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31 Oct. 2019

Not-for-profit lessees’ right-of-use assets arising under concessionary leases

The AASB issued a Fatal-Flaw Review version of an amending Standard AASB 2019-X Amendments to Australian Accounting Standards – Class of Right-of-Use Assets arising under Concessionary Leases regarding not-for-profit entities’ right-of-use (ROU) assets. It is open for comment until Friday, 29 November 2019.

The proposed amending Standard would amend AASB 16 Leases and AASB 1049 Whole of Government and General Government Sector Financial Reporting to:

(a) specify ROU assets under concessionary leases can be treated as a separate class of ROU assets from ROU assets arising under other leases – an approach to classes of assets that is not to be applied by analogy in other circumstances; and

(b) provide an option for the Whole of Government and the General Government Sector to measure ROU assets arising under concessionary leases at cost or at fair value in subsequent measurement, which extends the existing relief in relation to measurement at initial recognition.