• April 2nd, 2016

Advanced Accounting Theory

Paper, Order, or Assignment Requirements

In respect of IAS 17 Leases and IFRS 16 Leases, you are required to:

a)Explain the key features of IAS 17 Leases. You should use at least one illustrative example for lessee accounting from a published set of financial statements to illustrate the effect of the standard.

b)Discuss the changes in lessee accounting as manifested in IFRS 16 Leases, which was released on 13 January 2016 and replaces IAS 17 Leases with an effective date of 1 January 2019.

c)Considering the problems arising from IAS 17, discuss the benefits of IFRS 16 Leases.

d)Contrast the definitions of leases in IAS 17 and IFRS 16. Discuss how the definition of leases in IFRS 16 is more in line with the definition of an asset in the current conceptual framework and how this relates to eliminating the problems associated with IAS 17.

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