Date

Thursday 15 April 2021

Time

2:30 pm

Duration

1.5 CPD Hours

Session Topic

Preparing for the second year of Leases

AASB 16 Leases is not a set-and-forget standard.  Issues that need to be considered at year’s-end include lease-term options, modifications, impairment of right-to-use assets, reassessment of lease liability, and disclosures.  There are also a proposed extension to COVID-19 rent concessions and an amendment to improve accounting for sale and leaseback transactions.

The session will:

  • Explain the standard’s moving parts that must be revisited
  • Provide examples and illustrations
  • Clarify issues that have arisen in practice, particularly for not-for-profit entities
  • Look at examples of lease disclosures, and
  • Summarise proposed changes.
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This session is presented by:

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Carmen Ridley

Principal | 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.