THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
IFRS 16- Leases Webinar – Recording
Date: 3rd November 2022
Time: 04.00pm-06.00pm
Venue: Online
Overview
IFRS 16 was issued by IASB in 2016 and is the international accounting standard that focuses on leases. The objective of this standard is to report on financial information that faithfully represents lease transactions and provides a basis for users of financial statements to assess the timing, amount, and uncertainty of cashflows arising from leases. IFRS 16 provides a single lessee accounting model requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. After issuance of the standard in 2016 it was set to apply to annual reporting periods beginning on or after 1 January 2019.
Leasing is an important and widely used financing solution. It enables business entities to access and use property and equipment without incurring large cash outflows at the start. It also provides flexibility and enables lessees to address the issue of obsolescence and residual value risk and in most cases, leasing is the only way to obtain the use of a physical asset that is not available for purchase. This makes the understanding of this standard Integral for key decision making and ensuring business entities derive the highest competitive advantage out of existing lease engagements.
The following key topics will form basis of discussion during this important webinar
- Components of IFRS 16
- Identifying lease agreements under IFRS 16
- Scope of IFRS 16
- Measurement and disclosure requirements for lessee and lessor
- Financial, operational, and business impacts of IFRS 16
- Separating lease and non-lease components
- Recognition exemptions
- Classification of leases
- sale and leaseback transactions
- Application guidance for IFRS 16
- Application of IFRS 16 and Practical implications
- Impairment of leased assets and the right of use asset under IFRS 16
- IFRS 16 transition options and practical expedients
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Units upon successfully attending each of the sessions.
Cost:
Charges for the training will be Kes 1,000/= which will cover workshop fees, materials, and e-certificates of attendance.
Online Booking:
We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is mandatory. This is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone-based application that is available from google store.
National Industrial Training Authority (NITA) Reimbursement:
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke)
