Chartered Institute of Public Finance and Accountancy

CIPFA consultation on draft leasing standard IASB Exposure Draft ED/2010/09 Leases

The International Accounting Standards Board (IASB) issued this exposure draft in August, asking for comments by 15 December 2010.

Why is it important to obtain CIPFA stakeholder views on this consultation?

The outcome of the IASB’s consultation will directly affect public sector financial reporting which is based on EU adopted IFRS. We would expect a new IFRS on Leases to be adopted in the EU and to be applied in the UK without adaptation.

The IASB proposals appear sensible, but the resource implications of implementing them will be substantial. It is vital that the final standard reaches the right balance between providing sufficient proportionate disclosure of what may be complex and significant arrangements and over-reporting of routine transactions.

CIPFA is therefore asking for comments from key stakeholders, including members of its expert volunteer panels and others with an interest in financial reporting.

If you would like to inform CIPFA’s response to the IASB, please forward your views by 1 December 2010

  1. by email to steven.cain@cipfa.org.uk, preferably using a Word document
  2. by post to Steven Cain, 3 Robert St, London WC2N 6RL

More background, and supporting information are provided in the following annexes:

Background
Links to consultation material
Initial draft response letter setting out CIPFA preliminary views

CIPFA has responded to major consultations for several years, principally advised by its Accounting and Auditing Standards Panel (AASP). Now that all public sector reporting is based on international financial reporting standards the importance of participating in consultations by the IASB, IPSASB and other standard setting bodies is even clearer. CIPFA is always interested in the views of its members and the AASP webpages contain information of the developing standards agenda, and the Panel’s views on which consultations CIPFA should respond to. If you would like to be kept informed of these developments, or to participate in future CIPFA consultations with stakeholders on standards matters during 2011, please send an email to matthew.allen@cipfa.org.uk.