This guidance provides comprehensive coverage of the proposed requirements for lessees, including the accounting definition of a lease, recognition of assets and liabilities, measurement, derecognition and presentation, and disclosure in the financial statements.
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This publication provides guidance on IFRS 16 Leases for 2022/23, which is applicable to those authorities deciding to voluntarily implement the requirements of Appendix F of the Code (which includes the specifications applicable to those entities implementing IFRS 16 as of 1 April 2022). It will also be of interest to those intending to apply as of 1 April 2023 and those mandatorily implementing as of 1 April 2024.
The publication is important and should be considered at the earliest opportunity because of the prevalence of leasing in local government and the risk that the changes could have a budgetary impact if not managed effectively.
This guidance on IFRS 16 provides comprehensive coverage of the proposed requirements for lessees. Although there have not been significant changes to the requirements for lessors, the guidance also includes extensive commentary on this area.
The guidance covers in particular:
Code Of Practice On Local Authority Accounting In The United Kingdom: Guidance Notes For 2022/23 Accounts (online)
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