Lease Accounting Changes
The author of this report is asked to answer to three major questions, all relating to the recent changes in accounting for leases under the Australian accounting standard both before and after the country's adherence of the IFRS (IFRS, 2013). The first point to answer to is the standard prior to the IFRS update relating to accounting for leases. The second point is to provide for the present approach taken by the Australian IFRS on the question of recognition, measurement, and presentation of leases and the reasoning behind said approach. Finally, a summary of future global developments relating to the changes with the current IASB standard for accounting for leases and how this all might affect the Australian standards going forward is also requested.
Questions Answered
Per a recent publication by PriceWaterhouseCoopers, there is a clear and precise explanation of the changes at hand and how things will differ going forward. As for the current standard, there a few things that can be pointed to in the PWC report. First, the pre-IFRS standards referred to the fact that lease term extensions that are optional in nature on the part of the client will be included in the valuation of the lease if there is a reasonable possibility that the client option will be elected. If it's clear that no such election will be forthcoming, it would have been excluded (PWC, 2013).
This did not change much with the new standards but a burden is now put on the lessee to consistently reassess...
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