Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
The new lease standard under Part I International Financial Reporting Standards (IFRS) 16 was effective for annual fiscal periods beginning on or after January 1, 2019. The impact was significant for all companies that previously had operating leases. The standard will have a significant impact on companies currently using ASPE that have decided to adopt IFRS. This seminar provides an in-depth review of the new standard, including the objective and scope of the standard, defined terms, exemptions, transitional requirements and current developments.
This seminar provides participants with an in-depth review of the new lease standard. The entire standard will be covered however more emphasis is on the areas of change which focus on lessee accounting. The starting point will be identifying a lease and the option of separating components of a contract. The lessee coverage will include the principles of recognition, measurement, presentation and disclosure. The likely costs and benefits of the new standard on the lessee will be discussed and the impact on a company's financial statements and ratios. The lessor coverage will include the classification of leases as finance or operating and disclosure. The topic of sale and leaseback transactions will be reviewed.
Participants will have the opportunity to review a number of illustrative examples and exercises. In addition, to help address transitional and application issues the topics related to leases from the IFRS Discussion group and agenda decisions are reviewed. After attending this seminar, participants will have reviewed the objective and scope of the standard, defined terms, exemptions and transitional requirements.
Topics Include:
- Introduction to IFRS 16 - objective and scope, defined terms, exemptions, and effective date
- Identifying a lease separate components of a contract lessee and lessor:
- Lessee:
- Recognition
- Measurement initial and subsequent
- Presentation
- Disclosure
- Lessor
- Classification of leases
- Finance leases
- Operating leases
- Subleases
- Disclosure
- Lessee:
- Sale and leaseback transactions
- Transitional requirements
- Impact of IFRS 16 on financial statements and ratios
- Current developments
- Relevant resources
NOTE: No updates or changes were made to the 2024 version of this course. If you completed the course in 2023, please be advised the 2024 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.
Schedule
- November 27, 2024, 1:00 p.m. - 5:00 p.m.
- November 28, 2024, 1:00 p.m. - 5:00 p.m.
Key Takeaways
By the end of this course, participants will be able to:
- Explain the requirements of the new lease standard IFRS 16 for both lessee and lessor.
- Review the likely costs and benefits of the new standard on the lessee and the impacts on the company's financial statements and ratios.
- Explain the impact of transition and required note disclosure.
- Identify potential transitional and application issues.
- Identify impact of rent concessions as a result of Covid-19.
Who Will Benefit
Practitioners, financial analysts, and controllers responsible for lease accounting; CPAs interested in understanding the implications ofIFRS 16, Leases; and Audit committee members.
Prerequisite(s)
Participants would benefit from pre-reading the most recent edition of IFRS 16 contained in the CPA Handbook Accounting Part I.
How to Access the Course
This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time. To get the full experience of this interactive course, use a computer that has video and microphone capabilities.
Electronic material can be accessed one week prior to the course and should be downloaded in advance.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Elizabeth J. Farrell, FCPA, FCA is an Adjunct Professor at the Schulich School of Business. In recognition of her excellence in teaching she was selected as the winner of the Seymour Schulich Award for Teaching Excellence in 1999, 2003 and 2009 and nominated for the award in 2004, 2005, 2006, 2011 and 2015. She was selected as the winner of the John Peace Teaching Award in 2002 and 2012. Elizabeth served as assistant coordinator at CPA Ontario's School of Accountancy. She has taught executive development courses for the Schulich School of Business, professional development courses for CPA Ontario and firms. Elizabeth is a co-author of Intermediate Financial Accounting. Her publications also include an accounting case analysis software package, study guides, ASPE: A Comparison to IFRS, IFRS A Review of the Standards, IFRS Leases and co-author Researching and Documenting an Accounting Issue and ASPE and NFPO Update, professional development courses, and a variety of case material. Elizabeth was a member of the Competency Map Committee. She was one of the lead authors for the assurance elective module for the CPA PEP program. Elizabeth has also served on the Board of Directors for a number of not for profit organizations.