Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 20/08/2010

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

IFRS Briefing Sheet 205: Exposure Draft ED/2010/9 Leases 

This IFRS Briefing Sheet summarises the IASB's and FASB's Exposure Drafts ED/2010/9 Leases,  published on 17 August 2010.

The proposals will affect the financial reporting for both lessors and lessees, by recognising the assets and liabilities from operating lease contracts in their statement of financial position. 

 

The changes would particularly affect entities with significant operating leases of large, expensive assets, such as aircraft. 

 

Other entities that will be affected include those with leased assets in the mining, construction and transport sectors, as well as entities with leased buildings, such as head offices and retail premises.

 

Comments were due to the IASB by 15 December 2010.

IFRS Briefing Sheets - International financial reporting updates