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IFRS and US GAAP Accounting for Leases

  • All levels
  • 18 and older
  • $2,600
  • takes place in 4 star professional, New York, NY
  • 18 hours over 2 sessions

Start Dates (0)

  • $2,600
  • IASeminars in NYC @ takes place in 4 star professional conference facilities , New York, NY 00000
  • 18 hours over 2 sessions
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Class Description

Description

What you'll learn in this finance training:

This program provides in-depth coverage of the new IFRS and US GAAP lease accounting standards. In January 2016 the International Accounting Standards Board (IASB) published IFRS 16, which supersedes IAS 17 (and related Interpretations) for annual periods beginning on or after 1 January 2019. The US Financial Accounting Standards Board (FASB) published Topic 842, its own new leasing standard, in February 2016: public business entities must apply the new provisions for fiscal years beginning after December 15, 2018.

Leasing has proved an important and flexible source of financing. Existing accounting rules produce different results, depending on whether a lease is classified as a finance (US GAAP uses the term ‘capital’) or an operating lease. Lessees currently account for operating leases off balance sheet and merely disclose the commitment to pay future rentals as a note to the financial statements. Listed companies using IFRS or US GAAP are estimated to have around $3.3 trillion of lease commitments, 85% of which do not appear on the balance sheet. Under the respective IFRS and US GAAP Conceptual Frameworks, all leases produce assets and liabilities that meet the criteria for balance sheet recognition but accounting by lessees for operating leases has been exempted from this treatment. Users often try to estimate the impact of the off balance sheet lease obligations, with limited accuracy.

The IASB and the FASB have jointly developed their new standards over a number of years and have reached the same conclusions in many areas:
  • Definition of a lease
  • Recognition by lessees of leases on the balance sheet
  • Measurement of lease liabilities
  • Lessor accounting unchanged, i.e. the finance and operating lease distinction remains for lessors
  • Enhanced disclosure requirements

However the Boards have not been able to agree on all matters, notably the pattern of recognizing expenses by lessees in the income statement and an exemption for low value assets.

This two-day course provides an in-depth review of the new standards.

Using case studies, examples and exercises, our specialist instructors explain and illustrate all the important issues.


This program answers questions such as:
  • How must arrangements be analyzed to determine whether they contain leases?
  • How are contracts separated into lease and service components?
  • How are leases accounted for in the financial statements of lessees?
  • How does IFRS and US GAAP differ?
  • What are the enhanced disclosure requirements?
  • What are the transitional provisions?
  • What are the practical implications for lessees, lessors and users of the new standards?
Prerequisites: Understanding of basic accounting principles based on any national standards. No advance preparation is required for this course.

Teaching Method:
  • Live group instruction by specialist instructors
  • Description and explanation of IFRS technical requirements in clear and simple language
  • Use of case studies and real-world examples to illustrate practical application of the standards
  • Interactive participation is encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials
Venue:  Our New York City seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered participants by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

Remote Learning

This course is available for "remote" learning and will be available to anyone with access to an internet device with a microphone (this includes most models of computers, tablets). Classes will take place with a "Live" instructor at the date/times listed below.

Upon registration, the instructor will send along additional information about how to log-on and participate in the class.

Refund Policy

Cancellation/Refund Policies:
  • Provider reserves the right in its sole discretion to cancel or reschedule an Event, or to change the instructor without notice. You will be entitled to no compensation or damages in such a case.

  • If Provider cancels an Event (or reschedules it to a date inconvenient to you), we will provide a full refund within 30 days upon your written request, or at your option you may transfer the credit to another Provider Event or to another person.
     
  • If you cancel your registration in writing to Provider at least 14 days before the start of the Event, we will provide an 80% refund - the remaining 20% represents our administration fee. Alternatively, you are welcome to transfer the full credit to another course or to another person at no extra charge.
     
  • If you cancel your registration with less than 14 days prior written notice to Provider, or do not attend the Event for any reason whatsoever, no refund will be made and no Provider Content will be distributed to you. A transfer of the credit to another course or to another person may be possible, in Provider's sole discretion, at an extra charge equal to 20% of the original registration fee.

  • No refunds will be made after you have attended the Event. Nonetheless, the Provider is proud of its reputation in the marketplace and also of its level of customer service, and will always seek to address any concerns that you may have before, during or after the course.

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