Effects of AASB 16 Accounting Standards on Woolworths Group Limited

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Introduction
 Some of the ways governments and regulatory bodies enforce accountability is by enacting
accounting standards.
 Accounting standards are some of the regulations that ensure transparency of companies.
 These standards are used in order to ensure all companies use a similar process of doing their
accounts making it easier for any person to understand the financial records of different
companies without having to learn new standards with each company.
 The accounting standards are used to increase the transparency of companies while producing
their financial papers to the public.
 In Australia, the Australian Accounting Standards Board (AASB) is in charge of setting and
defining accounting standards within the country.
 A new accounting standard was defined by the Australian Accounting Standards Board
(AASB) in response to international standards. This new accounting standard is known as the
AASB 16 and starts being implemented from 1st January of 2019.
 This paper will analyze the effects of the new accounting standards on Woolworths Group
Limited.

Research Questions
Research questions come before a research is conducted.
The author comes up with research questions which need to be
answered and hence give the research a purpose and goal.
The primary research question is: What are the expected impacts of the
AASB 16 accounting standards on Woolworths Group limited
Company?
The secondary questions are: Will the new AASB 16 accounting
standards benefit or disadvantage Woolworths Group limited Company?
Are the new AASB 16 accounting standards more effective than the
previous accounting standards in achieving transparency?