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AASB 16 was released in February 2016 and applies to annual reporting periods beginning on or after 1 January 2019. Assume that an investor from Singapore had approached you at KPMG seeking advice on the effects of AASB 16 on South32 Limited and Newcrest Mining Limited financial statements for the period 2020 for these firms' adoption of the new leasing standard compared to the financial period 2019. KPMG is Auditors for South32 Limited, and EY is Auditors Newcrest Mining Limited for the financial year 2020. You are required to take the role of business advisor/Analyst for the purpose of providing a detailed report based on the following specific questions relating to AASB 16 that the investor is seeking a report for. As an advisor/Analyst at KPMG, answer report addressing the following question that the investor has asked your firm for advice;
Problem 1: Is there any relief available to companies implementing AASB 16 due to the COVID-19 pandemic?
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