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.

As technology opens doors for increased efficiency, connectivity and sharing, it opens our work and home to cyber risk. The controls we implement to address these cyber risks are often referred as cyber security.

Not-for-profit entities were given an extra year to get ready for these new standards. Don’t waste the benefit, as you will need to deal with both these standards, and at the same time deal with the new leasing standard AASB 16.