Accounting for Leases: A Critical Review

This assignment critically evaluates the impact of the change in accounting standard AASB 117: Leases to AASB 16: Leases. It analyzes the drawbacks of AASB 117, the necessity of the change, and the changes made in the new standard. The assignment also discusses the effect on organizations, the tendency of companies classifying leases, and the views of IASB on the implementation benefits of AASB 16. The analysis includes a case study of Woolworths Group's disclosures on leases.