logo

Financial Reporting Disclosures in the Australian Corporate Sector

   

Added on  2020-09-08

8 Pages1806 Words40 Views
Financial Reporting Disclosures in the AustralianCorporate Sector1

Executive SummaryIn the recent times, Australian Accounting Standard Board has introduced changes inleasing standards AASB 16 from 117. For this report, Woolworths Limited has been selectedwhich operates in the retail sector of Australia. It can be summarized from the evaluation thatWoolworths Limited has followed all the leasing disclosure requirements such as AASB 117 to agreat extent. It can be inferred from the report that Woolworths Limited exhibits accountingregarding property cost including re-measurement of onerous lease and exit cost which is to besettled by such group. As per the new arrangement such as AASB 16 firm is obliged to presentclassification regarding lease transactions in B/S and profit & loss. Further, in the context oflessee, recognition in relation to right-of-use-assets and equivalent liabilities are needed. Forstreamlining the disclosure of lease related transactions changes have been made ion AASB 117.Along with this, by taking into account considering para from 47 to 50, lessee such asWoolworths Limited would become able to comply with the disclosure requirement moreeffectually. 2

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY..................................................................................................................................1A. Describing current lease arrangement of Woolworths Limited and presents disclosure of thesame in the financial statements as per AASB 117.....................................................................1B. Providing summary of new rules as per AASB 16 and stating the reasons behind makingmodifications in AASB 117.........................................................................................................2C. Presenting the impact of new leasing arrangement on the financial statements andperformance of Woolworths Limited..........................................................................................3D. Recommending ways through which accounting reports can be improved as per the newaccounting system........................................................................................................................4CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................53

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Analysis of Lease Accounting Standards in Australia
|10
|3621
|366

Impact of AASB 16 on Lease Accounting: A Case Study of Wesfarmers
|10
|2725
|179

Leases 3 AASB 117 Leases 3 AASB 117 and IFSR 16 5 Recommendations 7 Press Release 8 Business Report
|10
|2159
|332

Accounting For Leases Assignment
|11
|3516
|436

Accounting for Leases- The Impact of AASB (IFRS) 16
|12
|3173
|122

Impact of AASB 16 on Lease Financing
|14
|4421
|90