Financial Reporting Suite: Revenue and Leases - Workshop 2018

Action

Overview

FRS 116, ‘Leases’, replaces the current guidance in FRS 17. Under FRS 16, lessees have 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 lease standard will be required for reporting periods beginning on or after 1 January 2019.

This workshop comprises lecture-cum-discussions, Q&A sessions, examples and case studies.

Key Topics Covered:

1. Introduction
• Overview of FRS 115
• Differences in concepts between FRS 18, FRS 11 and FRS 115
• Key concepts which forms the foundation of FRS 115

2. Concepts
• Performance obligation criteria
• What constitutes a contract
• The role of distinct in revenue contracts
• Application of variable considerations and its measurement
• Allocation methods for multiple performance obligations

3. Satisfaction of performance obligation
• Concept of control when performance obligation is satisfied
• Criteria for satisfaction of performance obligation satisfied over time and at a point in time

4. Contract cost
• Contract cost guidance
• Presentation and disclosures

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

6. Measurement
• Measurement of lease liability
• Measurement of right of use asset
• Accounting for exempt leases

This workshop is part of the Financial Reporting Suite and is eligible for a 10% off workshop fees for sign-ups of 2 workshops in the suite.

Enter code FRS10 at checkout.

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.

Objectives

• Gain an understand of the significant changes from a practical perspective
• Apply these standards to different business settings

Audience

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