Accounting standards - Leases FRS116 - Workshop SG 2020

This workshop aims to give you a practical perspective on the FRS116 standards and to allow you to apply these standards to your respective situations.

My Offerings


FRS 116, ‘Leases’, replaces the current guidance in FRS 17.  Under FRS 116, lessees has to recognise a lease liability reflecting future lease payments and a ‘right-of-use asset’ for almost all lease contracts. This is a significant change compared to FRS 17 under which lessees were required to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). FRS 116 contains an optional exemption for certain short-term leases and leases of low-value assets; however, this exemption can only be applied by lessees.  This new revenue standard will be required for reporting periods beginning on or after 1 January 2019.

Key Topics Covered:

Session 1

  • Overview of FRS 116
    • What has changed from FRS 17
    • The changes to lessee accounting

Session 2

  • Scope

– definition of a lease

  • Recognition exemption
    • Exemption from lease accounting

Session 3

  • Identifying a lease
    • Measurement of lease liability

– Components of lease liability

– Lease term

  • Measurement of right of use asset

– Components of right of use asset

  • Accounting entries
  • Tax effect of temporary differences

Session 4

  • Sale and leaseback transaction

– Interaction with FRS 115

  • Sublease

– accounting requirements

Session 5

  • Lessor accounting
  • Finance and operating leases

Session 6

  • Transition options

– Full retrospective

– Limited retrospective

  • Disclosure requirements

Trainer Profile

Oh Ai Sim

Ms Oh has over 21 years of audit related experience with a big four accounting firm. Her portfolio of clients includes public listed entities and multinational corporations covering the following industries: retailing, manufacturing, trading, property development and construction. She also conducted in-house and client training covering FRS and audit related topics.


  • Gain an overview understanding of FRS 116
  • Learn the changes to lessee accounting
  • Understand tax effect of temporary differences
  • Apply disclosure requirements


This workshop is suitable for Accountants, Financial Managers, Finance Controllers and anyone who is interested in the FRS 116 requirements and its application.



1 day

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