IFRS 16 – LEASES

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COURSE OVERVIEW

The new standard in leasing assets is the most impactful change to accounting seen in decades. The distinction between ‘what is a finance lease’ and ‘what is an operating lease’ is no longer a concern as the treatment has become standardized. This course will focus on the recently updated IFRS 16 Leases in order to assist business professionals in the interpreting of the new standard and its application. This course will focus on ‘real life’ case study examples so that you can really relate the core principles to your own work.

COURSE OBJECTIVES

By completely attending this course, participants will be able to:

Recognize the common features and structure of the financial statements
Define leases and identifying the essential elements of a lease
Apply lessee accounting to right of use assets
Calculate the initial and subsequent measures of both lease liabilities and right of use assets and describe factors that affect each measure
Distinguish and classify leases as either operating or finance leases through the ownership structure
Determine and apply the correct accounting treatments on biological assets and mineral resources as pertaining to IAS 41 and IFRS 6

TARGET COMPETENCIES

Leases
Lessee Accounting
Lessor Accounting
Sale and Leaseback Transactions
Agriculture
Exploration for and Evaluation of Mineral Resources

Business, ﬁnance and accounting professionals, senior and junior accountants, business analysts, research professionals, marketing and sales, administrative staﬀ, supervisors, general business professionals

This course demonstrates core principles in business statistics and utilizes Excel in performing modern and creative techniques of financial modeling. Real-life case studies, individual workshops, and team presentations by participants.

IFRS 16 LEASES

What is a lease?

Essential elements of a lease

Right to control
Identified assets
Period of time

Lessee accounting

Lease payments

Fixed payments
Variable payments
Purchase option
Residual value

Lease liability

Lessor accounting

FINANCE LEASE VS OPERATING LEASE

Defining a finance lease

Defining an operating lease

Leases of land and buildings

Leases of investment properties

Subleases

SALE AND LEASEBACK TRANSACTIONS

Structure of a sale and leaseback transaction

IFRS 15 Revenue from contracts with customers

Transfer as a sale

Structure of the transfer proceeds

Transfer not a sale

Recognition of the asset
IFRS 9

SUPERSEDED STANDARDS

Replacement of the following standards and interpretations

IAS 17 Leases
IFRIC 4 Determining whether an Arrangement contains a Lease
SIC-15 Operating Leases – Incentives
SIC-27 Evaluation the Substance of Transactions Involving the Legal Form of a Lease

LEASES OF BIOLOGIAL ASSETS

IAS 41 Agriculture

Defining a biological asset

Defining agriculture produce

Accounting treatments

Initial recognition
Measurement
Other issues
Government grants
Disclosure requirements

LEASES TO EXPLORE FOR NATURAL RESOURCES

IFRS 6 Exploration for and Evaluation of Mineral Resources

Defining mineral resources

Accounting treatments

Accounting policies
Impairment
Presentation and disclosure