IPSASB issues Exposure Draft (ED) 75, Leases and Request for Information, Concessionary Leases and Other Arrangements Similar to Leases

The  International Public Sector Accounting Standards Board (IPSASB) has released for comment Exposure Draft (ED) 75, Leases and Request for Information, Concessionary Leases and Other Arrangements Similar to Leases.

ED 75, Leases proposes a lease accounting model aligned to IFRS 16 for lease accounting in public sector. For lessees, it proposes a right-of-use model and for lessors, it proposes to carry forward the model of risks and rewards incidental to ownership.

The Request for Information, released alongside ED 75, will provide the IPSASB with further information on the issues that need to be considered in accounting for concessionary leases and other arrangements similar to leases that are quite common in the public sector. This will then allow the IPSASB to determine the nature and extent of the additional guidance required in phase two of the Leases project.

Comments on both documents are sought by 17 May 2021.

The documents may be accessed here.