Instruction: This is a group assignment (3 to 5 members).
Total Marks: 30
Word limit: 3,000 words ± 500 words
Task: HI6025 Accounting for Lease: A Critical Review Assignment
Purpose: This assignment aims at developing a clear understanding of students on Accounting standard for lease. Students are required to critically examine the new accounting standard for lease financing AASB 16. They will have to do research on relevant literature and demonstrate understanding and critical evaluation of key issues and different provisions on accounting standard for lease financing. They will have to refer and base their discussions on a complete understanding of AASB 16 Accounting for Leases.
Required Task: In the body of the assignment, students will have to critically discuss the following issues:
- Critical evaluation of the old accounting standard for lease (AASB 117) specifically highlighting the drawbacks
- Why was the change necessary?
- What changes have been incorporated in the new accounting standard for lease AASB 16?
- How will companies that have a significant level of lease financing be affected by the change in the accounting standard for lease?
- In the former accounting standard for lease (AASB 117) both operating lease and finance lease were allowed, why did companies have a tendency to classify most of the lease contract as an operating lease? How does positive accounting theory relate to this behavior of managers?
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