1.Briefly explain (10lines) how lease accounting is changing for the lessee with the introduction of AASB 16 leases, which is replacing aasb 117

2. List and illustrate at least 2 prospective benefits for the and potential investors (shareholders) coming from the new lease accounting standard (aasb 16 leases)

3. discuss where the old lease accounting standard AASB 117 is to blame for , or has contributed to some companies failures during the financial crises

4. according to the documents, it is said that several implications may arise from the introduction of the new leasing accounting standard. Identify at least 1 accounting implication arising from the new accounting standard and justify your answer

5.with respect to virgin australia airlines annual report 2015 can you identify the nature of the changes in virgin australia's liabilities under the new standard