The Business Research and Training Center (BRTC) of the Faculty of Business Administration (FBA) recently concluded its sixth professional training series on International Financial Reporting Standards (IFRS) since 2021. The training was conducted over three consecutive weekends from November 9 to 23, 2024, on the university campus.
This latest training series focused on the standard relating to Leases (IFRS 16). The objective of IFRS 16 is to report information that faithfully represents lease transactions and provides users of financial statements with a basis to assess the amount, timing, and uncertainty of cash flows arising from leases.
The executive training was conducted by experienced IFRS instructor, Mr. Derek Chan, from the University of Macau. With in-depth guidance on the practical application, key topics such as the scope of application, recognition exemption, lease identifications, lease terms interpretation, accounting for lessee, accounting for lessor, and related disclosures were covered.
The training attracted about 50 participants from various backgrounds, including auditors, managers from Big4 firms, lawyers, financial analysts, insurance executives, and practitioners from public and utilities sectors. Through this opportunity, attendees gained valuable insights into lease treatment and reporting under international standards.
With its widespread adoption across 168 jurisdictions worldwide, IFRS remains a cornerstone of financial transparency and consistency in today’s rapidly evolving business landscape. As the accounting profession faces unprecedented challenges, ongoing training and education remain essential. We anticipate further collaborative efforts between the BRTC and CPC to ensure professionals remain adept in navigating the complexities of international accounting standards.
