Context:Accounting for leases has been subject to discussion and amendments by the…

Context:Accounting for leases has been subject to discussion and amendments by the…

Context:Accounting for leases has been subject to discussion and amendments by the InternationalAccounting Standard Board (IASB). As a result, the new accounting standard AASB 16 Leaseswill replace AASB 117 Leases from the annual reporting periods beginning on or after 1January 2019.Prior to the issue of AASB 16 Leases, there was a number of consultation documents andpublications discussing different aspects of lease accounting. Among these resources,Spencer and Webb (2015) conducted an extensive review of academic literature onaccounting for operating leases.Question:Provide a critique on the extent to which Spencer and Webb (2015) discussed thefundamental characteristics of financial information in the disclosures for operating leases.You are expected to refer to the fundamental characteristics of financial information as setout in the Australian Accounting Standard Board’s (AASB) Framework for Preparation andPresentation of Financial Statements.

Context:Accounting for leases has been subject to discussion and amendments by the…

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