You are required to prepare a report for the CFO considering the potential impacts of the changes in the accounting standard. a) With reference to MYER identify and summarise the current accounting policies (AASB117) relating to leases of premises. b) With reference to MYER identify and summarise the proposed accounting policies (AASB 16) relating to leases of premises. c) With reference to MYR explain the potential impacts of the changes in the accounting standard on the financial reports (balance sheet and income statement impacts). This should be answered using the accounting theory related to the use of financial reports.
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