AASB 16 Leases fundamentally changes the financial reporting landscape for how lessees account for operating leases. The new standard effectively removes the operating leases classification and requires all lessees to show a lease liability and a corresponding right-of-use asset for all leases (with some limited exceptions).
Entities need to ascertain what actions need to be taken so as to allow them to prepare their financial statements using this new accounting standard.
As the choices made will affect the way the performance of the business is measured and reported, it is vital to consider not only the commercial and practical issues, but also the tax implications of these changes.
Webinar Learning Outcomes:
At the end of this webinar, attendees will be able to:
• Explain how reported earnings will be impacted;
• Explain how the balance sheet will be impacted;
• Explain which processes and systems will need changing;
• Explain which wider business planning activities will be affected;
• Explain how will current agreements be affected.
Preparers and auditors of financial reports.
Aletta Boshoff is a Partner and National Leader in IFRS Advisory at BDO Australia. Aletta has over 25 years’ experience in financial reporting and accounting, including IFRS. Aletta prides herself on her technical excellence, approachability, and the ability to solve problems practically. Aletta loves accounting and accounting standards, but she is also of the view that it's only when you try and apply that knowledge that you are really challenged and that it is only then that you fully appreciate the nuances of IFRS.
You will be provided with:
• PowerPoint presentation slide deck
• Supporting documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter
The changes can be complex and have effects beyond just the accounting treatment - are you ready?