AASB 16 Leases

AASB 16 Leases is part of the new accounting requirements becoming mandatory over the next two years


ASIC have highlighted that ‘new accounting standards coming into force over the next two years are expected to have the greatest impact on financial reporting since 2005.'

The new standard, effective from 1 January 2019 (for many multinational companies operating in Australia, or 1 July 2019 for most Australian entities), affects essentially all Australians operating across the profit and not-for-profit sectors, requiring the capitalisation of operating leases (recognising right of use assets and the corresponding lease liability on balance sheet).

These changes are expected to have dramatic commercial, reporting and compliance implications for numerous organisations. While many companies are yet to become conscious of the impact of the new standards on their businesses, those that have are still at the impact assessment stage of evaluating AASB 16.

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.
 

How can we help you?

At Moore Stephens we have extensive knowledge on how to apply AASB 16 to your business and have developed a series of models to help calculate and apply the new AASB/IFRS 16 Lease standard.

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Options

A 10 lease Model Package A - Transition & ongoing Calculator models
50 & 10 lease Model Package B - Transition & ongoing Calculator models