IFRS 16 Lease

Overview

IFRS 16, issued by the International Accounting Standards Board (IASB), is a global accounting standard that governs the treatment of leases. It replaces the previous standard, IAS 17, and provides comprehensive guidance on lease accounting. The core principle of IFRS 16 is that lessees should recognize assets and liabilities arising from leases on the balance sheet.

Under IFRS 16, lessees are required to record most leases, including what were previously classified as operating leases, as a ‘right-of-use’ asset with a corresponding lease liability. This represents a significant change for many organizations, as it increases transparency and reflects the economic reality of leasing arrangements. For lessors, the accounting treatment remains largely consistent with IAS 17, with minimal changes to previous practices.

Throughout the course, participants will delve into key topics related to IFRS 16, including the scope and objectives of the standard, the classification and recognition of leases, measurement of lease.

Objective

• Explain the latest updates to existing IFRS standards and evaluate the impact of IFRS 16 on the organization.
• Determine proper presentation and minimum disclosure requirements for the statement of financial position, statement of comprehensive income, statement of owners’ equity, and statement of cash flows in accordance with IFRS.
• Prepare to comply with changes introduced in new IFRS standards.
• Learn practical strategies for implementing the latest IFRS developments.
• Network and share insights with other experienced practitioners.
• Gain practical knowledge through real-world examples of recent IFRS implementations.
• Understand the practical implications of applying IFRS across different industries.