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Compiled AASB Standard  AASB 16

Leases

This compiled Standard applies to annual periods beginning on or after 1 January 2024.  Earlier application is permitted for annual periods beginning before 1 January 2024.  It incorporates relevant amendments made up to and including 10 November 2022.
Prepared on 18 December 2023 by the staff of the Australian Accounting Standards Board.
Compilation no. 8
Compilation date:  31 December 2023

Obtaining copies of Accounting Standards
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COPYRIGHT
© Commonwealth of Australia 2023
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IFRS 16
ACCOUNTING STANDARD
AASB 16 LEASES

from paragraph
Objective 1
Scope 3
Recognition exemptions 5
Identifying a lease 9
Separating components of a contract 12
Lessee 13
Lessor 17
Lease term 18
Lessee
Recognition 22
Measurement
Initial measurement
Initial measurement of the right-of-use asset 23
Initial measurement of the lease liability 26
Subsequent measurement
Subsequent measurement of the right-of-use asset 29
Subsequent measurement of the lease liability 36
Lease modifications 44
Presentation 47
Disclosure 51
Lessor
Classification of leases 61
Finance leases
Recognition and measurement 67
Initial measurement 68
Subsequent measurement 75
Operating leases
Recognition and measurement 81
Lease modifications 87
Presentation 88
Disclosure 89
Finance leases 93
Operating leases 95
Sale and leaseback transactions 98
Assessing whether the transfer of the asset is a sale 99
Transfer of the asset is a sale 100
Transfer of the asset is not a sale 103
Commencement of the legislative instrument
Temporary exception arising from interest rate benchmark reform 104
Appendices
A  Defined terms
B  Application guidance
C  Effective date and transition
D  Amendments to other Standards
E  Australian simplified disclosures for Tier 2 entities
COMPILATION DETAILS
Deleted IFRS 16 text

basis for conclusions on AASB 2018-8
basis for conclusions on AASB 2019-8
basis