This FAN capital workshop series will explore the anticipated impact the new leases accounting standard IFRS 16 will have on bodies accounting under the Local Authority Accounting Code. It will review the main changes to lease accounting, explore the complex application issues raised through consultation, and discuss key considerations and actions to help authorities meet the Code’s requirements and successfully implement the changes.
23 September 2019Starts: 10:00Ends: 16:00
160 Dundee StreetEdinburghEH11 1DQ[See map]
£245.00 excl VAT
The series is designed for local authority accountants looking to advance their understanding of the changes to the Accounting Code in respect of accounting for leases, the likely impact of IFRS 16 for their authority, and how best to prepare for a successful implementation.
The programme for the day is as follows:
09.30 – 10.00 Arrival and Registration
10.00 – 10.25 IFRS 16 Leases – Background and overview
The workshop will start with an overview of existing lease accounting and the drivers behind the development of IFRS 16, summarising the main headline changes in the new standard and the anticipated impact for local authority financial statements.
10.25 – 12.45 Implications for the Accounting Code of Practice for Local Authorities
This session will review the key consultation areas of IFRS 16 and explore in more detail how the standard is likely to be applied in practice. Topics to be covered include the identification of leases, recognition and measurement of ‘right of use’ assets and lease liabilities, exemptions to the standard, sub-leases and proposed transitional arrangements.
A refreshment break will be taken at a suitable interval in this session
12.45 – 13.30 Lunch
13.30 – 14.45 IFRS 16 complexities and anticipated accounting and presentation requirements
Continuing the review of accounting under IFRS 16, this session will explore some of the more complex issues that had been identified and considered through the Code consultation process. Areas to be covered include sale and lease back arrangements, concessionary and nil consideration leases, lease modifications, and the impact of IFRS 16 on the future measurement of Service Concession Arrangement liabilities. The session will also consider the presentational impact of the standard in the accounts.
14.45 – 15.00 Refreshment break
15.00 – 15.55 Preparing for IFRS 16 – Practical issues and considerations
The final session of the day will explore practical considerations and key actions and approaches authorities can take in their effective preparations for IFRS 16, including the initial and ongoing information and systems requirements, key areas of professional judgements and evidence, and auditor liaison.
15.55 – 16.00 Summary and Close
Facilitators across this series of events will be CIPFA or associates. This series of events is eligible for CPD under CIPFA’s CPD scheme
Please be aware that we do not provide hardcopy course materials to delegates on the day of the event.
We reserve the right to alter the timing or content of sessions where circumstances require.
Having gained 17 years of experience working in Scottish local government, Gareth joined CIPFA in 2008. His role in CIPFA’s Edinburgh office includes supporting members and associated organisations with technical advice and guidance; provision of Scottish Finance Advisory Network events and support to subscribing organisations; secretariat services to LASAAC relating to Scottish local government accounting requirements; participation in the NHS Technical Accounting Group; delivery of public and in-house training events; and additional consultancy and project work as required. Gareth’s objective is to help his fellow finance practitioners address the practical challenges they face in meeting their professional responsibilities. E: email@example.com, T: 0131 221 8644, M: 0782 694 7719.