The individual assignment has a 1000 words limit.

Lease accounting standards will shift debt back to companies -

We are going to be flexible and accept a deviation of max 10% above the limit. If necessary reduce quotes but always cite your source. CITATIONS Remember to reference Harvard style your assignment.

When you cite accounting standards, you can simply put in parenthesis (AASB16, 2016).

At the end of your text, in the reference list, your reference is Australian Accounting Standards Board 2016, AASB 16 Leases, Canberra, http://www.aasb.com.au.QUESTIONS:

1) Briefly illustrate (max 10 lines) how lease accounting is changing for the lessee with the introduction of AASB 16 Leases, which is replacing AASB 117 Leases from 1 January 2019.

2) List and illustrate at least 2 prospective benefits for the actual and potential investors (shareholders) coming from the new lease accounting standard (AASB 16 Leases).

3) Discuss whether the old lease accounting standard (AASB 117) is to blame for, or has contributed to, some companies' failures during the financial crisis (i.e. Border in Australia)?

4) According to the documents, it is said that several implications may arise from the introduction of the new leasing accounting standard. Identify at least 1 accounting implication and 1 social implication arising from the new accounting standard and justify your answer.

5) With respect to Virgin Australia Airlines Annual report 2015, can you identifythe nature of the changes in Virgin Australia's liabilities under the new standard?

Article: Lease accounting standards will shift debt back to companies

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