AASB/IFRS 16 Lease Assessment Worksheet

AASB 16 Leases  is part of the new accounting requirements and is effective for reporting periods beginning on or after 1 January 2019.

The new standard effective for reporting periods beginning on or after 1 January 2019 (for many multinational companies operating in Australia that will be their year-end 31 December 2019 or 30 June 2020 for most Australian entities). This affects essentially all Australian entities across the profit and not-for-profit sectors, requiring the capitalisation of most operating leases (recognising right of use assets and the corresponding lease liability on balance sheet).

At Moore Stephens we have extensive knowledge on how to apply AASB 16 to your business and have developed a worksheet to help interpret your lease agreements when applying the new AASB/IFRS 16 Lease standard.
 

Lease Assessment Worksheet

Whilst the lease transition tool  makes generating numbers and journal entries compliant with AASB 16 easy it does not deal with the background regarding why certain choices or numbers were chosen to be input into the tool.  To deal with this we have created a lease assessment worksheet.

This worksheet steps you through each of the key issues within AASB 16 and provides guidance as to what you need to consider at each step, see the video below to view the functionality of the spreadsheet and how it can dovetail into the lease transition tool.
 

Further questions

Do you have further questions or queries regarding the impact of AASB 16 or the lease models?  Please feel free to contact a member of our leases team to discuss further David Holland or Tony Caldwell.


 


AASB/IFRS 16 Lease Assessment Worksheet

  • $500.00 Excluding GST
    (Lease Assessment Worksheet will be emailed to you within 1 business day.)