1 IFRS 15 Revenue from contracts with customers Presentation by: CPA Freda Mitambo Partner, Deloitte & Touche Uphold public interest
2 Why IFRS 15 is important What does it mean for clients? Revenue recognition principles will change P/L may vary to a certain extent IT Systems, Accounting Policies, Internal Processes and Controls may be subject to change Clients Key facts What is it? More detailed guidance on revenue recognition which involve significant judgments Effective on 1/1/2018 with retrospective application What do I need to know now? Key challenges New estimates & judgments required Retrospective application includes associated data gathering analysis Change of systems, processes and internal controls Key advisory opportunities Training services, consulting on IT systems, tax planning and more Challenge/ Opportunity IFRS 15 Auditors What does it mean for auditors? Identify the key impacts on your clients Early discussion with clients on the key impacts and help your clients prepare for the changes 2
3 The Time is Now! 1 January January Dec 2018 Date of initial application First annual financial statements in accordance with IFRS 15 3
4 Five-step Model Framework STEP 1 Identify the contract with the customer Paragraph 9 lists the criteria which must all be met to qualify as a contract with a customer Entities will need to consider whether the contract should be combined with other contracts for accounting purposes 4
5 Step 1 Identify the contract with a customer A legally enforceable contract (incl. oral or implied) must meet all of the following requirements: Contracts are approved and the parties are committed to perform. Each party s rights can be identified. Payment terms can be identified. Commercial substance. It is probable that the entity will collect the consideration to which it will be entitled. A contract is outside the scope if: The contract is wholly unperformed and Each party can unilaterally terminate the contract without compensation 5
6 Five-step Model Framework STEP 2 Identify the performance obligations in the contract An entity will typically identify all the distinct goods or services, or contract deliverables, which have been promised. They may be implicitly or explicitly promised in a contract these are performance obligations A good or service promised is distinct, if the good or service is capable of being distinct and the promise to transfer the good or service is distinct within the context of the contract. 6
7 Step 2: Identifying performance obligations Step 1 Step 2 Step 3 Step 4 Step 5 Identify all (incl. implicit) promised goods/services in the contract Is the good/service distinct? CAPABLE OF BEING DISTINCT Can the customer benefit from the good or service on its own or together with other readily available resources? AND DISTINCT IN CONTEXT OF CONTRACT Is the good or service separately identifiable from other promises in the contract? YES Account for as a separate performance obligation NO Combine two or more promised goods or services 7
8 Five-step Model Framework STEP 3 Determine the transaction price IFRS 15 typically bases revenue on the amount to which an entity expects to be entitled rather than the amount that it expects ultimately to collect (includes both fixed and variable consideration) Variable consideration will only be included in the transaction price to the extent that an entity expects it to be highly probable that the resolution of the associated uncertainty would not result in a significant revenue reversal (the constraint ) 8
9 Step 3: Determining the transaction price Step 1 Step 2 Step 3 Step 4 Step 5 What is the transaction price? What does it include? Variable consideration Estimated and potentially constrained e.g., discounts, rebates, refunds, etc. Definition Consideration amount to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. Consideration payable to customers Reduces transaction price unless payment is made for a distinct good/service. Significant benefit of financing If identified, leads to adjustment in transaction price. Practical expedient available. Transaction price Fixed consideration The amount is fixed and not contingent on the outcome of future events. Non-cash consideration Consideration in a form other than cash Shall be measured at FV Excluding credit risk The transaction price would not be reduced for the effects of customer credit risk.
10 Five-step Model Framework STEP 4 Allocate the transaction price to the performance obligations After determining the transaction price at Step 3, Step 4 specifies how that transaction price is allocated between the different performance obligations identified in Step 2. Previously, IFRSs included very little in the way of requirements on this topic, whereas IFRS 15 is reasonably prescriptive. 10
11 Step 4: Allocating the transaction price Step 1 Step 2 Step 3 Step 4 Step 5 Determine standalone selling price Allocate the transaction price Estimate the price if unobservable Maximize the Acceptable methods: use of > Adjusted market assessment approach observable > Expected cost plus a margin approach apply > Residual approach Only allowed in limited circumstances inputs and consistently Allocate the transaction price to each performance obligation on a relative stand-alone selling price basis. Allocate discounts proportionally to all performance obligations unless certain criteria are met. Allocate variable consideration and changes in transaction price to all performance obligations unless two criteria are both met. Do not reallocate changes in standalone selling price after inception.
12 Five-step Model Framework STEP 5 Recognize revenue when (or as) each performance obligation is satisfied The final step is to determine, for each performance obligation, when revenue should be recognized. This may be over time or at a point in time. Paragraph 35 outlines the criteria, of which one must be met, for revenue to be recognized over time. 12
13 Step 5: Recognizing revenue Step 1 Step 2 Step 3 Step 4 Step 5 Performance satisfied over time = Revenue recognized over time The seller s performance creates or enhances an asset controlled by the customer. OR The customer simultaneously receives and consumes the benefit of the seller s performance as the seller performs. OR The seller does not create an asset that has an alternative use to the seller and the seller has the right to be paid for performance to date. IF NOT Revenue recognized at a point in time
14 Audit Risk Assessment Transition Versus Ongoing Risks relating to transition Full retrospective method Modified retrospective method Risks relating to on-going application 14
15 Full Retrospective Method Applies IFRS 15 retrospectively to all comparative periods presented. When chosen: Completed contracts Prior year comparatives are restated Practical expedients for: Completed contracts with variable consideration Modified Contracts Transaction price allocated to remaining performance obligation
16 Choose to apply the requirements to: Modified Retrospective Method All contracts at the date of initial application OR Only contracts that are open at the date of initial application Practical Expedient: Modified contracts
17 Testing your Knowledge: Question 1 A When is an option to purchase additional goods recognized as a separate performance obligation (a material right ) per IFRS 15? When the seller is obligated to provide the additional goods at the discretion of the customer B C D When the option allows the customer to purchase goods at a discount that is incremental to the range of discounts typically given for those goods to that class of customer in that geographical area or market When the customer is more likely than not to exercise the option When the entity has historical data on the expected level of use of the option S3 17
18 Testing your Knowledge: Question 1 When is an option to purchase additional goods recognized as a separate performance obligation (a material right ) per IFRS 15? A B C D When the seller is obligated to provide the additional goods at the discretion of the customer When the option allows the customer to purchase goods at a discount that is incremental to the range of discounts typically given for those goods to that class of customer in that geographical area or market When the customer is more likely than not to exercise the option When the entity has historical data on the expected level of use of the option S3 18
19 Testing your Knowledge: Question 2 Which of the following criteria must be met to capitalize the costs of fulfilling a contract in accordance with IFRS 15 (assuming the costs are not within the scope of another standard)? A Select all that apply The costs relate directly to a specifically identifiable contract B C D The costs generate or enhance resources that will be used in satisfying the contract The costs are expected to be recovered The costs relate to satisfied performance obligations S3 19
20 Testing your Knowledge: Question 2 Which of the following criteria must be met to capitalize the costs of fulfilling a contract in accordance with IFRS 15 (assuming the costs are not within the scope of another standard)? A Select all that apply The costs relate directly to a specifically identifiable contract B C D The costs generate or enhance resources that will be used in satisfying the contract The costs are expected to be recovered The costs relate to satisfied performance obligations S3 20
21 Highlight - Case Study 1: Key Areas of Focus How does IFRS 15 deal with variability that is linked to customer actions or choices? If a contract gives a customer the option to purchase additional distinct goods or services, those goods or services are not treated as performance obligations. Instead, consider whether customer option gives rise to a material right. If it does, the material right itself (and not underlying goods or services) should be treated as a performance obligation. S3 21
22 Background Force manufactures and sells aircraft engines and parts. Unlike its competitors, Force does not build its engines or spare parts on a contract by contract basis. Force delivers within a 30-day timeframe and therefore has aircraft engines and spare parts on hand, ready for immediate delivery. Force frequently sells spare parts separately from the engines and vice versa. FlyJet is a commercial airline which travels internationally. Note: the below contract has been assessed as being within the scope of IFRS 15 and the assessment has been adequately documented in the audit file. S3 22
23 Contract Force has entered into a written contract with FlyJet to sell: 10 aircraft engines for $12 million each (excl. sales tax) and 20 specific aircraft engine spare parts (part XY002) for $300,000 each (excl. sales tax) The 10 engines will be delivered together before the end of December The 20 spare parts will be delivered together during January The 20 spare parts are for future replacement purposes, as and when needed. Additionally, in the contract, FlyJet has the option to buy additional XY002 parts (beyond the 20) for the next 5 years. Other engine spare parts can also be purchased by FlyJet, however these would be purchased outside of this contract. The purchase of the optional spare parts is at the discretion of FlyJet, but Force is obligated to provide these optional spare parts if requested. S3 23
24 Contract FlyJet is not contractually bound to buy spare parts from Force and they are available from other suppliers. However, many countries require airlines to use engine spare parts from the original equipment manufacturer when flying in that country s air space. Based on its airline routes, in practice, FlyJet is compelled to buy engine spare parts from Force. These spare parts are needed for the aircraft engine to properly function for its expected economic life. Force deliberately prices the aircraft engines at less than the cost of manufacture, knowing that they will earn a very high margin on part XY002 (based on an estimated average number of spare parts to be sold, as well as the number of spare parts sold upfront) to recoup the initial loss on the engine. If no optional additional spare parts were purchased, the contract would incur a loss. This pricing structure is known in the industry as a loss leader contract. S3 24
25 Contract The standalone price of the aircraft engine is $20 million each. When Force sells the aircraft engines by themselves (without the spare parts), the aircraft engines are sold at a profit. The spare parts are not sold at a discount to their standalone selling price. Force estimates that a total of 75 optional spare parts will be purchased by FlyJet and that the profits on the spare part sales will more than compensate for the discount on the selling price of the aircraft engines. This is based on Force s historical statistical evidence of selling a large number of spare parts. S3 25
26 Highlight - Case Study 1: Guide 1 Background Force contracts with FlyJet to sell 10 aircraft engines for $12 million each 20 spare parts for $300,000 each FlyJet option to purchase additional specific spare parts Loss leader contract aircraft engines priced at less than the cost of manufacture, in anticipation of spare parts securing profits Estimated sale of 75 optional spare parts over 5 years S3 26
27 Highlight - Case Study 1: Guide 1 Solutions STEP 2 Identify the performance obligations in the contract STEP 3 Determine the transaction price STEP 4 Allocate the transaction price to the performance obligations S3 27
28 Highlight - Case Study 1: Step 2 Identify material (explicit and implicit) promised goods and services REMINDER IFRS A contract is an agreement between two or more parties that creates enforceable rights and obligations Is the good or service capable of being distinct? Is the good or service distinct within the context of the contract? S3 28
29 Highlight - Case Study 1: Step 2 Identify material (explicit and implicit) promised goods and services 10 aircraft engines are capable of being distinct and distinct within context of contract; and 20 spare parts are capable of being distinct and distinct within context of contract. Is the good or service capable of being distinct? Is the good or service distinct within the context of the contract? S3 29
30 Highlight - Case Study 1: Step 3 IFRS defines a contract as an agreement between two or more parties that creates enforceable rights and obligations Optional additional spare parts are not sold at discount to their stand-alone selling price. There is no material right to customer and option will not be accounted for as a performance obligation Force s assessment of optional additional spare parts as a separate performance obligation is incorrect S3 30
31 Highlight - Case Study 1: Step 3 Optional goods or services that are distinct: Exclude from performance obligations Exclude associated amounts payable from transaction price Assess whether material right Variable goods or services that are not distinct: Include within performance obligation of which they form part Treat variable amounts payable by customer as variable consideration S3 31
32 Highlight - Case Study 1: Step 3 The transaction price should only include amounts (including variable amounts) to which the entity has rights under the present contract. The transaction price is therefore $126 million: 10 aircraft engines at $12 million each 20 spare parts at $300,000 each S3 32
33 Highlight - Case Study 1: Loss Incurred on Aircraft Engines REMINDER An entity should recognize as expenses when incurred costs that relate to satisfied performance obligations (or partially satisfied performance obligations) in the contract Full costs for sale of 10 aircraft engines and 20 spare parts should therefore be expensed upon sale S3 33
34 Highlight - Case Study 1: Step 2 Should the optional additional spare parts expected to be sold be included within the performance obligations under the contract? Is the option to purchase the spare parts a material right? S3 34
35 Highlight - Case Study 1: Step 3 Should the estimated sales of the optional spare parts be included in the transaction price as management proposes? If the estimated sales relating to the optional spare parts are not included as performance obligations in the original contract, how should the loss incurred on the aircraft engines be treated? Could this be capitalized or is it required to be expensed? Expensed S3 35
36 Highlight - Case Study 1: Step 4 Total stand-alone selling price Engines Spare parts $200 million $6 million $206 million Allocation of the transaction price to the performance obligations Engines Spare parts Transaction price $122.3 million $3.7 million $126 million S3 36
37 Factors to Consider Degree of judgment / objectivity in accounting process Accounting and reporting complexities Complexity / simplicity of related calculations Degree of complexity or judgment The complexity of transactions Degree of complexity and judgment Size and composition of the ABCOTD Volume of activity, complexity, and whether homogenous Nature of the ABCOTD Effect of quantitative and qualitative factors Nature and composition of the ABCOTD Economic, accounting, or other developments Risk of fraud Exposure to losses Existence of Related Party Transactions Changes from the prior period Possibility of Significant Contingent liabilities Susceptibility to misstatement due to error or fraud Degree of automation / Manual intervention Transactions outside of normal course of business Economic, internal and historic factors For information, contact Deloitte Touche Tohmatsu Limited. S
38 Audit Considerations Evaluate the client s risk assessment Factors to consider when identifying and assessing RoMMs Management estimates
39 Uphold public interest IFRS 16 - Leases
40 Introduction What is the impact of IFRS 16 on clients? Two main changes are Lessor and Lessee Determination of whether a contract contains or is a lease Lessee One single measurement model Lessor accounting largely unchanged
41 Introduction Timeline to transition 31 Dec 2016 December year-ends: Retrospective application with restatement 1 Jan 2018 Early adoption may be permitted December year-ends: Effective date 1 Jan 2019 Disclosure reasonably estimable information (up to effective date) PRACTICAL EXPEDIENT Permits both lessees and lessors not to reassess whether a contract is, or contains a lease at the date of initial application. Entities can elect to apply full retrospective approach or a modified retrospective approach (with no restatement of comparatives)
42 Why now? Introduction KEY CLIENT ADVICE Processes Systems Client impact and changes Controls Metrics
43 Key accounting focus areas IFRS 16 versus IAS 17 Definition of a lease T Focus e on lessees x t Measuring the lease liability All leases now on the statement of financial position
44 IFRS 16 versus IAS 17 Identification of a lease IFRS 16 retains IFRS 16 changes Definition of a lease Application of the definition A contract, or part of a contract, that conveys the right to use an asset for a period of time in exchange for consideration. Concept of control is introduced Identifying a lease may require significant judgment
45 IFRS 16 versus IAS 17 Definition of a lease Is it a lease? whether the customer has the right to control the use of an identified asset for a period of time. Identified asset and Right to control the use of identified asset Right to obtain substantially all economic benefits from use Right to direct the use
46 IFRS 16 versus IAS 17 Expected impact Treatment under IAS 17 Contracts that are or contain a lease Significant judgment was applied Expected conclusion under IFRS 16 Generally, the same Possibly different
47 IFRS 16 versus IAS 17 Separating components IAS 17 Operating lease This is dummy text it is and not service here to be read. component This is dummy both text it is recognized not here to on be read. This is dummy text it is income not here statement to be read. This is dummy text it is 1not here to be read. 2 Leases This is dummy text it is not here to be read. This is dummy text it is not here to be read. This is dummy text it is not here to be read. IFRS 16 recognized on statement of financial position Service contracts recognized on income statement KEY CLIENT ADVICE Identified and accounted for separately from the lease component Non-lease component PRACTICAL EXPEDIENT
48 IFRS 16 versus IAS 17 Single measurement model IAS 17 IFRS 16 Statement of Financial Position Statement of Financial Position Right to use underlying leased asset Off-balance sheet Lease assets Lease liabilities XXX XXX Obligation to make lease payments Income statement Lease payments XXX Income statement EBITDA Profit before tax XXX XXX EBITDA Depreciation Finance cost Profit before tax XXX XXX XXX XXX Depreciation on lease assets and finance cost of lease liability
49 Impact on net assets IFRS 16 versus IAS 17 Total assets Total liabilities Significant impact on entities with material offbalance sheet leases. 56,000 54,000 52,000 50,000 48,000 46,000 44,000 42,000 Statement of Profit or Loss and OCI Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 IFRS 16 IAS 17 Finance costs Operating costs EBITDA Expenses are weighted towards at start of lease term and decrease as the lease matures (straightline depreciation). EBITDA increases regardless of the entity s lease portfolio.
50 IFRS 16 versus IAS 17 Areas of judgment Present value of future lease payments Lease liability Present value of lease rentals Present value of expected payments at end of lease Most significant areas of judgment Discount rate Rate implicit in the lease Incremental borrowing rate Lease term Non-cancellable term of the lease + periods covered by an option to extend and the option to terminate the leases These concepts have not changed
51 IFRS 16 versus IAS 17 Determining the discount rate Discount rate at commencement date Revised discount rate As a result of re-measurement of lease liability The interest rate implicit in the lease The rate of interest that causes the PV of the lease payments and the unguaranteed residual value to equal the sum of the FV of the underlying asset and any initial direct costs of the lessor. Use the lessee s incremental borrowing rate. If the implicit interest rate cannot be determined JUDGMENT
52 IFRS 16 versus IAS 17 Re-measuring the lease liability NO LONGER possible to compute a lease amortization schedule and simply roll that schedule forward JUDGMENT A lessee shall determine the revised discount rate and shall remeasure the lease liability by discounting the revised lease payments Change in assessment of option to purchase Change in residual value guarantee Events to remeasurement Change in lease term Changes in future lease payments For information, contact Deloitte Touche Tohmatsu Limited.
53 IFRS 16 versus IAS 17 Transition options Lessees and lessors are permitted to grandfather assessments regarding whether a contract existing at the date of initial application contains a lease. Cumulative catch-up approach For leases previously identified as operating leases Full retrospective approach No reliefs available Leases ending within 12 months of the date of initial application A Apply a single discount rate to a portfolio of leases Use hindsight in determining the lease term Adjust the right of use asset by the amount of provision for onerous leases Exclude initial direct costs
54 IFRS 16 transition implications 22
55 IFRS 16 transition implications Impacts on client s environment and audit risk assessment An effective risk assessment requires a deep understanding of the entity, its environment and its internal control. Key accounting focus areas Impact client s environment Client s decisions Impacts the audit risk assessment
56 Determining ROMMs IFRS 16 transition implications Degree of complexity and judgment Nature and composition of the Account Balances, Classes of Transactions and Disclosures Economic, internal and historic factors To assess ROMMs auditors need to understand our clients, their environment, internal controls and their lease transaction process
57 IFRS 16 transition implications Understanding the client s selection and application of accounting policies Process changes may be required to capture the data necessary to comply with accounting and disclosure requirements Lessees may need to consider implementing a contract management module for leases Processes Systems Changes to systems and processes will result in clients revisiting their existing internal controls to determine whether they are still adequate Controls Metrics This could impact debt covenants, tax balances and an entity s ability to pay dividends
58 Impact on processes IFRS 16 transition implications 2 may Business strategies change 1 gather Time and effort to data 3Update Update policies policies and and manuals manuals Education to ensure policies and procedures are applied 4 consistently
59 IFRS 16 transition implications What could go wrong? 1 application) Not all lease contracts are captured and recorded (on-going 3 lease Incorrectly measuring the term A remeasurement in variable lease payments is not 2recorded
60 IFRS 16 transition implications Impact on systems IFRS 16 has more data requirements for calculation and disclosure purposes. Clients need to assess adequacy of current systems. Involvement of IT specialists Systems need to be able to store and update the data on an ongoing basis Must ensure there is adequate time to allow for testing to avoid any last minute unforeseen problems May be circumstances that further complicate IT system requirements
61 IFRS 16 transition implications What could go wrong? Assessing susceptibility to misstatement
62 IFRS 16 transition implications Impact on controls Auditors We need to determine if clients have processes to identify risks as a result of adopting IFRS 16 and whether appropriate controls are in place.
63 IFRS 16 transition implications What could go wrong? Has the client designed and implemented new control activities? Are there any control activities missing? Evaluate the design and determine whether they have been implemented for control activities relevant to the audit
65 What could go wrong? IFRS 16 transition implications IAS 17 Management bias? What areas impacted? IFRS 16 EBITDA
66 Other considerations on transition IFRS 16 transition implications ROMMs may be a one-time risk on transition First time recognition may pose highest risk Do not underestimate the time and resources involved
67 Getting your client ready 10 Key questions for management 1 Do you know which of the entity s contracts are, or contain, a lease? 6 Do you know what discount rates you will be using for your different leases? 2 Are your systems and processes capturing all the required information? 7 Have you considered the impact of the changes on financial results and position? 3 Are systems and processes capable of monitoring leases and keeping track of the required ongoing assessments? 8 How will you communicate the impact to affected stakeholders? 4 Have you considered the potential use of IFRS 16 s recognition exemptions and practical expedients? 9 Have you planned when you will consider the tax impacts? 5 Do you know which transition reliefs are available, and whether you will apply any of them? 10 Have you considered whether your leasing strategy requires revision?
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Preparing for the new ASC 842 Leasing Standard Challenges and Solutions August 24, 2017 Learning objectives Define leasing implications related to recently revised FASB standard Differentiate between new
GASB 87: Leases Hosted By: Ben Lindekugel, Executive Director Association of Washington Public Hospital Districts November 6, 2018 Presented By Tom Dingus, CPA, Partner Dingus, Zarecor & Associates PLLC
April 2016 Something Borrowed, Something New Get Ready for the New Lease Accounting Standard By Scott G. Lehman, CPA, and David E. Wentzel, CPA Audit / Tax / Advisory / Risk / Performance Smart decisions.
Preparing for the new ASC 842 Leasing Standard Challenges and Solutions August 24, 2017 Learning objectives Define leasing implications related to recently revised FASB standard Differentiate between new
IFRS 15 Revenue from Contracts with Customers Presented by CPA Dr. Peter Njuguna Introduction Revenue is income from ordinary activities. A contract has rights and obligations between two or more parties.
Philippines Technical Research 08 August 2014 (Issue 5) Accounting & Auditing News IFRS 15 Revenue from Contracts with Customers: Part 2C Differences vs. Revenue Related Interpretations Revenue Recognition
inform.pwc.com In-depth A look at current financial reporting issues No. INT2018-08 What s inside: Overview... 2 Is the contract a lease?... 3 Components, contract consideration and allocation... 5 Initial
Accounting and Auditing Norman Mosrie, CPA, FMFMA, CHFP James Sutherland, CPA Leases (ASU 2016-02; Topic 842) A lease contract conveys the right to use an asset (the underlying asset) for a period of time
Miles CPA Review: FAR - 2019 Updates Summary of updates: - FAR-4.4: s [ASC 842] effective fiscal years beginning after Dec 15, 2018 (for issuers) and effective fiscal years beginning after Dec 15, 2019
A Review of IFRS 16 Leases By Tan Liong Tong In April 2016, the MASB issued MFRS 16 Leases that is identical to IFRS 16 Leases issued by the IASB in January 2016. The effective date of this new MFRS is
Hans Hoogervorst Chairman IASB 30 Cannon Street London EC4M 6XH 8 October 2013 Dear Hans IASB Exposure Draft ED/2013/6 Leases I am writing on behalf of the Financial Reporting Council (FRC), in response
Defining Issues May 2013, No. 13-24 FASB and IASB Issue Revised Exposure Drafts on Lease Accounting The FASB and IASB (the Boards) recently issued revised joint exposure drafts (EDs) on proposed changes
GASB's New Leases Standard April 4, 2018 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in a group Complete group attendance form
Applying IFRS New IASB leases standard oilfield services December 2016 Contents Overview 2 1. Key considerations 3 1.1 Scope and scope exclusions 3 1.2 Definition of a lease 3 1.3 Identifying and separating
01 Ind AS 115 Impact on the real estate sector and construction companies This article aims to: Highlight key areas of impact of Ind AS 115 on the real estate sector and construction companies. Summary
IFRIC Interpretation 4 Determining whether an Arrangement contains a Lease This version includes amendments resulting from IFRSs issued up to 31 December 2010. IFRIC 4 Determining whether an Arrangement
Relationships backed by performance. Proposed New Accounting Standards For Leases Doug Richardson Live Seminar 9:00am 10:30am June 21 2012 Overview and Background Leases serve a vital role in many entities
International GAAP Holdings Limited Model financial statements for the year ended 31 December 2017 (With early adoption of IFRS 16) Appendix 1: Early application of IFRS 16 Leases Introduction This Appendix
www.pwc.com.au IAG Conference Accounting Update Emerging issues in the public sector 20 November 2014 Michael Crowe Yannick Maurice Agenda Introduction Key topics o Fair value o PPP Projects Refinancing
New Zealand Equivalent to International Financial Reporting Standard 16 Leases (NZ IFRS 16) Issued February 2016 This Standard was issued on 11 February 2016 by the New Zealand Accounting Standards Board
HKFRS 16 Leases Date 21 April 2017 Time 19:00 21:00 Venue Boys' and Girls' Clubs Association www.zhtraining.com Disclaimer The materials of this seminar are intended only to provide general information
Leases ASU 2016-02 September 20, 2017 Meet the Speakers Tonisha Spratte, CPA Senior Accountant Cherry Bekaert email@example.com Matthew Mars Senior Accountant Cherry Bekaert firstname.lastname@example.org Agenda What is
Applying IFRS How the lease accounting proposal might affect your company August 2013 Contents 1. Overview... 1 2. Identifying a lease... 2 2.1 Scope exclusions... 2 2.2 Definition of a lease... 3 2.2.1