Home Courses IFRS - International Financial Reporting Standards IFRS 16 Leases - accounting, law and taxation aspects

Leasing - IFRS 16 - new approach towards IFRS, taxation and law

Objectives

The main objective of the course is to familiarize participants with the latest changes to IFRS accounting, tax and legal regulations in the field of leasing. After many months of work and consultation IASB decided to publish an update regarding leasing(according to the plan ofthe first half of 2013). Changes in the existing rules were implemented. affecting key financial indicators for both lessors as well as lessees .

During the first day of training we will disucss the latest proposals for change, an analysis of their impact on the financial position and business implications. At the same time, a comprehensive evaluation of lease contracts is not possible without taking into account the tax and legal aspects. This subject will be addressed during the second day of training.

For whom?
Objectives and advantages
Programme
Date and location
Contact
Educational points/units
Download course programme in PDF

For whom?

The training is addressed to all persons interested in accounting changes in terms of leasing, their impact on the financial situation as well as legal and tax aspects. We address our training, among others, to:

A wide range of employees of leasing companies responsible for reporting, financial management, shaping leasing products, legal and tax aspects;
Financial directors, chief accountants and employees of finance departments responsible for settling leasing contracts;
Financial controllers and controlling services;
Statutory auditors wanting to develop their skills regarding leasing issues;
Tax department employees.

Objectives and advantages

The purpose of this training is to familiarize participants with the latest changes in IFRS, tax and legal regulations in the field of leasing.

The training has a workshop character: it combines various techniques of trainer presentation with the participants' own work.
Intensive and practical: each of the rules is richly illustrated with numerical examples.
Includes recent IFRS changes.
A comprehensive approach to the topic: discussion of issues in 3 aspects (accounting, legal and tax).
Classes are conducted by trainers with many years of practical experience.

Programme

Session 1 - Accounting

Introduction: reasons for the creation and purpose of IFRS 16
Basic concepts: definition of a leasing contract, identification of an asset, right to manage use
Specifying the contract period, leasing fees (fixed and variable), extension options, discount rate
Separating leasing and other components
Model based on the right to use - main assumptions
Accounting for the lessee:
- initial recognition and valuation as at the reporting date of the right to use and lease liabilities
- reassessment
- presentation and disclosure
- comparison with existing IAS 17
Accounting for the lessor:
- recognition of financial and operational leasing agreements
- comparison with existing IAS 17
- Other issues: short-term leasing, leaseback and leaseback, sublease
- Interactions between IFRS 15 - Revenue from contracts with customers and IFRS 16
- Business consequences
- Similarities and differences in relation to national regulations

Session 2 - Legal and Tax

Leasing - tax treatment
- Types of leasing on a tax basis
- Tax settlement of leasing fees
- Sale of the subject of leasing after the leasing period
- Differences in the tax settlement of a leasing contract and a rental or tenancy agreement
- Leasing agreement based on VAT regulations
- The most interesting court rulings and tax interpretations regarding the settlement of leasing contracts
- International leasing - comparison of Polish and European leasing regulations
Leasing - legal approach
- Lease agreement in civil law
- An offer in civil law
- Preliminary Sales Agreement
- Preemption

Materials

Participants receive a full package of training materials. Due to the wide context of the issues presented, the materials are not only used in class, but also allow you to return to the topics discussed after the training to repeat and consolidate the acquired knowledge. The materials are richly illustrated with practical examples to better assimilate the issues discussed.

Recording

In addition, we offer the option of purchasing access to the Tax and Legal Session.

Date and location

13 May 2021, 10:00-13:00 ONLINE LIVE

27 May 2021, 14:000-17:00 ONLINE LIVE

E-mail the Course Co-ordinator

Contact

Aleksandra Trych | tel. +48 505 171 636

Educational points

CPD (Continuing Professional Development) - our trainings meet the requirements of international professional organizations (ACCA, IIA) regarding the further education of their members.

Download the programme in pdf (in Polish)