AASB issues Australian version of IFRS 16 Leases and amendments to IAS 12 Income Taxes

On 29 February 2016 the Australian Accounting Standards Board (AASB) issued Australian versions of IFRS 16 Leases and recent amendments to IAS 12 Income Taxes. The amendments have been uploaded onto the AASB web site as:

• AASB 16 Leases
• AASB 2016-1 Amendments to Australian Accounting Standards – Recognition of Deferred Tax Assets for Unrealised Losses.

For more information on these topics, please read the articles in February Accounting News:

• New leases standard requires virtually all leases to be capitalised on the balance sheet
• More cash flow statement disclosures – Changes to IAS 7

Please consider these new standards when making disclosures in 31 December 2015 financial reports regarding the impact of new standards issued that are not yet effective (as required by paragraph 30 of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors).