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.