ACCA’s Certificate in International Financial Reporting Standards (CertIFR) offers a broad introduction to the field, and aims to help you understand how they are used globally. We have focused on top 10 considerations including understand the following: Sandra J. Peters, CFA, is head of financial reporting policy and serves as spokesperson for CFA Institute to key financial reporting standard setters including the IASB, FASB, and the US Securities and Exchange Commission. j. identify the key provisions of and differences between income tax accounting under International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (GAAP). Peters is a CPA licensed in New York, Texas, and Nebraska and a member of the American Institute of Certified Public Accountants (AICPA) and the New York Society of Securities Analysts (NYSSA). IFRS 16 Leases replaces IAS 17 Leases, the earlier lease accounting standard.IFRS 16 is effective for annual period beginning on or after 1 January 2019. Our investment management professional database contains the research you need. Preview; Seller; Written for; ... Summary - Fa 771 - ifrs 16 5. Pay attention to IFRS and GAAP. Close. This site uses cookies to provide you with a more responsive and personalised service. Summary - Fa 771 - ifrs 15 6. It leaves the lessor accounting predominantly unchanged. In particular, it means that the value of right-of-use asset cannot be adjusted by the foreign currency exchange differences arising on lease liabilities (IFRS 16… For lessees, it will no longer matter whether a rental agreement is a finance lease or an operating lease with IFRS 16 requiring ALL leases to be accounted for in the same way. What’s changing? 'IFRS vs GAAP' questions are a favorite in the CFA exams, so make notes on what the differences and similarities are between the two accounting standards and make sure you have them memorized. 26 Nov 2019. … 15 May 2020. CFA Institute; Related news. Contact us if you continue to see this message. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. IFRS 16 … The liability is measured as the present value of future lease payments, and this liability’s offset is a “right-of-use” asset. Find more study material on our FA771 overview page . By using this site you agree to our use of cookies. The CFA qualification is undoubtedly the world’s most highly respected and challenging credential in the finance industry. 1. https://www.cpdbox.comLearn the basic steps in lease accounting under IFRS 16 - both initial and subsequent measurement & recognition are covered. Chính vì vậy, Ifrs 16 đưa ra kiến nghị không phân biệt các khoản thuê, và ghi nhận chung như là những hợp đồng thuê tài chính để tránh tình trạng xào nấu báo cáo tài chính, một phần nguyên nhân dẫn đến khủng hoảng tài chính và phá sản của các ngân hàng. IFRS 16 significantly changes the manner in which leases are accounted for as it introduces a single lessee accounting model where almost all leases will be treated as finance leases. Archived. IFRS 16 requires that the ‘right of use asset’ and the lease liability should initially be measured at the present value of the minimum lease payments. IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. 28 Aug 2020. Because US GAAP and IFRS have decided on different solutions and transition methods, investors need to carefully consider the impacts of the new standards on the companies in which they invest. Peters Because US GAAP and IFRS have decided on different solutions and transition methods, investors need to carefully consider the impacts of the new standards on the companies in which they invest. Analytics help us understand how the site is used, and which pages are the most popular. ... CFA Institute, CFA ® and Chartered Financial Analyst® and CFA … We thought it was important to help investors navigate the changes ahead. 21 Jan 2020. Early application is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date of initial application of IFRS 16. The Trustees of the IFRS Foundation met in New York, US, on 15–17 October 2019. 1/1-2019 vil ændre virksomhedernes behandling af operationel leasing, der fremadrettet skal kapitaliseres. Instead, the new standard introduces a single lessee accounting model and requires lessees to recognize assets and liabilities for leases with a lease term of more than one year. IFRS 16 — Definition of a Lease - Shipping Contract. IFRS 10 and IFRS 16 — Sale and leaseback in a corporate wrapper . CFA Institute. At long last, a company’s lease obligations – formerly buried in the back of the footnotes of the financial statements - are moving front and center onto the balance sheet, as a new leasing standard goes into effect for both US GAAP and IFRS companies at the beginning of this year. The CFA Institute has therfore prepared a guide to help investors understand the change they are about to witness. The webcast is available on the CFA Institute’s website. Companies' lease obligations are moving front and center onto the balance sheet, as a new leasing standard wnet into effect for both US GAAP and IFRS companies effective 1 January 2019. 15 May 2020. May 2019 - IFRS Foundation Releases Webcast on Improving Comparability of IFRS Reporting; May 2019 - CFA Institute Publishes Paper on ASC 842/IFRS 16 and Its Impact on Investors; May 2019 - IFRS Foundation publishes 2018 Annual Report; May 2019 - May IASB meeting papers and agenda available It may have a bearing on current negotiations regarding future covenants, cash sweep mechanisms, management incentive structures and the like. Jack T. Ciesielski, CFA, founded R.G. IFRS 16. Outline of the IASB Conceptual Framework. Most recently, Ms. Peters served as vice president and corporate controller at MetLife Inc., where she managed a staff of 60 individuals and was responsible for SEC Reporting, Technical Accounting, SOX Controls, and HR Controllers.Prior to joining MetLife, she was a partner at KPMG LLP providing audit services primarily for insurance and financial services companies with an emphasis on clients in the financial guarantee, reinsurance, and property and casualty sectors of the insurance industry. Whilst IFRS 16 is only applicable to periods from 1 January 2019, lenders and their corporate borrowers should start evaluating the potential impact of this now, to avoid surprises when the standard is implemented. While at KPMG she spent three years in London as a member of the U.S. Capital Market Group, where she assisted several European-based multinational clients with U.S. GAAP conversion projects, the SEC registration process, and technical assistance on U.S. GAAP accounting issues and SEC disclosure matters.Ms. Full lifetime access. Ms. Peters leads the Financial Reporting Policy team responsible for tracking all financial reporting issues, including coordinating the efforts of the Corporate Disclosure Policy Council, a key committee of CFA Institute volunteers that reviews and comments on financial reporting policy initiatives worldwide. By using this site you agree to our use of cookies. Leases: What … They were … In terms of transition, IFRS 16 … Build a 3-statement financial model. 21 Jan 2020. IFRS 16 — Definition of a Lease - Shipping Contract. Transition disclosures investors should expect and evaluate. 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