Date

Tuesday 17 November 2020

Time

12:00 pm

Duration

1.5 CPD hours

Session Topic

Lessons from first year reporting under AASB 16 Leases

This year saw the first-time implementation of a very complex leasing standard. There are many lessons for accountants and auditors to learn from the change. AASB 16 is not ‘set and forget’, so much work remains for the next reporting period.

This session will focus on:

  • Identifying areas where preparers have struggled with compliance
  • Illustrative examples of reporting practices, and
  • The issues that need to be reconsidered at year’s end – lease-term options, modifications, impairment of right-to-use assets, reassessment of lease liability, and disclosures.
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This session is presented by:

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Carmen Ridley

Principal of Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients. Carmen is the co-author of ‘Understanding and Implementing the Reduced Disclosure Regime’. Carmen is serving her third three-year term as a member of the AASB.