IFRS Updates: Leases (IFRS 16) PwC's Academy

On 13 January 2016, the International Accounting Standards Board (IASB) finished its long-standing project on lease accounting and published IFRS 16, 'Leases', which replaces the current guidance in IAS 17. This will require far-reaching changes in accounting by lessees in particular.

IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019 and there is a lot of work to be done prior to the standard becoming effective so preparation needs to start now.

The impact of this new standard will be significant as it fundamentally changes the way companies will account for their operating leases by putting the assets on the balance sheet with a respective liability.

This will have an impact on the debt/equity ratios, lending covenants and market facing indicators of performance as well as requiring a significant amount of time to identify and account for existing leases through the transition phase.

With examples, illustrations and case studies to demonstrate the issues this interactive training will ensure that participants feel more confident and have a greater understanding of what they need to do before the standard comes into effect and how to deal with it when it does. 2019 is not as far away as you think in leasing terms.

Key outcomes

Attending this workshop will be a valuable opportunity to capitalize on the trainer's well rounded experience and in-depth knowledge. By the end of the course you will have a greater understanding of:

  • Impact analysis 
  • What is a lease 
  • How to identify a lease under IFRS 16 
  • Exemptions and exceptions to the new accounting model for low value and short term items 
  • Accounting for IAS 17's Operating leases and Finance leases as a lessee under IFRS 16 
  • Accounting for sale and leaseback arrangements 
  • Disclosure requirements 
  • Transitional arrangements 
  • Next steps in preparation for 2019 

Who should attend?

This workshop is suitable for:

  • Treasury staff/ managers/ leaders 
  • Lessors / Lessees 
  • Accountants/ Auditors 
  • Senior managers/directors who need to prepare for implementation of IFRS 16 
  • CFOs and Finance Controllers 
  • Finance managers and management accountants

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We offer a variety of training courses covering professional qualifications, financial competencies, and management skills. The courses are based on both the individual experiences of our experts and the best practices of PwC Global. We constantly adapt our courses to meet the needs of modern business and tailor them to our client’s requirements. PwC’s Academies in the Middle East are part of PwC’s growing network of Academies which are present in over 30 countries worldwide. Through the network of PwC’s Academies we continually exchange best practices and successful methodologies to ensure that we are consistently providing industry leading training programmes.

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