IFRS 16 Leases - managing the risks (half day)

IFRS 16 leases – managing the risks of first time adoption

Available

Financial reporting

Feb

Thu

Dec

Sat

Schedule Type Title: Every Day of the Week

Sessions: 334

Session Hours: 8009.32

Description

An interactive and practical half-day CPD course that explains what the new standard brings with it and the considerable challenges involved, including how to manage stakeholders.

Overview
Course Level
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In-house

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Course overview

IFRS 16 has brought a close to many years of debate on the future of lease accounting. It needs to be applied for accounting year ends beginning on or after 1 Jan 19 – which means it is here and cannot be put off any longer!

The fact that most leases will now be on balance sheet is well known now. This course takes you further than that and explores real world issues coming about from adoption.

As companies who have started to adopt this already have come to realise - this new standard has much wider consequences than just an accounting change. It brings with it considerable challenges,

For example:

Managing stakeholders
Capturing the information
Creating sufficient audit evidence
Risks around financing, for example covenants

Following feedback from respondents the IASB have introduced exceptions for short-term and low-value leases. The course will explain what these are and explore when they should and shouldn't be used.

The potentially thorny risks of embedded leases is introduced on this course and is covered in detail on the IFRS 16 Leases – managing the risks of embedded leases.

The initial preparation work may have already been done by specialist teams who focus on getting the formal accounts prepared. The focus needs to move to the embed the changes throughout the organisation, and part of that will be the need to train and upskill accountants throughout the organisation (for example those working in FP&A or business partnering).

Learning outcomes

Rationale for the accounting change;
An overview of the new framework for leases;
Introduction to the concept and risks of embedded leases;
The exceptions for short-term and low-value leases;
Contracts with lease and service components;
Effective date and transition;
The systems and process changes you will need to implement and when;
Practical exercises to aid understanding; and
The commercial impact of the changes and a discussion around how these need to be managed.

Who should attend

Aimed at finance professionals reporting under IFRS, relevant across all sectors. You will not only gain technical understanding of the standard, but also appreciate both the commercial impact and key risk areas for your organisation.

Whilst at the time of writing this has not been adopted into FRS 102, those that report under FRS may wish to attend this course to get ahead of potential changes to UK GAAP.

Course enquiries

This course is for:

Capability Framework

Our public course programme is deliberately structured to encourage delegates from different organisations to participate. However, if you have six or more delegates who require development in the same area, we are able to run a more cost-effective and much wider range of courses tailored specifically to your organisation.

These are ideal for organisations seeking hassle-free, flexible and cost-effective training delivered to multiple delegates at your location of choice. Whether we use our existing materials or develop new content for your business, our expertise lies in translating your requirements into a pragmatic, interactive training programme highly relevant to your people and organisation.

To discuss in-house training for your business please email Academy or call Serena Starr on +44 (0)20 7920 8868 or Louise Thomas on +44 (0)20 7920 8733.

"The team at ICAEW were excellent from the start. They took time to understand our strategic plan and growth aspirations and built a programme around this. We are starting to see the fruits of it already. One of the key factors in the programme's success is that each participant is given one-to-one coaching, enabling them to focus on their own development." Richard Baker, Partner, Crowe Clark Whitehill

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