1. What was the major change in accounting for leases introduced by new accounting standard AASB16/IFRS16? Why was such a change launched by the professional standard setting bodies to abandon AASB117/IAS17?

2.What is the main principle of tax-effect accounting as outlined in AASB 112/IAS 12?

3. How are the current and future tax consequences of transactions accounted for?

Question 4

What is an exempt income and how does it affect the calculation or recovery of carryforward tax losses