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Why has the leasing standard been changed

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Question - AASB 16 was released in February 2016 and is applicable to annual reporting periods beginning on or after 1 January 2019. Assume that an investor from Japan had approached you at Deloitte Limited seeking advice on the effects of AASB16 on Air New Zealand Limited and Qantas Limited financial statements for the period 2018/2019 if these firms adopt the new leasing standard. You are to assume that all aspects of the financial statement will be same as 2017/2018 except the effect of the AASB 16.

Deloitte is Auditors for Air New Zealand Limited and KPMG is Auditors Qantas for the financial year 2018/2019. 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 Deloitte, make a report addressing the following question that the investor has asked your firm for advice:

Why has the leasing standard been changed? What will change? What does it mean for Air New Zealand Limited and Qantas Limited? And how will AASB 16 benefit and/or disadvantage Air New Zealand Limited and Qantas Limited?

Reference no: EM132886196

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