Lease Accounting Training: A Great Opportunity to Be Familiar with FRS 116

In today's corporate world, everyone is well aware of the FRS 116 lease accounting standard which has been issued recently. As the deadline is drawing closer, business owners are making preparations to comply with the new standards. The implementation of the new standard will have a great impact on lease accounts and change the definition of a lease to a notable extent. Some changes that FRS 116 lease accounting standard going to bring is:

• All leases will be on-balance sheet

• New requirements have already been set for assets and liabilities

• The new standard changes the accounting for leaseback and sale

• New requirements are set for disclosure

• New requirements are established for non-lease elements, variable lease payments and option periods and operating lease disclosure

To implement the new standard perfectly, an accounting professional needs to be familiar with these changes and other elements associated with the new standard. If you are handling lease accounting and willing to keep the data up to date, you have to make sure the implementation of the new standard is flawless. If you are interested, you can pursue lease accounting training offered by well-reputed organizations. 

It is prerequisite to have profound knowledge and proper training when you are dealing with lease accounting. The lease accounting training and courses will cover many core areas that will make your familiar with each element regarding accounting and standards. You will learn during this session:

• FRS 116 standard and relevant factors

• New definition of Lease

• Lessee’s Accounting 

• Lessor’s accounting

• Sale and Lease back transactions

• Difference between FRS 116 and FRS 17

You have to be aware of many things associated with FRS 116 before dealing with lease accounting. To have proper training and detailed information on relevant things, pursue courses from a well-reputed organization.