Accounting for Leases

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