AASB 16 Leases

Topic

AASB 16 is an Australian Accounting Standard issued by the Australian Accounting Standards Board (AASB) that sets out the principles for the recognition, measurement, presentation, and disclosure of leases. It is the Australian equivalent of the international standard IFRS 16, requiring lessees to recognize most leases on their balance sheets as a right-of-use asset and a corresponding lease liability.