This online IFRS training is being delivered live in a single 4 hour session which runs from 13:00 – 17:00 London (UK).
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This focus session concentrates on key issues when applying IFRS 16 Leases.
IFRS 16 became mandatory for annual periods beginning on or after 1 January 2019. Lessee accounting was significantly affected by abolishing the distinction between finance and operating leases and the introduction of the right-of-use model. Pragmatically the IASB decided to leave lessor accounting largely unchanged.
This session reviews critically how IFRS 16 has been applied by reviewing implementation in practice and clarifies how preparers (both lessees and lessors) can improve the quality and usefulness of lease accounting and disclosure.
Another area of focus for this session is the availability of, and whether to apply, the Board’s amendments to IFRS 16 in May 2020 and March 2021, ‘Covid-19-Related Rent Concessions’. These introduced, and extended, a practical expedient to simplify accounting by lessees where rent concessions have been provided as a direct result of the pandemic, The session will set out the qualifying criteria with scenarios to illustrate the expedient’s practical operation.
Covid-19’s impact on IFRS 16 extended beyond the rent concessions expedient. Other areas affected include assessing the lease term, deriving the lessee’s incremental borrowing rate, accounting for sale and leaseback transactions and disclosure. The session will deal with how to address these issues.