
- Be aware of the options available on transition and
how to choose between them
- Be aware of how the standard has worked in practice during its first year of implementation
Speaker
Robert is a Emeritus Professor of Financial Reporting at the Ulster University. He has lectured extensively within Ireland and Great Britain on accounting standards to diverse organisations such as British Gas Plc, British Aerospace Plc, NATO, Bank of Ireland, John Laing Plc, Deloitte and Reed International Plc. He has lectured on IFRS standards to major companies in Cyprus, United States, Bahrain, South Africa, Zambia and Ghana. He has published 14 books on the subject in Ireland and GB
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