AASB 16 Lease Accounting Toolkit
The Leases standard is changing
Are you ready?
With the introduction of Australian Accounting Standards Board (AASB) 16 Lease standard comes a new level of complexity and cost in commercial and financial reporting.
Effective from 1 January 2019, the new standard will impact almost all businesses across Australia. Virtually every company uses rentals or leasing as a means to obtain access to assets and will therefore be affected by AASB 16.
ASIC Commissioner John Price said, “We are concerned that some companies may not have adequately prepared for the impact of new accounting standards that can significantly affect results reported to the market by companies, require changes to systems and processes, and affect businesses. We will monitor these areas closely and will take action where required.”
Given the complexity and cost of transitioning, as well as regulatory interest in corporate implementation of the standard, getting it right the first time is crucial.
Take the complexity, cost and burden out of implementing AASB 16 with our toolkit, which will assist you with:
- Transitioning affected leases to AASB 16 and calculating the impact on the financial statements, as well as providing the adjusting journal entries; and
- Operationalising AASB 16 by calculating the financial statement impact of these leases over future financial years, and providing the relevant adjusting journal entries.