THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
IFRS 16- Leases
Date: 14th September 2023
Time: 04.00pm-06.00pm
Mode of Delivery: Virtual
Overview
As the knowledge needed to function effectively as a professional accountant continues to expand and change at a rapid rate so are the standard-setters seeking for the most useful and accurate way to account for new and emerging transactions. This creates a huge demand on accountants to keep up with the pace at which new standards are introduced and old ones revised. The demand is even higher in sectors that are continuously evolving due to the dynamic and complicated business environment.
A lease must be identified, measured, presented, and disclosed according to the guidelines in IFRS 16. The requirement that lessees recognize assets and liabilities for all leases, unless the lease duration is 12 months or less or the underlying asset has a low value, is provided by the standard, which also offers a single lessee accounting model. The classification of leases by lessors into operating or finance continues, and IFRS 16’s accounting for lessors is largely unchanged from IAS 17’s.
IFRS 16 was released in January 2016 and is applicable to annual reporting periods starting on or after January 1, 2019.
The webinar will look at:
- Objective of IFRS 16
- Scope
- Recognition Examples
- Identifying a lease
- Separating Components of a contact
- Accounting for Leases
- Sale and Leaseback Transactions
- Disclosures
Target Audience
This webinar will be useful to all professional Accountants and those aspiring to join the profession
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Units upon successfully attending the session.
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)
