The report explains the differences between the proposed policies of AASB 16 and the current policies of AASB 117 and the impact on the financial statements of Myer Ltd, a company listed on ASX. It also reflects the economic cost borne by the company due to this transition which would be explained in the context of appropriate accounting theory related to the use of financial reports.

A report on AASB 117 and AASB 16 policies and their impact on Myer Ltd's financial reports and economy.

Accounting Standards and Regulations - Desklib

Accounting Standards and Regulations

This report analyzes the impact of AASB 117 and AASB 16 on Telstra's financial reporting. It includes a description of the lease possessed by the company, their classification and presentation in the annual report as per AASB 117 and AASB 16, probable impacts on the financial position and performance of Telstra due to the newly applied rules to the present lease contracts, and recommendations to prepare Telstra for the new accounting treatment.

AASB 117 and AASB 16: Impact on Telstra's Financial Reporting

This study discusses the current and proposed accounting policies related to AASB 117 and AASB 16 leases of premises, their impact on financial statements, and potential economic consequences of the changes. AASB 16 introduces a single lessee accounting model, while AASB 117 requires leases to be categorized as operating or financial leases. The changes have a wide-reaching effect on lessees' business, systems, and controls. The adoption of AASB 16 is likely to have a materialistic effect on the consolidated financial statement of the Group. The proposed standard will impact the contracts amid managers as well as stakeholders and will require changes in disclosures method for lease accounting by the companies on which accounting standard of the lease is applicable.

Hartpury University and Hartpury College

Accounting Standards and Regulations for Leases: AASB 117 and AASB 16

This article discusses the impact of AASB 16 on lease accounting and financial reporting, including changes incorporated in the standard and its implications for companies with lease financing. It also provides a critical analysis of the previous standard, AASB 117, and the necessity for the change. The article includes a case study of Telstra, an ASX-listed company, to exemplify the application of both standards in corporate accounting.

Finance

AASB 16: Impact on Lease Accounting and Financial Reporting

This report conducts a critical evaluation of AASB 117 and its drawbacks, discusses the requirement for change, and highlights the changes incorporated in the new accounting standard AASB 16. It also explores the impact of changes in lease standards on entities with significant lease financing and the tendencies of entities to classify lease contracts as operating. The report further analyzes the implementation of IFRS 16 and its expected impact on comparability among companies. Subject: Accounting, Course Code: N/A, Course Name: N/A, College/University: N/A

Accounting Theory and Contemporary Issues

This article discusses the impact of AASB (IFRS) 16 on accounting for leases and financial reporting. It covers the definition of lease, effective date and transition, lessee and lessor accounting, necessary disclosures, and the impact on Qantas. The article provides a comprehensive understanding of the new standard and its implications for Australian companies with ASX listing. 

Accounting for Leases – the impact of AASB (IFRS) 16

Running Head: ADVANCED FINANCIAL ACCOUNTING ADVANCED FINANCIAL ACCOUNTING 10 ADVANCED FINANCIALACCOUNTING Name of the Student Name of the University Author Note Introduction 2 Background of Company 2 Discussion 3 Descriptions of the Accounting Concepts 3 Changes Incorporated in New Accounting Standard for lease AASB 16 4 Key Disclosures made by Company on Accounting for Leases 7 Effect of Transition to AASB 16 from AASB 117 8 Conclusion 8 Reference 10 Introduction Lease is the written or the implied contract with the help of which the less

Accounting Standards and Regulations

AASB 117 and AASB 16: Impact on Telstra's Financial Reportinglg...

Accounting Standards and Regulations for Leases: AASB 117 and AASB 16lg...

AASB 16: Impact on Lease Accounting and Financial Reportinglg...

Accounting Theory and Contemporary Issueslg...

Accounting for Leases – the impact of AASB (IFRS) 16lg...

Accounting for Leaseslg...

AASB 117 and AASB 16: Impact on Telstra's Financial Reporting

Accounting Standards and Regulations for Leases: AASB 117 and AASB 16

AASB 16: Impact on Lease Accounting and Financial Reporting

Accounting Theory and Contemporary Issues

Accounting for Leases – the impact of AASB (IFRS) 16

Accounting for Leases