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I need 2 page notes only to take this notes into class essay under this question :
In-class essay: accounting for leases
• Students should research and study the
following in order to be well prepared:
– What is a lease according to accounting standards?
– How do we account for leases under AASB117
– How do we account for leases under AASB 16
– What are the main differences between the
standards?
– Why was AASB 117 replaced?
– What are operating leases and finance leases?
– What is meant by ‘off-balance sheet’ (ie, DO not
assume it means operating leases are not
recorded)?
– What are the impacts on financial information as a
result of the changes to accounting for leases?
– At least one example of a company who leases
and how this might impact them.
Also, I need 2 references (journal articles).
In-class essay: accounting for leases
• Students should research and study the
following in order to be well prepared:
– What is a lease according to accounting standards?
– How do we account for leases under AASB117
– How do we account for leases under AASB 16
– What are the main differences between the
standards?
– Why was AASB 117 replaced?
– What are operating leases and finance leases?
– What is meant by ‘off-balance sheet’ (ie, DO not
assume it means operating leases are not
recorded)?
– What are the impacts on financial information as a
result of the changes to accounting for leases?
– At least one example of a company who leases
and how this might impact them.
Also, I need 2 references (journal articles).
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