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AASB Standard  AASB 2022-5
               November 2022

Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback
[AASB 16]

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

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Victoria   8007
AUSTRALIA

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COPYRIGHT
© Commonwealth of Australia 2022
This 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 for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

ISSN 1036-4803

Contents

Preface
Accounting Standard
AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback

from page
Objective 5
Application 5
Amendments to AASB 16 5
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 6

aVailable on the AASB website
IASB Illustrative examples – Amendments
IASB Basis for Conclusions – Amendments

Australian Accounting Standard AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback is set out on pages 5 – 6. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2022-5
This Standard makes amendments to AASB 16 Leases (February 2016).
These amendments arise from the issuance of International Financial Reporting Standard Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) by the International Accounting Standards Board (IASB) in September 2022.

Main features of this Standard

Main requirements
This Standard amends AASB 16 to add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in AASB 15 Revenue from Contracts with Customers to be accounted for as a sale.
AASB 16 already requires a seller-lessee to recognise only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor.  The amendments made by this Standard ensure that a similar approach is applied by also requiring a seller-lessee to subsequently measure lease liabilities arising from a leaseback in a way that does not recognise any amount of the gain or loss related to the right of use it retains.

Application date
This Standard applies to annual periods beginning on or after 1 January 2024.