Accounting for Leases: A Critical Evaluation of the New Accounting Standard (AASB 16)
VerifiedAI Summary
This report discusses the drawbacks of the old accounting standard (AASB 117) on leases and how the new accounting standard (AASB 16) aims to overcome them. It also explores the impact on companies with significant lease holdings and the improvements in comparability. The report includes a case study on JB Hi Fi Limited and its disclosures under the new standard.