IFRS 16 Lease Accounting Advisory Services for Bristol City Council

About

Bristol City Council awarded a contract to MUFG Bank Ltd.

for consultancy services to implement the IFRS 16 Leases accounting standard, effective from 1 April 2024.

The contract addresses the complexity of reflecting the new standard in the Council's statutory accounts for the year ending 31 March 2025, particularly its impact on the balance sheet (Property, Plant and Equipment) and the income and expenditure account.

The Council required external financial expertise to accurately account for its significant number of leases, including properties, vehicles, equipment, and embedded leases.

The contract value is AUD 42,000 and was procured via a direct award under the G-Cloud 14 framework, following the Procurement Act 2023 regime.