IFRS 16 - practical application for lessees
Member price in Scotland and Online Live: £144.50 + VAT
Non-member price in Scotland and Online Live: £170 + VAT
Member price in England: £268 + VAT
Non-member price in England: £315 + VAT
Due to differences regarding external costs, courses outside of Scotland are priced separately. ICAS members are eligible for a discounted price on all courses running in England & Wales.
Timing 3 June in London: 2.00pm-5.15pm
Timing all other dates: 9.30am-12.45pm
Online Live, 3 June 2021
Glasgow, 2 July 2021
Edinburgh, 18 November 2021
London, 2 November 2021
Manchester, 9 November 2021
Online Live, 3 December 2021
IFRS 16 Leases is no longer new, but it continues to pose application problems to lessees.
This course looks at the requirements of IFRS 16 in the light of numerous practical examples, and focuses on how the standard should be applied, areas where policy choices are required, the information needs of the standard, and its impact on financial statements and derived information.
What you will learn
The course considers numerous practical examples in order to enable users to apply the standard in practice and to make the decisions necessary in its application.
Specific areas to be considered include:
- Identification of leases
- Applying the practical expedients
- Choices in identifying low value underlying assets
- Impacts of not adopting the practical expedients
- Initial measurement of lease liabilities
- Identifying an appropriate discount rate
- The lease term – the impact of extension, cancellation and purchase options
- The impact of different lease payment arrangements
- Variable payments
- RPI/CPI clauses
- Links to benchmark interest rates
- Residual value clauses
- “In-substance” lease payments
- Initial measurement of right-of-use assets
- Treatment of initial direct costs
- End of lease provisions
- Subsequent accounting
- Impacts of changing lease payments
- Financial statements disclosures
- Statement of financial position
- Statement of comprehensive income
- Statement of cash flows
- Notes to the financial statements
- Illustrations from published financial statements
- Further practical issues
- Lease renegotiation
- Accounting for sublets: finance or operating lease?
- Sale and lease back arrangements
- Further practicalities
- Information requirements
- Policy choices
- Impacts on users
- How the definition of a lease should be applied in identifying standalone leases and leases embedded in wider procurement contracts.
- Alternatives in separation of lease and non-lease components
Who should attend
This course is designed for anyone involved in the preparation or audit of financial statements in compliance with FRS 102.
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