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Answered 1 days After Apr 23, 2021 University of Wollongong

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Sumit answered on Apr 24 2021

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The Australian Accounting Standard Board (AASB) has made substantial changes to the accounting of leases with the major issue being the removal of the distinction between the operating and finance lease due to which all the leases will be now on the balance sheet of the company. The recent change in the Australian Accounting Standard Board (AASB) 16, “Leases” will have significant impact on almost every business in the Australia but some of the impacts might not be seen in the beginning but will have considerable impact in the future.
Under the cu
ent accounting standard, the future payment of the operating lease is not included on the balance sheet of the company as a liability even when the company has the obligation to pay the lease amounts. The stakeholders of the company were concerned that due to this issue in the AASB 16 “Leases” the financial statements of the company do not...

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