The Australian Accounting Standards Board (AASB) discussed proposals to defer the requirement to fair value a right-of-use asset arising from “leases that have significantly below-market value” (peppercorn leases). This is in response to the challenges faced by the not-for-profit private sector and public sector entities in preparing for the requirements stipulated in AASB 1058 Income of Not-for-Profit Entities and AASB 16 Leases.
To read the AASB proposal in full, click here.
