IFRS 16 Leases

With trillions of US dollars of assets being held off the balance sheet the IASB and FASB had the leases convergence project as a priority. The process has taken a significant amount of time to come through to a new standard and the implications will have a significant impact on every organisation. With a new definition of what constitutes a lease and with all operating leases coming onto the balance sheet, financial statements of lessees will look very different. IFRS 16 is effective for periods beginning on or after 1 January 2019 but there is a lot of work to be done prior to the standard becoming effective.

By the end of this course, delegates will be able to understand the following:

• The need for a new standard
• Brief recap of IAS 17
• Transition
• The new model
• Definition of a lease
• Exemptions and exceptions
• Accounting treatment for lessee
• Accounting treatment for lessor
• Practical implications
• Preparation for adoption

Target Audience:

This course is ideal for accountants, auditors, treasury and finance professionals, management accountants, lessors and lessees and those who need to prepare their teams for the implementation of IFRS 16.