IFRS 16 Leases requires companies to bring most leases on-balance sheet from 2019. It has now been over two years since the standard came into effect. At the time it was effective, the accounting treatment of leases by lessees changed fundamentally and it may have had a significant impact on their financial KPIs and their systems and processes. Furthermore, in response to the COVID-19 coronavirus pandemic, the International Accounting Standards Board (IASB) amended IFRS 16 Leases in 2020 with respect to the lease modification requirements for rent concessions by issuing a practical expedient in this regard. In 2021, the IASB extended by one year the application period of the practical expedient for lessees accounting for COVID-19-related rent concessions.
In this two-part session, we will delve into the requirements of the leases standard with reference to practical examples from real-life scenarios, the lessons learned, whilst also discussing the recent amendments which have been issued by the IASB and the impact these have had on financial reporting.
The session is aimed for accounting professionals and financial controllers.
By the end of the session participants would be knowledgeable on the requirements emanating out of IFRS 16, including the measurement of the lease liability and right-of-use asset.
Basic knowledge on financial reporting is recommended.
23/11/2021, 09:00 – 10:15
24/11/2021, 09:00 – 10:15
Venue:Live online session – details of how to join the meeting will be sent once registration is complete
CPE Hours: This course qualifies for 2.5 hours of structured CPE which can be classified as Core Competency. A certificate of attendance will be provided at the end of the session.