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.