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Accounting Theory & Contemporary Issues

01 / 10 / 2021 Assignment

This paper circulates around the core theme of Accounting Theory & Contemporary Issues together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

1) Under the existing standard IAS 17 (AASB 117) Leases - what are operating and what are finance

leases? Explain the concepts briefly with reference to lessees only, rather than providing all the

technical details.

2) What are the main differences between IAS 17 (AASB 117) and the new IFRS 16 (AASB 16) from the

lessee perspective?

3) What is meant by ‘off balance sheet liabilities’ in the article?

4) Why will the changes to lease accounting ‘not be popular with everyone’? In particular, why may the

changes lead to ‘defaults on debt covenants’?

5) An alternative viewpoint to those taken into account by the IASB is that no separate standard is

required on leases at all. What would the arguments be for this? Would you prefer no leasing

standard, the existing standard (IAS 17) or the new standard 

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