The new accounting standard for leases AASB 16 Leases developed by the International
Accounting Standards Board (IASB) was adopted and issued by the Australian Accounting
Standard Board (AASB) in February 2016. AASB 16 Leases will replace the current standard
AASB 117 Leases from the annual reporting periods beginning on or after 1 January 2019.
Prior to the issue of AASB 16 Leases, the Financial Accounting Standard Board (FASB) and
the IASB jointly developed exposure drafts (EDs) for feedback from stakeholders. Churyk,
Einstein and Lander (2015) discussed the practical implications of these EDs on preparers
and users of general purpose financial statements.
Criticise the extent to which the discussion on practical implications of new accounting for
leases presented by Chary, Einstein and Lander (2015) considers two fundamental
characteristics of financial information stated in the AASB’s Framework for Preparation and Presentation of Financial Statements.
Product code: Finance-QA150Download Questions
The Conceptual Framework for Financial Reporting describes the objective of, and the concepts for, general purpose financial reporting. It helps the IASB to develop consistent standards and preparers by developing the consistent accounting when no standard applies to the particular transaction. IASB has been revising these frameworks from time to time as there are always some lacunas which need to be corrected and some areas which are not covered or which needs to be removed from the framework are also done.
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