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IFRS 16 and Topic 842 – Lease Accounting for Dual Preparers

Quorum Training - A Wilmington Company
Course summary
1 day
575 GBP excl. VAT
London
Next available date: 18/12/2019 - London
e-learning / Online / Distance

Course description

IFRS 16 and Topic 842 – Lease Accounting for Dual Preparers

This course is designed for those with some familiarity with IFRS and US GAAP working within entities who have to report under both IFRS and US GAAP who need to know about the extensive changes to the lease accounting rules applicable in 2019 and 2020 and the potentially huge impact these will have upon a reporting entity’s financial position and performance.

Although IFRS 16 Leases came into force for accounting periods commencing on or after 1st January 2019 US GAAP Topic 842 is applicable for accounting periods commencing on or after 15th December 2019 (one year later for non-public entities). Whilst IFRS 16 applies changes to accounting by lessees it makes no fundamental changes to accounting by lessors. Topic 842 is similar but it does apply more changes to the huge volume of US GAAP rules on lessor accounting.

There will be a focus on case studies and numerical exercises which will be worked through interactively with the participants.

Suitability - Who should attend?

Anyone needing a comprehensive understanding of this standard particularly the finance department, to legal teams, sales departments, etc.

Outcome / Qualification etc.

By the end of this course participants will:

  • Take away a thorough understanding of leases and arrangements deemed to be leases and the need for robust accounting rules and disclosure in this important area of finance;
  • Gain an understanding of the definition of leases and the identification of arrangements deemed to be leases
  • Be able to apply the lease accounting recognition and measurement rules required for lessees on initial recognition and subsequently
  • Be able to articulate the impacts on entity financial position and performance
  • Have gained a working knowledge of the transitional requirements
  • Be able to describe the differences between IFRS 16 and Topic 842 for lessees and lessors
  • Be able to describe the disclosure regime applied by the standards

Training Course Content

  • Introduction to the relevant IFRS and US GAAP standards and when they come into force

  • IFRS 16

    • Definitions, scope and scope exclusions.
    • Identification of leases and deemed leases
    • Initial recognition and measurement of the right of use asset and lease liability
    • Subsequent measurement rules
    • Reassessments and modifications
    • Transitional requirements
    • Disclosure

  • Topic 842

    • The main difference for lessee accounting
      • Retention of the dual classification
      • Subsequent measurement rules – finance leases
      • Subsequent measurement rules – operating leases (including the “short cut” approach for preparers)
    • Further US GAAP differences in lessee accounting
    • Main changes to lessor accounting
    • Transitional requirements
    • Disclosure

  • Summary of impacts on financial position and performance – IFRS 16 v Topic 842

About provider

Quorum Training

Quorum Training - Business and Finance Courses for Professionals

Quorum Training provides a range of specialist courses designed specifically for business and finance professionals. Covering Accounting and Finance, Taxation, VAT, Governance, Risk and Compliance, Financial Markets and Corporate Treasury, and Charities. Quorum deliver bespoke in-house and public training programmes....


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Quorum Training - A Wilmington Company

5th Floor, 10 Whitechapel High Street
E1 8QS London

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