This workshop will focus on FRS 116 Leases, new accounting standard on lease accounting.
Imagination… What we can easily see is only a small percentage of what is possible. Logistics through innovation, dedication, and technology.Tony Tuco
Imagination… What we can easily see is only a small percentage of what is possible. Logistics through innovation, dedication, and technology.John Doe
Imagination… What we can easily see is only a small percentage of what is possible. Logistics through innovation, dedication, and technology.Mark Bobs
Singapore Accounting Standards Council had issued FRS 116 – Leases which is applicable from 1 January 2019. FRS 116 is based on IFRS 16 which will replace FRS 17 Leases
FRS 116 will require lessees to account for leases ‘on-balance sheet’ by recognising a ‘right-of-use’ asset and a lease liability. For many businesses, however, exemptions for short-term leases and leases of low value assets will greatly reduce the impact.
FRS 16 also:
- changes the definition of a lease
- sets requirements on how to account for the asset and liability, including complexities such as non-lease elements, variable lease payments and option periods
- changes the accounting for sale and leaseback arrangements
- largely retains IAS 17’s approach to lessor accounting
- introduces new disclosure requirements.
This session will cover:
- FRS 116 – Leases
- Transition from IAS 17
- New definition of Lease
- Lessee’s Accounting under new guidance of FRS 116
- Lessor’s accounting
- Sale and Lease back transactions
- Difference between FRS 116 and FRS 17
Participants are encouraged to share their experiences, issues and challenges, relating to the topic in discussion, and in the process, seek advice, coaching and resolution.
- Finance managers,
- Auditors and
- All accounting professionals.
Course Cancellation / Reschedule Policy
OutsourcingWise reserves the right to cancel or reschedule the course due to unforeseen circumstances. If the course is cancelled from our end, management will refund 100% to its participants
Note: the minimal class size to start the class would be 3 pax