This report examines the application of accounting standards within Westpac Banking Corporation, focusing on the impact of AASB 9, AASB 15, and AASB 16. The analysis details the changes implemented by Westpac, including the reduction in retained earnings due to AASB 9, the 5-step model for revenue recognition under AASB 15, and the balance sheet implications of AASB 16 related to leases. The report highlights the significance of accounting standards for financial reporting, enabling comparisons and informing investment decisions. It also explores the impact of these changes on Westpac's financial statements, including modifications to impairment provisions, revenue recognition, and lease accounting. The report provides a comprehensive overview of how Westpac has adapted to these new standards and the resulting effects on its financial position.