PPT-IASB Leases Project Overview

Identify a lease Lessee how big the liability will be Lessor accounting what has changed Other lease accounting issues Transition provisions What do you need to do to get ready for 2019 Agenda. IASB Page 1 of 5 Field Testing – Round 1 In Round 1 of the targeted field test we ask you to submit information on specific topics ure that you provide the name of your organisation in th 16C STAFF PAPER 20 September – 28 September REG IASB Meeting Project Insurance Contract Paper topic Residual Margin – Rate of accretion of interest CONTACT(S) Giel Pieterse gpieterse@ Introduction to Leases. . A lease is a legal contract between a tenant (lessee) and landlord (. lessor. ). Specifies the rights and obligations of the owner and user. A lease divides the “bundle of rights” in real estate into two interests. for insurance contracts Overview During its February meeting, the International Accounting Standards Board (IASB, or Board) continued redeliberations on its 2013 Exposure Draft Insurance Contracts Leases. May 2013. This presentation has been prepared to help . stakeholders . understand the current status of the . leases . project of the FASB and . the IASB. . The views expressed in this presentation are those of the presenters. Official positions of the FASB and . October . 6, . 2010. This presentation has been prepared to help constituents understand the current status of projects of the FASB and IASB. . The views expressed in this presentation are those of the presenter. Official positions of the FASB and the IASB are reached only after extensive due process and deliberations.. CHARTERTHE IASB AND OTHER ACCOUNTING STANDARDSETTERS BACKGROUND Accoun ng standard-se ers 4Interna onal and regional groups and networks 5IASB consulta ve bodies 5THE CHARTER Overarching principles Lease Accounting and. Operational Implications. Tim Shepard . Senior Manager, Financial Accounting Advisory Services. Ernst & Young LLP. November 18, 2016. Disclaimer. These slides are for educational purposes only and are not intended, and should not be relied upon, as accounting advice.. Leases Project. Overview. Identify a lease. Lessee: how big the liability will be?. Lessor accounting: what has changed?. Other lease accounting issues. Transition provisions. What do you need to do to get ready for 2019?. Tuesday, March 21, 2017. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.. Developed and presented by Samuel A. Monastra, CPA. SAMUEL A. MONASTRA, CPA. Mr. Monastra is a Director with McGladrey, LLP. He has extensive experience with publicly held companies and large privately held companies. Industry focus: manufacturing, life sciences & technology, financial services, and public sector. . A closer look at the new leases standard- Ind AS 116 CA (Dr.) Sanjeev Singhal CA Amit Jain 1 Content Background 2 Scope 3 New Definition of lease 4 Lessee accounting 5 Lessor accounting 6 Transition Chapter 6. Developing IFRS Standards. IFRS Foundation. Oversees IASB.. Independent body 22 trustees.. Mix of trustees reflects geographical spread of world’s capital markets.. Raises funds for standard setting process.. October . 2017. ______________________. UR Lease Administration. New Lease . Standard. UR Lease Administration project is currently in progress to ensure our compliance to the new lease standard for both lessee and lessor..