The IPSASB has issued ED 75 Leases and a related Request for Information on concessionary leases. Comments are due to the IPSASB by 17 May 2021.
IPSASB ED 75 proposes lease accounting that would align with IFRS 16 Leases. ED 75 supersedes the previous IPSASB proposals in ED 64.
The objective of the Request for Information is for the IPSASB to gather stakeholders’ input on the characteristics of concessionary leases and other arrangements similar to leases that are common in the public sector. The IPSASB is seeking information on the existence of such arrangements and how they are reflected in financial statements. This information would assist the IPSASB in determining whether guidance is needed.
In addition to concessionary leases, the IPSASB is particularly interested in information relating to:
(a) leases for zero or nominal consideration;
(b) access rights (or rights of access to property and/or land);
(c) arrangements allowing rights of use;
(d) social housing rental arrangements;
(e) shared properties with or without a lease-arrangement; and
(f) any other similar arrangements.
The AASB requests that if Australian stakeholders respond to IPSASB ED 75 or the Request for Information, they also send the AASB a copy of their comments.