AASB 16 Leases began operating on 1 January. Many entities have yet to start the implementation journey. Time is fast running out. For those that have, questions arise. Many people need reassuring that they’re on the right track. This session is the first of two that explain key requirements of AASB 16 and how they can be implemented, the judgements that must be made. The session will cover:
- What is a lease?
- Exceptions to lease accounting
- Separating the lessee into its components
- Lease term, renewals and modification
- Recognition and measurement rules
- Discount rates, and
- Implications of right-to-use assets.