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IFRS and US GAAP Accounting for Leases (Virtual Classroom)

Course Details

Code:1322v
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Introduction

This online IFRS training is being delivered live in three 4 hour sessions which run from 13:00 – 17:00 London (UK).

You can learn more about our virtual, online courses and how they work on our course FAQ page. Or view our Virtual Classroom schedule to see what else 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 time zone, please tell us.

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 a 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 on 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 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

  • Accountants in finance and reporting teams that prepare IFRS financial statements
  • External and internal auditors
  • Financial and credit analysts seeking to improve their understanding of IFRS lease accounting
  • Accounting regulators and enforcement bodies

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 – the 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

  • Live group internet instruction in virtual format by specialist instructor
  • Description and explanation of IFRS 16 requirements in clear and simple language
  • Use of case studies and real-world examples to illustrate practical application
  • Interactive participation is encouraged, with all attendees being required to be present on camera for the duration of the session.

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 accounting principles based on IFRS, US GAAP or other national standards. No advance preparation is required for this course.
  • All attendees must have a stable internet connection and web cam. Attendees will be live on camera with the instructors and other participants for the duration of each session.