Financial Reporting Suite: Revenue and Leases - Workshop 2018

This workshop aims to provide an introduction on the new standards on leasing FRS 116 and revenues from contracts with customers FRS 115. The training will focus on the introduction of the new accounting principles (right of use approach, customer approach) which will significantly change the accounting of the future. The training will approach the new standards by case studies and examples to give the participant hands-on answers to practical questions in the adoption and application.

Key Topics Covered:
• Leasing an economical view

  • Definition of leases
  • Common leasing structures

• Current leasing standard 

  • Lease classification and criteria under FRS 17
  • Subsequent reclassification reasons

• New leasing standard

  • Definition of a lease
  • Importance of probability and fair value estimates
  • Lessees view (right of use approach)
  • Lessors view (performance obligation approach and partial derecognition approach)

• Revenue Recognition Fundamentals

  • Developments for FRS18 and FRS11
  • New 5 Step Approach

• Revenue Recognition Practical Problems

  • Revenue Recognition Contracts with Customers (linked transactions)
  • Revenue Recognition Assets or Payments from Customers

This workshop is part of the Financial Reporting Suite and is eligible for a 10% off workshop fees for sign-ups of 2 or more workshops in the suite. Enter code FRS18 at checkout.

Trainer Profile:

Michél Herrmann
Michel has over 12 years of experience in financial reporting and accounting advisory. Prior to founding HERRMANN CONSULTING, Michel has worked for PwC (PricewaterhouseCoopers) in Germany and Singapore where he was in charge of the accounting advisory business. During his time with PwC, he worked on various assignments including tax planning, SFRS/IFRS conversions projects, technical accounting advice, IPOs, SEC filings and due diligences across a wide variety of clients. Michel is also a regular speaker in financial conferences and seminars and since fall 2010 a Professor for “Advanced Accounting and Auditing” at the private University of Friedrichshafen (Germany). Michel received a master degree from the University of Mannheim. He is certified as a German CPA, German Tax Advisor, US CPA and CA Singapore.

Learning objectives

• Get an update on the newest developments in leasing and revenue recognition accounting.
• Learn about the adoption process to be ready for the application in 2018.
• Work on case studies and practical examples to experience the highest learning effect on the change in accounting.

Audience

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

1 day

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