Advance Accounting Report 2022

Running head: ADVANCE ACCOUNTING
ADVANCE ACCOUNTING
Name of the Student
Name of the University
Author Note

ADVANCE ACCOUNTING1
Executive Summary
AASB or Australian Accounting Standards Board have issued AASB 16 for leases effective
from 1st January 2019 incorporating all provisions from the IFRS 16 for leases. This new
standard will implement an equal or uniform standard for accounting of leases within
Australia. This will benefit will benefit both the organizations as well as the users of their
financial statement. The aim of this report is to elucidate the meaning and working of the
AASB (IFRS) 16 for leases and for accomplishing the aim of the study, the previous lease
reporting standard and its shortcomings as well as the new lease reporting standard and its
benefits have been critically analyzed.

ADVANCE ACCOUNTING2
Table of Contents
Introduction................................................................................................................................3
Solution to answer no (a)...........................................................................................................4
Solution to answer no (b)...........................................................................................................4
Solution to answer no (c)...........................................................................................................5
Solution to answer no (d)...........................................................................................................6
Conclusion..................................................................................................................................6
References and bibliography......................................................................................................8