IFRS 16 requires lessees to recognise assets and liabilities for most leases on their balance sheet, regardless of the industry in which the entity operates. Most operating leases will be recognised as a ‘right-of-use’ asset on balance sheet with a corresponding liability, which is a significant change for many entities. For lessors, there is little change to the previous lease accounting standard (IAS 17).
This highly participative EuroMaTech online training course will address the major issues of implementing IFRS-16. It will give participants a “road map” on which the application of these standard can be confidently based.
Participants attending this online training course will develop the following competencies:
- Learn the scope of the new standard
- Apply steps required for effective implementation of IFRS 16
- Understand the required changes to measurement, recognition and impairment
- Plan how to implement the transition
- Identify new presentation and disclosure requirements
The EuroMaTech online training course on IFRS-16 Leases aims to help participants to develop the following critical objectives:
- Explain the most recent updates on existing IFRS and evaluate the effect of IFRS- IFRS-16 on the organization
- Determine the correct presentation and minimum disclosure for components of statement of financial position, statement of comprehensive income, statement of owners’ equity and statement of cash flows in accordance with IFRS
- Be prepared to comply with changes in new IFRS
- Learn how to implement the latest developments
- Network and exchange insights with other experienced practitioners
- Benefit from real-world illustrations and examples of implementing recent Standards
- Understand practical implications of using IFRS in specific industries
This EuroMaTech online training course will combine presentations with instructor-guided interactive discussions between participants relating to their individual interests. Practical exercises, video material and case studies aiming at stimulating these discussions and providing maximum benefit to the participants will support the formal presentation sessions. Above all, the course leader will make extensive use of case examples and case studies of issues in which he has been personally involved.
This comprehensive online training course on IFRS-16 will enable each participant to appreciate and understand the complexities associated with these standards along with topic terminology, concepts and applications.
In gaining a perspective of the IFRS 16, the up to date developments and insights into the foreseeable future, participants will gain a valuable understanding of this critical standard and be capable of contributing meaningful assistance to their respective organizations with respect to the adoption and utilization of this new accounting standard.
Day 01 : IFRS 16 – Leases
- Introduction & Background
- Scope of the Standard
- Identifying a Lease
- Applying the Definition of a Lease
- Identified Asset
- Obtaining Economic Benefits
- Right to Direct Use of the Asset (Control)
- Determining the lease term
- Non-cancellable Period
- Lessee Extension and Termination Options
- Revisions to the Lease Term
- Illustrations and case studies
Day 02 : IFRS 16 – Leases
- Recognition and measurement
- Lease Liability – Initial Recognition
- Discount Rate on Initial Recognition
- Right-of-Use Asset – Initial Recognition
- Lease Liability – Subsequent Measurement
- Right-of-Use Asset – Subsequent Measurement
- Remeasurement of Leases
- Lease Modifications
- Transition Approaches
- Recognition Exemption
- Retrospective Application Options
- Practical expedients – Modified Retrospective Approach
- Illustrations and case studies
VAT Announcement: The Government of UAE have introduced Value Added Tax (VAT) on goods and services from 01-January-2018. In compliance with the legislation issued by the UAE Government, we will be applying a 5% VAT on the fees for all our programs and services offered from January 2018 as applicable and stipulated in the FTA circulars.