IFRS Leases return
GCC are required to produce the annual Statement of Accounts using International Financial Reporting Standards (IFRS).
The change reflects international standards for reporting and helps ensure that all organisations are preparing accounts using the same standards and policies and helps ensure comparability between organisations. It also helps GCC comply with Whole of Government Accounting requirements.
Part of the process is to consider all leases and similar contractual arrangements.
Changes to the way in which lease arrangements are accounted for under accounting regulations (IFRS 16) became applicable from 2023-24. This meant that the previous classification of operating leases ceased and all material arrangements need to be accounted for as a "Right of use" asset within the Council's annual statement of accounts. Guidance has now been provided to enable Local Authorities to adopt the new regulations which requires us to identify current lease arrangements within all schools. Completing this return will greatly assist this process.
We require you to complete a form for inclusion in our Statement of Accounts, which will detail your leases position, by providing details of any NEW lease contracts which started/are due to start between 1st April 2024 and 31st March 2025.
Please complete this form where you lease or hire IN any equipment, vehicles, services, land or buildings from the private sector i.e. do NOT include buy back of support services from GCC.
If you do not lease in any equipment, vehicles, services, land or buildings from the private sector, please select 'none' at the top of the return.
Please note we require all schools to submit a return, even if it is a nil return by FRIDAY 14th FEBRUARY 2025.
IFRS Leases Return 2024-25 (XLSX, 438.5 KB)
For more guidance around leases please visit the leases guidance page:
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