IPSASB Issues IPSAS 43, Leases

[News]

The International Public Sector Accounting Standards Board^® (IPSASB^®) has issued International Public Sector Accounting Standard® (IPSAS®) 43, Leases.

IPSAS 43 is based on International Financial Reporting Standard (IFRS^®) 16, Leases, developed by the International Accounting Standards Board (IASB^®). For lessees, IPSAS 43 introduces a right-of-use model that replaces the risks and rewards incidental to ownership model in IPSAS 13, Leases. For lessors, IPSAS 43 substantially carries forward the risks and rewards incidental to ownership model in IPSAS 13.

IPSAS 43 has an effective date of January 1, 2025. Earlier application is permitted in certain circumstances.

“IPSAS 43, Leases will improve the transparency of lease accounting in the public sector, while maintaining alignment with IFRS,” said IPSASB Chair Ian Carruthers. “Having a three-year period to apply IPSAS 43 provides public sector entities time to prepare for the new requirements and allows for learning to be drawn from the private sector experience in applying IFRS 16.”

The publication of IPSAS 43 completes the IPSASB’s first phase of work on Leases. The IPSASB will continue its work by considering additional public sector specific issues in its Other Lease-Type Arrangements project.

How to Access
To access IPSAS 43, Leases, its summary At-a-Glance document, and webcast, visit the IPSASB website. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of IPSAS 43, Leases to their members and employees.

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