Accounting for LIFT schemes under International Financial Reporting Standards (13th March 2009)
The Audit Commission has issued this guidance to its auditors on accounting for LIFT schemes in accordance with International Financial Reporting Standards. In the Commission's view, LIFT schemes are service concession arrangements as defined by IFRIC 12: Service Concession Arrangements and, as such, the assets will need to be recognised on the balance sheets of PCTs when they restate their accounts in accordance with IFRS. The guidance explains the issues that need to be taken into account when considering the accounting treatment for LIFT schemes.
Guidance
The Audit Commission has issued this guidance to its auditors on accounting for LIFT schemes in accordance with International Financial Reporting Standards. In the Commission's view, LIFT schemes are service concession arrangements as defined by IFRIC 12: Service Concession Arrangements and, as such, the assets will need to be recognised on the balance sheets of PCTs when they restate their accounts in accordance with IFRS. The guidance explains the issues that need to be taken into account when considering the accounting treatment for LIFT schemes.
Guidance
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