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Date and Time

Feb 25 2020 - 12:00am until
Dec 26 2019 - 12:00am

Location

Calgary, Canada

Contact Information

Nazeer Ahmed [email protected]

IFRS - 16

IAS 17 is focused on identifying when a lease is economically similar to purchasing the asset being leased and therefore classified as a finance lease. All other assets were classified as operating leases and not reported on a company’s balance sheet (they were ‘off balance sheet leases’). The absence of information about leases on the balance sheet meant that investors and analysts did not have a complete picture of the financial position of a company, and were unable to properly compare companies that borrow to buy assets with those that lease assets, without
making adjustments. In 2005, the US Securities and Exchange Commission (SEC) expressed concerns about the lack of transparency of information about lease obligations. Responding to those concerns, the IASB and the FASB initiated a project to improve the accounting for leases. IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019. This course will focus on the requirements of the new standard IFRS 16.

COURSE OBJECTIVES

• Comply with the new accounting and disclosure requirements for leases
• Analyse contracts to determine whether they contain leases
• Apply the rules for initial and subsequent measurement by lessors and lessees
• Plan for the implications of the new accounting standards for leases – what it means for you
• Identify practical implementation issues together with solutions
• See how the standard can be implemented in practice in a simplified and effective manner

Who should attend?
The course is applicable to treasury staff, industry controllers,
accountants, analysts, internal and external auditors and other finance
professionals who are interested in learning the impending changes to the new Standards, all preparers of financial statements.

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