TC18-05 Leases Transition Guidance
AASB 16 Leases will come into effect in FY19-20 and has a number of elections available, both on transition and more generally. This Circular prescribes the options that agencies are to elect. Agencies must comply with AASB 16 in full and should read the standard when applying this guidance.
Issued: 1 July 2021 by Treasury
Key information
- Status
- Active
- Type
- NSW Treasury Circular
- Identifier
- TC18-05
- Compliance
- Mandatory
Who needs to know and/or comply with this?
- Departments
- Separate agencies
- State Owned Corporations
About
AASB 16 Leases will come into effect in FY19-20 and has a number of elections available, both on transition and more generally. This Circular prescribes the options that agencies are to elect. Agencies must comply with AASB 16 in full and should read the standard when applying this guidance.
This Circular applies to all entities that are reporting GSF agencies within the meaning of section 7.3 of the Government Sector Finance Act 2018, and to the accountable authorities for those reporting GSF agencies. For the avoidance of doubt, this policy does not apply to universities and their controlled entities, or to their accountable authorities.