The new lease accounting: Are you ready?

Australian Accounting Standard Board 16

Most businesses have leases. From 2019 the requirements for accounting for leases will change.

Although the basic change is that leases that IAS 17 Leases classifies as operating leases will now be accounted for in the same way as finance leases, the new requirements give us a lot more to think about.

We think that it is important that you start thinking about leases well in advance of the application date. There could be significant benefits in changing how you contract for assets, and such changes can take time to implement. This publication is relevant to controllers, audit committees and chief accountants.


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