You are a manager at an audit company. You are currently auditing XYZ Ltd. XYZ Ltd currently has a number of material operating leases reported in the 2015 financial statements.
Write a report to the chief finance officer (CFO) and chief executive officer (CEO) of XYZ Ltd coveting the following:
a. Outline the main differences between the old and new lensing standard relevant to XYZ Ltd's accounting statements.
b. Outline the key effects of XYZ Ltd implementing the new leasing standard on the income statement, hal arn.v sheet, statement of cash flows and key financial ratios.
c. Outline the theoretical benefits and problems of the new standard compared to the old standard for Australian companies.
Please upload your word document to LMS by 3pm on Monday 23 May 2016. Please use 12lank 1.5 line spacing and 2.5 cm margins on all sides.
Please state the word menu at the beginning ofrhe assignment.
Reference all material mken from other senora.
Within the above marking schedule:
• 60% of the marks relate to content.
• 5% for report fOrmat,
• 30% for clarity of your communication of the answers.
• 5% for appropriate referencing.