Accounting For Leases Has Been Subject To Discussion And Amendments By The Internat 2251827

Accounting for leases has been subject to discussion and amendments by the International Accounting Standard Board (IASB). As a result, the new accounting standard AASB 16 Leases will replace AASB 117 Leases from the annual reporting periods beginning on or after 1 January 2019.
Prior to the issue of AASB 16 Leases, there was a number of consultation documents and publications discussing different aspects of lease accounting. Among these resources, Spencer and Webb (2015) conducted an extensive review of academic literature on accounting for operating leases.
Question:
Provide a critique on the extent to which Spencer and Webb (2015) discussed the fundamental characteristics of financial information in the disclosures for operating leases. You are expected to refer to the fundamental characteristics of financial information as set out in the Australian Accounting Standard Board’s (AASB) Framework for Preparation and Presentation of Financial Statements.
Required sources of reference ? Article by Spencer and Webb (2015)
This article can be searched in the Torrens University library using the following citation:
Spencer, A. W. and Webb, T. Z. (2015), Leases: A Review of Contemporary Academic Literature Relating to Lessees, American Accounting Association, Vol. 29, No. 4, pp.997-1023 ? The AASB’s Framework for Preparation and Presentation of Financial Statements (the Framework)
The IASB’s Framework can be downloaded from the AASB’s website:
http://www.aasb.gov.au/admin/file/content105/c9/Framework_07-04_COMPjun14_0714.pdf ? AABS 117 Leases, and AASB 16 Leases
These accounting standards can be downloaded from AASB’s website:
http://www.aasb.gov.au/Pronouncements/Current-standards.aspx ? Critical reading and essay writing
Recommended sources of references ? The International Accounting Standard Board’s web site
http://www.ifrs.org/Pages/default.aspx ? The AASB’s Statement of Accounting Concepts (SAC 1)
SAC 1 can be downloaded from the AASB’s website:
http://www.aasb.gov.au/Pronouncements/Statements-of-accounting-concepts.aspx
? AASB 16 Leases (Appendix D), Interpretations 4 Determining whether an Arrangement contains a Lease, and Interpretations 115 Operating Leases – Incentives
These accounting standards can be downloaded from AASB’s website:
http://www.aasb.gov.au/Pronouncements/Interpretation

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