IFRS 16 Leases - Learn from Industry Data and Annual Reports

🌟 Course Title: IFRS 16 Leases - Learn from Industry Data and Annual Reports 🌟

Unlock the Secrets of Lease Accounting under IFRS 16/Ins AS 116!

Course Description:

Welcome to the definitive course for understanding the intricacies of lease accounting according to IFRS 16 and its national adaptation in India, Ins AS 116. This comprehensive course is meticulously designed to equip you with a deep insight into the latest standards on leases. Whether you're a finance professional, accountant, or an auditor, this course will enable you to confidently navigate through lease accounting complexities and comply with the new regulations.

Understanding IFRS 16 Objectives:

IFRS 16 at a Glance:

• Objective Clarified: IFRS 16 aims to present lease transactions accurately in financial statements, ensuring users can assess the future cash flows associated with the leases.
• Lessee's Responsibility: Lessees must recognize both a right-of-use (ROU) asset and a corresponding lease liability on their balance sheet for most leases lasting beyond 12 months.

Lessee vs. Lessor Under IFRS 16:

Defining a Lease: A lease contract under IFRS 16 is one that grants an entity the right to use an asset exclusively over a specified period in exchange for a consideration.

Key Control Considerations:

1. Economic Benefits: The lessee must have the right to substantially all economic benefits from the leased asset.
2. Control of Asset: The lessee must control the use of the leased asset, as determined by the contract terms.

Exclusions and Practical Expedients:

When IFRS 16 Doesn't Apply:

• Leases of biological assets.
• Leases for exploration of non-regenerative resources like oil and gas.
• Service concession arrangements.
• Licenses of intellectual property.

Practical Expedients Available:

1. Short-term Leases: These are leases with a term of 12 months or less, without an option to purchase the asset.
2. Low-value Assets: These are assets whose fair value at the commencement date is generally below $5,000.

Course Structure:

This course is structured to take you through a logical progression of topics:

1. Introduction to IFRS 16: Understanding the principles and objectives behind the standard.
2. Lessee's Accounting under IFRS 16: Learn how to recognize ROU assets and lease liabilities.
3. Lessor's Accounting under IFRS 16: Gain insights into the lessor's perspective in accounting for leases.
4. Practical Expedients and Exclusions: Learn about the practical expedients and understand when IFRS 16 doesn't apply.
5. Real-World Applications: Analyze case studies, industry data, and extract insights from annual reports to solidify your understanding.
6. Interactive Assessments: Test your knowledge with quizzes and interactive exercises designed to reinforce learning outcomes.
7. Final Project: Apply what you've learned in a practical project that mirrors real-world scenarios.

Why Take This Course?

• Expert Instructor: Learn from Ankit Kumar Bajaj, an industry expert with extensive experience in finance and accounting.
• Real-World Focus: This course leverages real-world data, industry case studies, and annual reports for a practical understanding of IFRS 16.
• Compliance Mastery: Gain the confidence to apply IFRS 16 correctly and ensure your organization's financial statements are in compliance with the latest standards.
• Global Standards, Local Insights: While focusing on IFRS 16, this course also addresses the specific adaptations of Ins AS 116 for India.

Enroll Now to Transform Your Lease Accounting Skills! 📚✨