The objective is to issue a new IPSAS on Leases which will be converged with IFRS 16, Leases, to the extent appropriate. The intermediate objective is to produce an Exposure Draft of proposed new IPSAS on Leases.
- Mike Blake (Chair)
- Claudia Beier
- Sarah Geisman
- Lynn Pamment
- Isabelle Sapet
- Lindy Bodewig
- June 4 - Initial Review of Strategic Decision BCs
- June 26 - IFRS 16 Aligment
- September - IFRS 16 Aligment (ED 75)
- December - ED 75 Leases
The IPSASB decided to continue the project in phases, firstly, by developing an ED based on IFRS 16, followed by a second phase addressing the accounting for concessionary leases, which is a prevalent public sector issue. The IPSASB also agreed that the exposure draft based on IFRS 16 should request constituent input on concessionary leases to help with the second phase of the project.
The IPSASB reviewed the draft Basis for Conclusion related to the history of the Leases project. The IPSASB decided to align with IFRS 16, Leases in the development of Exposure Draft on Leases. However, it also decided to exclude the IFRS 16 manufacturer or dealer lessor requirements because these are not expected to be applicable in the public sector. The IPSASB considered the structure and content of the Request for Information that will be developed for publication together with the Exposure Draft on Leases to gather information on transactions and arrangements similar to leases.
The IPSASB reviewed draft ED 75, Leases and the Request for Information on Concessionary Leases and Other Arrangements Similar to Leases. The IPSASB decided not to amend the lessee’s requirements in draft ED 75 on discount rates as no public sector specific issues were identified. The IPSASB intends to approve ED 75, Leases at its December 2020 meeting.
The IPSASB approved ED 75, Leases and the Request for Information, Concessionary Leases and Other Arrangements Similar to Leases for publication with a 4-month comment period. Both documents are planned for publication in January 2021.