Description

AASB 16 Leases comes into effect in FY2019-20. This brings most leases, including those were previously recognised as operating expenses, on balance sheet as a right-of-use asset and lease liability. This Circular provides guidance on the subsequent measurement of the right of use assets, which are to be recorded at cost, subject to impairment.

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.