This document discusses the accounting standard for leases, specifically focusing on the new standard AASB 117. It explores the changes brought about by the new standard and how companies will react to these changes. The document also evaluates the previous standard, AASB 117, and highlights its drawbacks. Additionally, it discusses the necessity for the change and how companies with significant lease financing are affected. Overall, the document provides insights into the impact of the new standard on companies and the reasons behind classifying leases as operating leases.