X

IFRS Banner

IFRS Course

IFRS Icon

IFRS and US GAAP Accounting for Leases (2 days)

Course Details

Code:1322
This course is not presently part of our active schedule and we are monitoring demand. Join our waiting list so our customer service team can include you in the conversation. We can keep you informed and updated when venues/dates are available.
Do you need to train a group of employees?
Tell us your training needs, and we will plan an agenda to address the issues that matter most to your organization.
Enquire Now

Introduction

We are managing our face to face IFRS course schedule carefully right now. If the training course you want is not available, we may be offering a virtual alternative! View our Virtual Classroom schedule to see what is being delivered live in our online classrooms.

If you don’t see the IFRS training topic, you are looking for, or if you would like an online classroom in another timezone, please tell us.

You can learn more about our virtual, online courses and how they work on our Virtual course FAQ page.

This program provides in-depth coverage of lease accounting under IFRS and US GAAP. The IASB’s standard, IFRS 16, replaced IAS 17 from 2019. At the same time, the US Financial Accounting Standards Board (FASB) published its new leasing standard, ASC 842.

Originally the Boards worked jointly to develop converged standards but were unable to agree on a number of areas. Consequently IFRS 16 and ASC 842 have much in common but some differences exist. They reached the same conclusions in many areas:

  • Definition of a lease
  • Recognition by lessees of leases in the statement of financial position
  • Measurement of lease liabilities
  • Lessor accounting – account for leases as either finance or operating
  • Enhanced disclosure requirements

Areas of difference include the pattern of recognising lease expense by lessees in the income statement and optional exemptions from recognition of right-of-use assets and lease liabilities by lessees.

This two-day course provides an in-depth review of the requirements and application of IFRS 16 and ASC 842 by lessees and lessors.

Using case studies, examples and exercises, our specialist instructors explain and illustrate the important issues.

This program answers questions such as:

  • How must arrangements be analysed to determine whether they contain leases?
  • How are contracts separated into lease and non-lease components?
  • How are leases accounted for in the financial statements of lessees?
  • How do IFRS and US GAAP differ?
  • What are the presentation and disclosure requirements?
  • What are the difficulties in practice of applying these standards?

Learning Objectives

  • Comply with the 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
  • Learn the differences between IFRS and US GAAP

Who Should Attend

This course is primarily designed for those who are engaged in leasing activities in their company or are considering doing so in the future. The course is applicable to treasury staff, industry controllers, accountants, analysts, internal and external auditors and other finance professionals who are interested in learning about lease accounting.

Topics

  • Leases
    • Defining a lease
    • Separating a contract into lease and non-lease components
    • Recognition exemptions for short-term leases and leases of low value assets
    • Determining the lease term
  • Lessee Accounting
    • Recognition – right-of-use model
    • Measurement - initially and subsequently
    • Lease modifications
    • Practical expedient for Covid-related Rent Concessions
    • Presentation
    • Disclosure
  • Lessor Accounting
    • Classification as operating or finance leases
    • Finance leases - recognition and measurement
    • Operating leases - recognition and measurement
    • Presentation
    • Disclosure
  • Sale and Leaseback Transactions
    • Assessing whether a transfer is a sale or a financing
    • Recognition and measurement by seller-lessees and buyer-lessors
  • Differences between IFRS and US GAAP

Teaching Method

  • Group live instruction by specialist instructors
  • Description and explanation of IFRS technical requirements in clear and simple language
  • Use of case studies and real-world examples to illustrate practical application of the standards
  • Interactive participation is encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Instructors

The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.

Venue

Our seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

CPE/CPD Accreditation

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

 

Field of study: Accounting

Prerequisites

Understanding of basic accounting principles based on any national standards. No advance preparation is required for this course.

Settings