This workshop will focus on FRS 116 Leases, new accounting standard on lease accounting.
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
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, ASC 842 and FRS 17
• Finance managers,
• Auditors and
• All accounting professionals.