Write 2 page notes only to take this notes into essay under this question:
In-class essay: accounting for leases - Research and study the following in order to be well prepared:
- What is a lease according to accounting standards?
- How do we account for leases under AASB117
- How do we account for leases under AASB 16
- What are the main differences between the standards?
- Why was AASB 117 replaced?
- What are operating leases and finance leases?
- What is meant by 'off-balance sheet' (ie, DO not assume it means operating leases are not recorded)?
- What are the impacts on financial information as a result of the changes to accounting for leases?
- At least one example of a company who leases and how this might impact them.
Also, I need 2 references (journal articles).