- October 11, 2021
- Posted by: Julianne Vissie
- Category: Blog
The IPSASB issued Exposure Draft 75, IPSAS on Leases for comment earlier in the year. ED 75 proposed lease accounting for lessees and lessors are aligned with IFRS 16 on Leases issued by the International Accounting Standard Board®.
The IPSASB considered feedback from constituents and has agreed to move ahead with substantially all of its proposals in ED 75. Generally, constituents supported maintaining alignment with the private sector requirements as they anticipate the second phase of the project that will deal with public sector-specific lease arrangements.
Constituents shared information with the IPSASB on the accounting for public sector-specific lease arrangements, including concessionary leases in the ‘ ‘IPSASB’s Request for Information on Concessionary Leases and Other Arrangements Similar to Leases. The Request for Information was issued for comment alongside ED 75.
To date IPSASB has not yet considered ‘constituents’ comments to the Request for Information. The IPSASB has agreed, in principle, to finalise the IPSAS on Leases by the end of the year. The new Standard will not be published until the second phase of the project is completed in 2023.
Until the ASB Board has considered the new international requirements, constituents should continue apply the Standard of GRAP on leases.
Click here for access to the feedback from constituents.