This report provides an in-depth analysis of Woolworths Group's financial accounting practices, focusing on the application of key accounting concepts such as going concern, accrual accounting, money measurement, and the cost concept within its annual report. It examines the implications of the new AASB 16 lease accounting standard, comparing it to the previous AASB 117 standard, and assesses the impact of this transition on Woolworths. The report highlights the company's disclosures regarding lease accounting, including the recognition of right-of-use assets and lease liabilities, as well as the effects of transitioning from the old to the new standard. The analysis includes specific examples from Woolworths' annual reports, illustrating how these concepts and standards are implemented in practice. The report also discusses the challenges and complexities associated with implementing AASB 16, particularly for companies with extensive operating leases, and the importance of clear communication to stakeholders regarding changes in financial reporting. The report concludes by summarizing the key disclosures made by Woolworths regarding lease accounting and the transitional provisions related to the adoption of AASB 16, emphasizing the need for enhanced disclosures and training of accounting professionals to effectively manage the changes in financial reporting.