HM Treasury issues consultation on the application of IFRS 16 in the public sector

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14 May, 2018

HM Treasury has issued a consultation on proposals for the application of IFRS 16 ‘Leases’ across the public sector (excluding public bodies outside of the Government Financial Reporting Manual 2017-2018 (FREM) scope).

The exposure draft proposes amendments to the Government Financial Reporting Manual (FReM) and is structured to illustrate the amendments proposed for each chapter for which an amendment is proposed. The consultation includes:

  • An overview of IFRS 16.
  • Applicability of IFRS 16 for public sector reporting entities.
  • Proposed amendments to the FReM.

The effective date for the proposed amendments is 1 April 2019.

The press release and full consultation are available on the HM Treasury website.

Comments are invited until 31 July 2018.

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