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Comments from the Association of Chartered Certified Accountants
January 2001

The Association of Chartered Certified Accountants (ACCA) is pleased to have been invited to comment on the proposed international public sector accounting standard. The ED has been considered by ACCA's Public Sector Technical Issues Committee.

ACCA welcomes the proposal of the International Federation of Accountants (IFAC) Public Sector Committee (PSC) to publish an IPSAS for Leases. In general we are supportive of the issues raised in the ED, while bearing in mind that the IASC is contemplating issuing a new leasing standard. We respond to the specific matters raised for comment in the consultative document as follows.

Specific Matters for Comment

(a) We do not believe that the additional commentary at paragraphs 22 and 23 is necessary as it does not fully describe the range of contracts in which public sector entities may engage nor the reasons for their entering into such contracts. Indeed the reference to schools and hospitals as infrastructure assets does not fit the description of infrastructure assets as set out at paragraph 21 of ED 14.

(b) As with point (a) we do not believe that the additional commentary at paragraphs 41 and 42 is helpful, particularly the reference to a central purchasing entity.

(c) We do support the inclusion of the appendices as they are most helpful.

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