Transition of IAS 17 to IFRS 16 | 24 February
The International Financial Reporting Standard 16 (IFRS 16) is a comprehensive accounting standard that pertains to leases. Its primary objective is to provide guidance on how entities should recognize, measure, present, and disclose leases in their financial statements. Adopted to enhance transparency and comparability, IFRS 16 requires lessees to recognize virtually all leases on their financial position, reflecting the right to use an asset and the corresponding liability for future lease payments. This standard replaces the previous accounting standard, IAS 17 - Accounting for Leases, and brings about significant changes in the accounting treatment of leases, impacting both lessees and lessors.
This webinar will cover:
- Introduction to IAS 17 and IFRS 16
- Discussing main concepts such as Right of use asset, Lease liability etc.
- Measurement of Right of Use asset and Lease liability
- Applying IFRS 16 for the first time in the books of Lessee and how it will get subsequently measured
- Presentation of Right of Use asset and Lease Liability in the Financial statements
- Impact to Financial position and performance due to the adoption of IFRS 16
Date: 24 February 2024
Sri Lanka (Colombo) time: 3pm - 4pm
UK time: 9:30am - 10:30am
CPD hours: 1
About the speaker
Mr Siriwardana is a Chartered Accountant (ACA) by profession and hold a First-class Bachelor's in Business Administration from University of Colombo, specialising in finance and holds a Diploma in Taxation from Sri Lanka institute of Taxation.
As a proud member of both the Association of Accounting Technicians (MAAT) and Chartered Professional Managers (ACPM), Mr Siriwardana brings over 9 years of expertise in corporate reporting from diverse experiences in local and multinational companies.
Currently serving as the Manager of Finance for the largest conglomerate in Sri Lanka, he also contributes to the professional community as a lecturer and article writer, emphasizing his commitment to knowledge sharing in the financial realm.
LOLC Holdings PLC
LOLC Holdings PLC is a Sri Lankan conglomerate listed on the Colombo Stock Exchange (CSE). Originally starting as a non-banking financial company LOLC has grown into one of the largest Sri Lankan conglomerates involved in many sectors and subsidiaries in several countries although it is still mainly involved in the financial sector.