PwC Introducing
the New IFRS-16 Leasing Standard
The new IFRS-16 Leases standard is now in full effect. Leasing is an important and widely used financing solution for most organisations. It enables many to access and use property and equipment without incurring large cash outflows at the start.
It also provides flexibility and enables lessees to address the issue of obsolescence and residual value risk. When it comes to real estate, leasing is often the only way for occupiers to obtain the use of a physical asset, because they are not in a position to purchase. The new standard requires lessees to recognise nearly all leases on the balance sheet and no longer have rent expenses simply going through the profit and loss statement.
The PwC team will explain in simple terms what it's all about and the practical implications from both accounting and property perspectives. Both the speakers will have pleasure presenting at PwC's new Wellington waterfront premises.
Speakers
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Richard Chung Partner PwC Real Estate Advisory
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Richard has 30 years’ experience in providing specialist property, valuation and consultancy advice to corporate and government clients. Over this period, he has been actively involved in property valuation standards, including accounting standards as they relate to property. Richard was a Director of Wareham Cameron & Co before that company joined PwC in 2016 and has previously worked for Jones Lang Wootton (now JLL) and the Wellington and New York offices of Ernst & Young (now EY).
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Stephen Hogg Executive Director PwC Capital Markets Accounting Advisory Services
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Stephen is an Executive Director within the Capital Markets Accounting Advisory Services practice of PwC based in Auckland. Stephen has over 25 years of accounting practice experience, including 5 years based overseas in Canada and the UK. Stephen has spent the last 15 years providing expert advice and assistance on complex accounting issues both internally to PwC engagement teams and externally to a large range of clients.
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