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Question - You are an accountant working at Coles. Your company has a large number of assets through lease (e.g., machines, equipment, and vehicles). Recently, the company hired a sales director, who just migrated to Australia from the United States of America (U.S.A). When reading the latest financial statements, the director was puzzled about how various leases are accounted for in the financial statements, as he is not familiar with the international accounting standards. The director approached you for a business research report that will help him understand the current lease reporting requirements in Australia, how they differ from those used in the U.S.A, and implications for the company.
Required - Describe the leases Coles (as the lessee) currently has and how they are recognised, classified and presented in their 2021 annual report.
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