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ASR: The Risk Management Committee of the Board - Financial Reporting Unit of Myer Ltd (MYR), an ASX listed retaile - Financial Accounting Assignment Help
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Internal Code: I_AH_CFCC_HG
Financial Accounting Assignment
Background You are a recent accounting graduate and have been employed in the Financial Reporting Unit of Myer Ltd (MYR), an ASX listed retailer. The Risk Management Committee of the Board has become increasingly concerned about the changes in financial accounting standards, and AASB 16 Leases in particular. Required You are required to prepare a report for the CFO considering the potential impacts of the changes in the accounting standard.- With reference to MYR identify and summarise the current accounting policies (AASB117) relating to leases of premises.
- With reference to MYR identify and summarise the proposed accounting policies (AASB 16) relating to leases of premises.
- With reference to MYR explain the potential impacts of the changes in the accounting standard on the financial reports (balance sheet and income statement impacts).
- Evaluate the potential economic consequences for MYR of the changes the accounting standard. This should be answered using the accounting theory related to the use of financial reports (Week 0 material)