Solution Library

Differences and Similiarities Between Australian Accounting Standards and International Accounting Standards on Leases

Question

Assume that you have graduated with your business degree and recently commenced work with a leading firm of public accountants. A number of very important clients rely on extensive leasing arrangements and have expressed concern regarding proposed changes in accounting for leases. The AASB and IASB are currently working together to develop a new standard for the recognition, measurement and presentation of leases.

Requirements
While the partners of the firm have been able to communicate with clients about this issue, they have asked you to prepare a background report for presentation to other staff members to outline:

a. a concise history of Australia’s policy for accounting for leases before the adoption of IFRS;
b. the present approach taken by Australian IFRS on the question of recognition, measurement and presentation of leases, and the reasoning behind this approach;
c. future global developments relating to changing the IASB’s current accounting standard for accounting for leases and how they might affect Australian reporting entities.


Summary

The question belongs to Accounting and it is an essay about Australian Accounting practices with respect to leases. The essay discusses about Australia’s accounting policies and international accounting standards policies toward leases. This essay discusses about arriving at a new standard which recognizes, measures and presents leases in an acceptable manner by both Australian and International standards.

Total Word Count 1016

 

Download Full Solution

Comments

  • HWA
    Rasha

    this is a very good website

  • HWA
    maani

    I have 50 questions for the same test your page is showing only 28

  • HWA
    joeanne

    hi can you please help or guide me to answer my assignments. thanks

  • HWA
    joeanne

    hi can anyone help or guide me to my assignments. thanks

  • HWA
    Monik


  • HWA
    Cristina

    This solution is perfect ...thanks

  • HWA
    Janete

    Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes

  • HWA
    Sandeep

    Perfect bank of solution. 

  • HWA
    Oxana

    great !

  • HWA
    Paul Brandon-Fritzius

    thanks for the quick response. the solution looks good. :)

  • HWA
    tina Johnson

    thnx for the answer. it was perfect. just the way i wanted it. 

  • HWA
    Giuseppe

    works fine.