Accounting Theory and Current Issues

Accounting Theory and Current Issues

This assignment aims at developing a clear understanding of students on Accounting standard for lease.
Students are required to critically examine the new accounting standard for lease financing AASB 16. They will
have to do research on relevant literature and demonstrate understanding and critical evaluation of key issues
and different provisions on accounting standard for lease financing. They will have to refer and base their
discussions on a complete understanding of AASB 16 Accounting for Leases.

Required Task:

Accounting Theory and Current Issues

In the body of the assignment, students will have to critically discuss the following issues:
 Critical evaluation of the old accounting standard for lease (AASB 117) specifically highlighting the
 Why was the change necessary?
 What changes have been incorporated in the new accounting standard for lease AASB 16?
 How will companies that have significant level of lease financing be affected by the change in the
accounting standard for lease?
 In the former accounting standard for lease (AASB 117) both operating lease and finance lease were
allowed, why did companies have a tendency to classify most of the lease contract as operating lease?
How does positive accounting theory relate to this behaviour of managers?
 According to the IASB, the implementation of IFRS 16 (the IFRS version of AASB 16) is expected to
improve comparability between companies that lease assets and companies that borrow to buy
assets. Explain this view of the IASB with suitable example.
 The implementation of AASB 16 might have an effect on the leasing market if companies decide to
buy more assets and as a result, lease fewer assets. Provide possible explanation as to why after the
implementation of AASB 16, reporting entities might be more likely to buy more assets and lease fewer
 Select the latest (2017 – 2018 financial year) annual report of an ASX listed company. Summarise the
key disclosures the company has made on its accounting for leases including on the transitional
provision and effect of the transition to AASB 16 from AASB 117.

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