ED Leases: Proposed Changes to Lessee Accounting

  

About this Course

The objective of this seminar is to facilitate an understanding of the conceptual model of lease accounting for lessees in the revised ED and subsequent decisions and to illustrate the application of the requirements relating to lessee accounting.

In December 2010, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued joint proposals to improve the reporting of lease contracts. Following the review of almost 800 comment letters received on the first exposure draft, the two boards decided to re-expose the proposals in a second exposure draft (ED) in the last quarter of 2011. The ED includes major changes to the conceptual and procedural model for the accounting of leases for both lessees and lessors, including the removal of the binary classification of operating and finance leases. Major decisions were made in August 2014 with a tentative lease standard expected in 2015. The objective of this seminar is to facilitate an understanding of the conceptual model of lease accounting for lessees in the revised ED and to illustrate the application of the requirements relating to lessee accounting.

Programme Outline 

The seminar will explain the principles and application of the proposed requirements through decision flowcharts, explanations of the basis of conclusions for critical changes and illustrative examples in the following areas:

  • Objective of the reforms of lessee accounting
  • The right of use approach
  • Recognition
  • Measurement

              - Initial measurement

              - Subsequent measurement

              - Reassessment of liability to make lease payments

              - Amortization

              - Revaluation

              - Impairment

  • Short-term leases
  • Sale and lease back arrangements
  • Presentation
  • Transitional issues
  • On-going developments relating to the lease project

Intended For

An Intermediate level programme suitable for Practising Accountants, Non-Practising Accountants and Audit Professionals.

Training Methodology

Lecture style, with Exercises/Illustrative examples 

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