When is a lease not a lease? When it does not meet the definition of a lease.

The key audit matters section of the Independent Auditor’s Report has been introduced.

Queensland Treasury Financial Reporting Requirements (FRRs) for 2018–19 are available on Queensland Treasury’s website. 

The Australian Accounting Standards Board (AASB) is reviewing financial reporting requirements for the public sector.^{1, 2} 

Can the International Public Sector Accounting Standard IPSAS 41 Financial Instruments help us in Australia?

Do you have a peppercorn lease? Peppercorn leases are leases with nominal rent. This might be $1, or even as low as a peppercorn.

Here's what you need to do.

Do you have a peppercorn lease? Peppercorn leases are leases with nominal rent. This might be $1, or even as low as a peppercorn.

AASB 15 applies to both for-profit and not-for-profit entities. For-profit entities must apply AASB 15 for financial years beginning on, or after, 1 January 2018.

How do you apply AASB 16 to lease rentals that change due to CPI changes?