Ifrs essentials overview course ifrs training iaseminars. How to calculate the interest rate implicit in the lease. Interaction between ifrs 16 and ias 16 the determination of the lease term is a significant judgement in applying ifrs 16. Apr 05, 2016 the international accounting standards board iasb issued ifrs 16 leases in january 2016. Are the criteria for classification between these categories strict enough that management cant manipulate the accounts. Ias 16 property, plant and equipment cpa australia. How to account for employee loans if you provide interestfree or belowmarketrate loans to your employees, then you effectively provide employee benefits. The ifrs elearning modules are available free of charge and may be used and distributed freely, without alteration from the original form and. If part of an asset is replaced, then the part it replaces is derecognised.
Deloitte has developed a series of ifrs training modules which are offered free upon registration as a. The advantages that ifrs 16 brings to the economic. The difference between ias 17 and ifrs 16 provides a sound example of how accounting treatment for various inputs and outputs in a business is subjected to change over time when new standards become available making the old ones of limited use. Ifrs training course learning outcomes upon completion of this ifrs training course, you will be able to understand. Customer has right to substantially all the economic benefits. Ifrs training singapore ifrs 16 leases, ifrs 15 revenue. Ifrs 17 is out next year which puts all leased assets onto the balance sheet. This course is part of the ifrs certificate program a comprehensive, integrated curriculum that will give you the foundational training, knowledge, and practical guidance in international accounting standards necessary in todays. Sec sec encouraged the efforts of the international accounting standards committee to develop a core set of accounting standards. Ias 8 statements, 2019 outlook statements detailed disclosures separate.
Instead, most leases will have to be recognised as rightofuse asset with a related liability, with subsequent accounting similar to the finance lease model under ias 17. Ias 16 property, plant and equipment 2017 07 2 cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when. International financial reporting standards ifrs training 2. Capital markets communications on ifrs 16 so far early adopters. Full retrospective or modified retrospective methods used adopters w. He has worked as an auditor for pwc, has been a presenter and technical author for bpp and provides bespoke consultancy and training to companies throughout europe. The training program outline is up to date and pertinent to marketplace requirements, thus catering well to all analytical prediction of training needs in the specified area. Ias 16 does not specify what constitutes an item of property. Ifrs 16 is just the latest in a succession of new accounting standards.
Whilst we have developed courses on other subjects over the years, we remain your goto training provider in ifrs whether for public courses or customised inhouse training. How to extrapolate along yield curve if you need to derive a discount rate for calculating your defined benefit plan liability, this is the methodology. Click on the locations below to request for pdf brochures. Disclosures, ifrs 4 insurance contracts and ifrs 16 leases set out in exposure draft ed20201 interest rate benchmark reformphase 2. Ias 16 capitalises subsequent expenditure on an asset using the same criteria as the initial spend. In addition to the required disclosures, lessees and lessors need to assess whether additional information is necessary to meet the overall objective. Property, plant and equipment ias 16 and borrowing. Ias 2, ias 16, ias 38, if so, these standards prevail over ifrs 15 as far as the costs are concerned. Systems, jahangirnagar university, savar, slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Property, plant and equipment ias 16 property, plant and equipment ias 16 level tested on cpa pep examlevel testedimportance low, medium, or highcore 1 module level ahigh assurance electivelevel ahigh definition property, plant and equipment ppe are tangible assets that. Lincoln miles is a financial reporting consultant and trainer specialising in ifrs, us gaap and uk gaap.
Revenue ias 18 ifrs 15 revenue from contracts with customers. A lease is an agreement whereby the lessor provides to the lessee, the right to use an asset for an agreed period of time, in. The aicpa certificate is awarded for the completion of a comprehensive, integrated curriculum of 25 online, selfstudy training courses. It can be applied before that date by entities that also apply ifrs 15 revenue from contracts with customers. Please indicate to us what publications you would like to receive and leave your contact details so we can send the publications to you. The modules of the international financial reporting standards ifrs training organised by the kpmg. Who directs how and for what purpose the asset is used. The item which meets the following criteria will be. Ifrs kit online ifrs course ifrsbox making ifrs easy. Executive summary ifrs 16 leases was issued by the iasb in january 2016. Would you like to know more about the international financial reporting standards \ifrs\. Ias 16 property, plant and equipment the board has not undertaken any specific implementation support activities relating to this standard.
D\ o you have problems compiling ifrsbased group reporting packages or ifrs. Employee benefits ias 19 provisions, contingent liabilities and contingent assets ias 37 sharebased payment ifrs 2 financial instruments and leases financial assets and liabilities ias 32, ias 39 and ifrs 9 leases ias 17 update on ifrs 16 leases. The application of ifrs 16 is mandatory beginning with january 2019. The cost of property, plant and equipment will be recorded as an asset if. Did you already appeared in ifrs acca exams but failed to pass. Important note this fact sheet is based on the requirements of the international financial reporting standards. Ias 16 establishes principles for recognising property, plant and equipment as assets, measuring their carrying amounts, and measuring the depreciation charges and impairment losses to be recognised in relation to them. Ias 16 outlines the accounting treatment for most types of property, plant and equipment. This deloitte elearning module provides training in the background, scope and principles under ifrs 16 leases, and the application of this standard. Accounting for noncurrent assets ias 16 property, plant and equipment, ias 38 intangibleassets, ias 40 investment property, ias 20 accounting for government grants, ias 23 borrowing costs, ias. This course is designed for students and professionals who want to master ifrs accounting. Recognize accounting requirements for borrowing costs. Courses iaseminars ifrs accounting standards training.
The program offers an overview as well as a specific understanding of the ifrs. Ias 16 property, plant, and equipment 1 introduction property, plant, and equipment are tangible items that meet both of the following criteria ias 16. Property, plant and equipment are tangible items that. Ifrs 16 leases breakfast briefing deloitte united states. Ias 16 is applied in accounting for property, plant and equipment. Ifrs training courses ifrs update courses iaseminars. Ias 16 property, plant, and equipment ifrs essentials book. Ifrs training would you like to know more about the international. The principal issue is the timing of recognition of assets, the determination of their carrying amounts, and the depreciation charges to be recognized in. Generally, ifrs 16 requires more disclosures than ias 17. Ias 21, the effects of changes in foreign exchange rates. Cpas who successfully complete all the courses in the curriculum receive a.
Ifrs 16 leases summary with examples pdf mindmaplab. The security complex will have an economic life of 20 years, after which the land will be redeveloped for other purposes. Foreign currencies ias 21, ias 29 16 insurance contracts ifrs 4, ifrs 17 18 revenue and construction contracts ifrs 15 and ias 20 19 segment reporting ifrs 8 23 employee benefits ias 19 24 sharebased payment ifrs 2 26 taxation ias 12, ifric 23 27 earnings per share ias 33 28 balance sheet and related notes 29. As a result, more effort and judgement will be needed in the preparation of disclosures. The ifrs international financial reporting standards certificate program 40. Slide 16 ias 1 presentation of financial statements july 2017. International financial reporting standards ifrstraining 2. Property, plant and equipment comprises tangible assets held by an entity for use in the production or supply of goods or services, for rental to others or for administrative purposes, that are expected to be used for more than one period. Proposed amendments to ifrs 9, ias 39, ifrs 7, ifrs 4 and ifrs 16 the ed published by the international accounting standards board iasb in april 2020.
The role of the international accounting standards board iasb in setting international accounting standards. Ias 16 says that we can capitalize any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management ias 16. In determining the lease term, an entity must assess whether it is reasonably certain. Ias 16 was reissued in december 2003 and applies to annual periods. A company can move items between inventory ias 2, held for sales ifsr 5, ppe ias 16 and investment property ias 40. Our free to use, highquality elearning modules on ifrs help users develop their knowledge about the application of the basic principles and concepts of ifrs and ias.
Is your interest limited to specific rules, and therefore you have no interest in taking part in expensive, fullscale ifrs training lasting up to a week long. Ifrs 6 exploration for and evaluation of mineral resources ifrs for small and mediumsized entities session 4 ias 12 income taxes ias 40 investment property ias 38 intangible assets ifrs 2 sharebased payment session 5 financial instruments ias 19 employee benefits ias 21 the effects of changes in foreign exchange rates ias 17 leases ifrs 16 leases. It includes coverage of standards and interpretations, handson case studies, examples, exercises and quizzes. Ias 16 property, plant and equipment requires qualifying assets to be initially recognized at cost.
It will replace ias 17 leases for reporting periods beginning on or after 1 january 2019. Ifrs training singapore ifrs 16 leases, ifrs 15 revenue from contracts with customers. Fair value or the carrying amount of the assets given up. Training process optimisation responsibility training to controllers training to financial shared service. Ifrs ias 1 presentation of financial statements duration. The 2007 iasb annual improvement process intends that investment property being built will be accounted for under ias 40 cost or fair value. Troubles with ifrs 16 leases this article outlines the main implementation challenges when adopting ifrs 16. The international accounting standards boardissued in january 2016 ifrs 16 standard lease contracts that will replace ias 17, the current standard on lease contracts. Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. Ias 16 property, plant and equipment sets out the requirements for the recognition of the assets, the determination of their carrying amounts, and the depreciation charges and impairment losses in relation to them. Ias 17 risk and rewards model ifrs 16 control model the finance leaseoperating lease distinction under ias 17 is no longer relevant under ifrs 16 for lessees.
I make all the things clear, straight, practical and funny at the same time, so that you can grab these rules and apply them. This standard evaluates all leasing commitments financial or operational as a possibility of. Since more than 125 countries require or permit the use of ifrs, taking this program will give you a distinct competitive advantage over your peers. Careerdeal ifrs training ias 1 presentation of financial statements. Kpmg training academy ifrs cash flow statements understand and prepare. The calculation for the provision is covered in ias 37 and will be the net present value of the liability. Pwc materiality, aggregation and offsetting continued. This unique multiinstructor tenday course provides indepth instruction on all significant requirements of international financial reporting standards ifrss. The multimedia courses are interactive, engaging and scenariobased, with nearly 50 ifrs experts involved in their development. Specialist international financial training in accounting standards. This course is part of the ifrs certificate program a comprehensive, integrated curriculum that will give you the foundational training, knowledge, and practical guidance in international accounting standards necessary in todays global. They are held for use in selection from ifrs essentials book. Ias 16 property, plant and equipment ifrs standards tracker. Download the module s on the ifrss you are interested in from the list below.
They summarise two finalised agenda decisions to do with hedge accounting and disclosure of financial liabilities, and five tentative agenda decisions relating to ifrs 15, ifrs 16, ias 21, ias 29 and hyperinflation. Recognize the disclosures required by ias 16 and ias 23. Ias 11 construction contracts 12 ias 12 income taxes 11 ias 16 property ias 2 inventories 14 plant and equipment simple theme. The objective of ias 16 property plant and equipment ppe is to prescribe the accounting treatment for property, plant and equipment. The course is basically designed for commerce students and working professional in accounting field. Accounting and finance staff of entities that have been mandated to be ifrs compliant. Are held for use to producesupply goods and services, for rental to others. Ifrs interpretations committee agenda decisions on ifrs 16 i in the third of our global ifrs video series on the implementation of ifrs 16, emily moll. Apex professional training institute offers ifrs acca training classes and study material. Ifrs 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, namely, the customer lessee and the supplier lessor. Addresses requirements of ias 16, property, plant and equipment, and ias 23, borrowing costs. Ias 16 property, plant and equipment ias 16 property, plant and equipment 2017 07 1 objective the objective of this standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entitys investment in its property, plant and. The ifrs interpretations committee has previously considered a number of relevant issues that have been submitted by stakeholders.
How the lease accounting changed you can find the summary of the main changes and simple illustrative example here. Capitalization of costs extract, ifrs discussion group report on meeting december 9, 2014 recognition of costs in the carrying amount of an item of property, plant and equipment ceases. Ifrs financial reporting course will cover most of the international accounting standards ias and international financial reporting standards ifrs. The principal issue is the timing of recognition of assets, the determination of their carrying amounts, and the depreciation charges to be recognized in relation to them. Executive summary last friday the international accounting standards oard ias published an exposure draft ovid 19related rent concessions proposed amendment to ifrs 16 the ed. In addition, we have multiple publications dealing with the complex issues of ifrs 16 transition, discount rate, lease liability etc.
International accounting standards iass interpretations ifrics ready to get started. Ias 12 income taxes ias 16 property, plant and equipment ias 17 leases. Yes consider decision making rights that are most relevant to changing how. Study ifrs acca from best institute and ensure your success in first attempt. Ifrs 9 financial instruments replacement of ias 39 ifrs 15, revenue from contracts with customers ifrs 16, leases ifrs 9 key principles classification and measurement of financial assets analysis of the business model and contractual cash flows expected loss model.
In this elearning module you will learn about how to identify whether a contract is within the scope of the standard and the key principles of lease accounting. If applicable, disclosures are made in accordance with ias 16, ias 36, ias 38, ias 40 and ias 41. Property, plant and equipment ias 16 and borrowing costs. Topics include ifrs accounting standards from 1 to 16 along with consolidation of pre and post ifrs adoption. Ifrs 16 leases 5 ifrs 17 insurance contracts 6 ifric interpretation 23 uncertainty over income tax treatments 8 definition of a business amendments to ifrs 3 9 prepayment features with negative compensation amendments to ifrs 9 10 definition of material amendments to ias 1 and ias 8 11. Bids submitted by means of telegram, telex facsimile or similar means shall not be considered. Our comprehensive ifrs courses cover a wide range of topics, from immersion workshops to highly focused twoday events and ifrs technical updates. Anyone interested to equip in latest global accounting standards will find this course helpful. In depth ifrs training course ifrs workshop iaseminars.
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