This report presents a comprehensive literature review on the topic of accounting for leases, focusing on the transition from AASB 117 to AASB 16. The review analyzes three journal articles, exploring the impact of the new standard on financial reporting, particularly in sectors heavily reliant on leasing, such as aviation and telecommunications. The articles discuss the limitations of AASB 117, the implications of including operating leases on balance sheets, and the challenges faced by companies in implementing AASB 16. The analysis compares the two standards, highlighting key differences in asset classification and lease recognition. The review identifies significant research gaps related to the impact of AASB 16 on financial reporting quality and the lack of comprehensive studies differentiating between the two standards, thereby providing a foundation for future research in this area.