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Define accounting policy

Assignment Help Financial Accounting
Reference no: EM132489832

In answering this question, please refer to the following documents:

  1. AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors,
  2. Wesfarmer's 2019 Annual Report , and
  3. AASB 16 Leases (this accounting standard replaces AASB 117 Leases ).

Required

Question (a) Define accounting policy. When is an entity required or permitted to change an accounting policy?

Question (b) Briefly explain the requirements of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors in relation to changing accounting policies.

Question (c) Has Wesfarmers applied AASB 16 Leases to the financial statements for the year ended 30 June 2019?

If not, when does it intend to apply AASB 16 Leases?

Question (d) Briefly explain the transitional provisions for the initial application of AASB 16 Leases. Do the transitional provisions give entities any choices? What method does Wesfarmers intend to apply?

Question (e) How would Wesfarmers initially apply AASB 16 Leases if there were no transitional provisions?

Reference no: EM132489832

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