Award

Provision of Research into IFRS16 Changes to the Treatment of Financial and Operational Leases

OFFICE FOR NATIONAL STATISTICS

This public procurement record has 1 release in its history.

Award

24 Jul 2018 at 12:21

Award Notice
Summary of the contracting process

The Office for National Statistics (ONS) has completed a procurement process for the tender entitled "Provision of Research into IFRS16 Changes to the Treatment of Financial and Operational Leases." This procurement, classified under the research services category (CPV code 73110000), took place in Newport, Wales. The procurement followed an open procedure and the contract was awarded on 24th July 2018, with the contract period commencing on 6th August 2018 and concluding on 28th September 2018. The total value of the contract amounts to £24,300.

This tender presents an opportunity for small and medium-sized enterprises (SMEs) with expertise in economic research and financial lease analysis to participate in the contract. By engaging in this project, businesses can contribute to important research that will influence the treatment of leases under new IFRS standards, thereby supporting growth in areas related to accounting, finance, and economic statistics. The expected output of the research can also enhance the visibility and credibility of participating firms within the industry.

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Notice Information

Notice Title

Provision of Research into IFRS16 Changes to the Treatment of Financial and Operational Leases

Notice 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

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-9a72a268-a07d-4b96-af08-7d3138065d08
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/270c7183-8d03-4d10-8ed7-ff6fd4e316fd
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73110000 - Research services

Notice Value(s)

Tender Value
£24,300 Under £100K
Lots Value
Not specified
Awards Value
£24,300 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
24 Jul 20187 years ago
Submission Deadline
20 Jul 2018Expired
Future Notice Date
Not specified
Award Date
23 Jul 20187 years ago
Contract Period
5 Aug 2018 - 28 Sep 2018 1-6 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
OFFICE FOR NATIONAL STATISTICS
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
NEWPORT
Postcode
NP10 8XG
Post Town
Newport
Country
Wales
Major Region (ITL 1)
TLL Wales
Basic Region (ITL 2)
TLL5 South East Wales
Small Region (ITL 3)
TLL54 Monmouthshire and Newport
Delivery Location
TLL Wales
Local Authority
Newport
Electoral Ward
Tredegar Park and Marshfield
Westminster Constituency
Newport West and Islwyn

Supplier Information

Number of Suppliers
1
Supplier Name

EUROPE ECONOMICS

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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