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This program provides in-depth coverage of lease accounting under IPSAS 43 which replaces IPSAS 13 for periods beginning on or after 1 January 2025 (earlier application is permitted).
IPSAS 43 is aligned with the IASB’s leasing standard, IFRS 16. It completes Phase One of the Board’s project on Leases. Phase Two addresses other lease type arrangements which are specific to the public sector such as concessionary leases and access rights: it will lead to an Exposure Draft in the early part of 2023 and to subsequent amendments to IPSAS 43.
The most significant changes required by IPSAS 43 relate to lessee accounting. Under the ‘right-of-use model’, leases will be recognised on the lessee’s statement of financial position by recognising a right to use the underlying asset and a liability to make future lease payments. This will bring most existing leases ‘on balance sheet’. Exceptionally, where criteria are met, leases may apply separate recognition exemptions for short-term leases and leases of low value assets: where used, lessees will account for these similarly to operating leases under IPSAS 13.
IPSAS 43 substantially carries forward lessor accounting under IPSAS 13: lessors must continue to distinguish between finance and operating leases. Changes include clarifying how to deal with lease modifications and accounting for subleases.
The new standard contains extensive application guidance and is accompanied by Illustrative Examples which will be referenced on the course.
Using case studies, examples and exercises, our specialist instructors explain and illustrate how to apply the requirements of IPSAS 43.
This program answers questions such as:
- How must arrangements be analysed to determine whether they contain leases?
- How are contracts separated into lease and non-lease components?
- How are leases accounted for in the financial statements of lessees?
- What changes does IPSAS 43 make to accounting by lessors?
- What are the presentation and enhanced disclosure requirements?
- What are the requirements and options for transitioning to the new standard?