Course Overview

Early in 2016 Section 842 of the Codification – Leases was issued, bringing to a close, years of debate on the future of lease accounting. The standard needs to be adopted by many companies for accounting periods beginning on or after 15 December 2018. The transition will require time and effort, and in order to achieve this successfully, organisations need to start planning for this immediately.

Whilst the IASB and FASB worked on this as a joint project some differences do remain, which could lead to material variations in the accounts.

This half day course only has time to introduce one of the more challenging concepts of the new standard – namely that of embedded leases. If you would like to explore this in more detail you may want to also book on the following course: IFRS 16 Leases – managing the risks of embedded leases.

LEARNING OUTCOMES

• Rationale for the accounting change
• An overview of the new framework for leases
• The definition of a lease
• Any exemptions available
• Contracts with lease and service components
• Effective date and transition
• The systems and process changes you will need to implement and when
• Practical exercises to aid understanding
• The commercial impact of the changes and a discussion around how these need to be managed.

Who should attend

Aimed at finance professionals reporting under US GAAP, relevant across all sectors. You will not only gain technical understanding of the standard, but also appreciate both the commercial impact and key risk areas for your organisation.

You may also be interested in: