Online Seminar

IFRS 16 - Leases

AUG 10 - Aug 11, 2022

Online

DATE

AUG 10 - AUG 11

2022

TIME

8:30 AM - 12:30 PM

WHO CAN ATTEND

All

PD HOURS

7.5 Hours

ETHICS HOURS

0 Hours

STATUS

Registration closed on

Aug 05, 2022

EVENT DESCRIPTION

NOTE: This course description has been revised and reflects updates for 2022. If you have any questions, please contact pdevents@cpaontario.ca

SCHEDULE

  • Wednesday, August 10, 2022, 8:30 am to 12:30pm
  • Thursday, August 11, 2022, 8:30 am to 12:30pm

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. The accounting for rent concessions due to Covid-19 are also discussed.

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. In addition, recent amendments due to rent concessions as a result of Covid-19 will be discussed.

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:

  • Overview of reasons for the change, and what has changed
  • 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
  • Sale and leaseback transactions
  • Transitional requirements
  • Impact of IFRS 16 on financial statements and ratios
  • Current developments

KEY TAKEAWAYS

Upon completing this course, you 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
  • List relevant resources (with links).

WHO WILL BENEFIT

Practitioners, financial analysts, and controllers responsible for lease accounting; CPAs interested in understanding the implications of the new lease standard; and Audit committee members.

PRICING

Summer Sale. Discount already applied.

$269.00 Personal Passport

$285.00 Organization Passport

$299.00 Member

$299.00 Student

$439.00 Public

Status: Registration closed on Aug 05, 2022

LOCATION

Online

SPEAKER(S) BIO

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.

SPECIAL INSTRUCTIONS

Participants would benefit from pre-reading the most recent edition of IFRS 16 contained in the CPA Handbook – Accounting Part I.

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 at https://pdlms.cpaontario.ca/ and should be downloaded in advance.

Registration, cancellation, withdrawal and all other CPA Ontario PD Seminar policies can be found here.