In a report to the directors, provide a brief overview

 Required:  In a report to the directors, provide a brief overview of how accounting for leases was  changed with the issue of AASB 16 Leases. Discuss the main accounting issues associated with  AASB 117 Leases, and explain how AASB 16 Leases will address these issues. Discuss the  impact of the changes in accounting requirements for leases on the Statement of Financial  Position and Statement of Comprehensive Income prepared by Frankston Ltd.   

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