A. In 2019 AASB 16 the Leasing standard changed. You are required to research the implications of the AASB 16 standard in terms of the questions below (maximum 400 words). Make sure you reference any material used in your answer and include the reference list at the end of your answer. a. Describe major changes to be adopted under standard AASB16 in terms of agreements that meet the definition of a lease? For example what key evaluations will need to be made in order to apply the definition? 3 marks b. Which businesses will be affected under AASB16? 3 marks C. Are there any exceptions from lease accounting? For example will hire purchases agreements and rights held under licencing agreements such as motion picture films, patents and copyrights be caught by AASB16? 3 marks d. What are the impacts of AASB 16 in terms of how leases are reported on the Income Statement and Balance Sheet? 3 marks A. In 2019 AASB 16 the Leasing standard changed. You are required to research the implications of the AASB 16 standard in terms of the questions below (maximum 400 words). Make sure you reference any material used in your answer and include the reference list at the end of your answer. a. Describe major changes to be adopted under standard AASB16 in terms of agreements that meet the definition of a lease? For example what key evaluations will need to be made in order to apply the definition? 3 marks b. Which businesses will be affected under AASB16? 3 marks C. Are there any exceptions from lease accounting? For example will hire purchases agreements and rights held under licencing agreements such as motion picture films, patents and copyrights be caught by AASB16? 3 marks d. What are the impacts of AASB 16 in terms of how leases are reported on the Income Statement and Balance Sheet? 3 marks