Published date: 24 July 2018

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 20 July 2018

Contract summary

Industry

  • Research services - 73110000

Location of contract

Wales

Value of contract

£24,300

Procurement reference

PU-19/0091

Published date

24 July 2018

Closing date

20 July 2018

Contract start date

6 August 2018

Contract end date

28 September 2018

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

At ONS we have been following the debate around operational and finance lease changes under IFRS16. The current business account recording for leases (e.g. under IAS17) is considered to be broadly consistent with the recording required in the National Accounts under European System of Accounts 2010 (ESA 2010). However, there will no longer be comparability with the business accounting standards and the statistical standards when the new IFRS 16 comes into effect in January 2019.
This opens a risk that ONS surveys and administrative data will record many more financial leases, across the sectors of the UK economy, than currently. It also opens up possibilities of double counting of assets as a result of the asymmetry between the lessor and lessee treatment within IFRS16. We have noted therefore that research is required to estimate the likely size and scale of the issue for economic statistics and identify areas where quality adjustments will need to be made to the National Accounts to maintain consistency with the current definition. The research will need to consider impacts by both industry and economic sectors

Award information

Awarded date

24 July 2018

Contract start date

6 August 2018

Contract end date

28 September 2018

Total value of contract

£24,300

This contract was awarded to 1 supplier.

EUROPE ECONOMICS

Address

53-64 Chancery Lane
London

Reference

None

Supplier is SME?

Yes

Supplier is VCSE?

No

About the buyer

Contact name

Jay Crawley

Address

Government Buildings
Cardiff Road
Newport
NP108XG
England

Telephone

01633651828

Email

Jay.Crawley@ons.gsi.gov.uk