New accounting standard ‘seriously underestimated’

The new accounting standard AASB 16 Leases comes into effect 1 January 2019 and is one of the “triple threat” of major accounting standards being rolled out, including AASB 19 Financial Instruments and AASB 15 Revenue from Contracts with Customers.

AASB 16 Leases will see virtually all assets, with exceptions for smaller assets and those on 12-month leases, to be recognised on a balance sheet.

To view the full AccountantsDaily article, click here.

Let us keep you up-to-date

Subscribe to the NFPAS email newsletter to receive not for profit industry news and special updates.