Leasing is a common form of finance. The seminar will look into major recent developments in accounting for leases, that are mandatory as from 1 January 2019. IFRS 16 ‘Leases’ was issued in January 2016 and replaces IAS 17 ‘Leases’ and related Interpretations. IFRS 16 changes the accounting substantially for lessees. The new Standard eliminates a lessee’s classification of leases as either operating leases or finance leases. Instead, almost all leases are ‘capitalised’ by recognising a lease liability and right-of-use asset on the balance sheet. There is little change for lessors. Various existing types of leases will be covered in the seminar in terms of recognition, measurement and disclosure, with special attention to those leases impacted by IFRS 16. The principles conveyed to the audience will be supported by numerous examples. The course will also delve into the main differences between IFRS 16 and GAPSME.
The training course is specifically targeted to accounting professionals and students, especially those who are pursuing or intend to pursue a career in audit, accountancy or IFRS expertise.
Participants are expected to have a solid understanding of basic accounting concepts, including double entry and basic financial reporting.
Friday 31st January 2020
13:45 – 14:00 – Registration
14:00 – 15:30 – Part 1
15:30 – 15:45 – Coffee Break
15:45 – 17:00 – Part 2
17:00 – 17:15 – Question Time
3 core hours
- An introduction to lease contracts
- IFRS 16 lessee accounting
- IFRS 16 lessor accounting for finance leases
- IFRS 16 lessor accounting for operating leases
- Transition to IFRS 16
- Presentation and disclosure under IFRS 16
- Comparison of IFRS and GAPSME