Australia

Entities who have any form of lease will be impacted by changes to lease accounting definitions and thus accounting standards under AASB 16 Leases, applying to financial years beginning on or after January 1, 2019.

The changes will see a single accounting model for all leases, where there is no distinction between finance and operating leases for lessees. This single recognition model will require all entities to recognise both assets and liabilities arising for all leases, with limited exemptions. The outcome of these changes could have significant impact on classifications in financial reporting and therefore effect an entity’s overall financial position.

The following comparative report, Lease Accounting, outlines the key changes, transition options and new accounting scenarios as well as possible consequences from these changes.

For further information regarding these changes contact your William Buck local office.

Further Information:

Small companies may meet gross asset test for large companies under new lease standards

<Back

Lease Accounting Australia​ Specialists

Latest insights from our Lease Accounting Australia​ team

Fraud detection and investigation for the CFO and finance team
29 July 2022 | Minutes to read: 3

Fraud detection and investigation for the CFO and finance team

Detection of employee fraud sits squarely within your remit as a CFO, and evidence shows that it’s...
Is your IPO too FAT?
18 May 2022 | Minutes to read: 3

Is your IPO too FAT?

So, before I start – yes, an Initial Public Offering (IPO) is a major milestone event, and...
Rouble’s rampage crosses an accounting Rubicon
21 March 2022 | Minutes to read: 3

Rouble’s rampage crosses an accounting Rubicon

Recent gyrations in the rouble highlight a problem in financial reporting – what ‘is’ a foreign currency...

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Be Informed

Be Informed is William Buck's regular newsletter, filled with up to date news and relevant advice for individuals and businesses.

Get in touch!