Exposure Draft 64, Leases
The International Public Sector Accounting Standards Board (IPSASB) has issued Exposure Draft 64, Leases.
The Exposure Draft proposes a single right-of-use model for lease accounting that will replace the risks and rewards incidental to ownership model in IPSAS 13, Leases.
For lessees, ED 64 proposes accounting requirements that are converged with IFRS 16, Leases issued by the International Accounting Standards Board. For lessors, ED 64 proposes a right-of-use model specifically designed for public sector financial reporting.
ED 64 also proposes new public sector specific accounting requirements for leases at below market terms (also known as "concessionary leases") for both lessors and lessees.