​ QUESTIONS: 1) Briefly illustrate (max 10 lines) how lease accounting is changing for the lessee with the introduction of AASB 16 Leases, which is replacing AASB 117 Leases from 1 January 2019 2) List and illustrate at least 2 prospective benefits for the actual and potential investors (shareholders) coming from the new lease accounting standard (AASB 16 Leases). 3) Discuss whether the old lease accounting standard (AASB 117) is to blame for, or has contributed to, some companies' failures during the financial crisis (i.e. Border in Australia)? 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 and 1 social 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? If you make reference to AASB accounting standards, your textbook or any other book in your answers, you must make appropriate reference to your source using the Harvard Style referencing system. Note that when citing an annual report, either by paraphrasing or using direct quotes, you must reference the annual report (in your reference list) according to the following format: Name of company. (Year of publication) Title of annual report (in italics). Place of publication: Publisher. To cite an annual report in-text, you will generally have to use the organisation's name, as an author name is usually not present.