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Financial Reporting

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This section provides the various financial returns maintained schools need to complete

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) become applicable from 2022-23. This will mean that the current classification of operating leases will cease and all material arrangements need to be accounted for as a "Right of use" asset within the Council's annual statement of accounts. Full guidance on how these regulations are to be adopted is still awaited but in preparation for this change we need to obtain as much information as possible and identify current lease arrangements within all schools. Completing this form will greatly assist this process.

We now require you to complete a new form for inclusion in our Statement of Accounts, which will detail your current leases position, and provide details of any new contracts which are due to be starting on/by 31st March 2022.

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 form.

IFRS Leases Return 2021-22

 

For more guidance around leases please visit the leases guidance page: 

Leasing Guidance

Page updated: 21/03/2022 Page updated by: Finance

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