The Australian Accounting Standards Board (AASB) made significant changes to lease accounting with their release of a new standard, AASB 16 Leases, in 2017. Implementing a new standard is often complex and there can be hidden issues that increase the level of financial reporting risk. Home Affairs needed to measure the financial impact of the new standard and make the correct changes to be compliant from FY2019-2020 onward.
As a leader across government in the implementation of the AASB 16 Leases standard, we were well positioned to help Home Affairs. First we defined the scope of the changes by analysing existing contracts and databases, and began a stakeholder awareness campaign. Then we shifted our focus to selecting and developing new integrated software tools to support the changes, allowing us to calculate the financial effects. In parallel, we updated the relevant policies, processes and procedures to reflect the changes.
Affected business areas within Home Affairs now have a good understanding of the upcoming changes and the associated financial impacts. Ahead of the deadline, Home Affairs is on track to prove it is compliant with the new standard, with minimal disruption to business as usual processes.
- Fully integrated lease accounting tools
- Updated policies, processes and procedures
- Current and comprehensive lease master data lists
Learn about what we’ve accomplished for our clients