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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
