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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?