Sustainability is not just about the environment. The UN Sustainable Development Goals (SDGs), defines sustainability as “a commitment to eradicate poverty and achieve a sustainable world by 2030 and beyond, with human well-being and a healthy planet at its core.” Sustainable development is a core principle of the Treaty on European Union and a priority objective for the Union’s internal and external policies.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has issued Amendments to IPSAS 5, Borrowing Costs – Non-Authoritative Guidance.

The new pronouncement adds implementation guidance and illustrative examples to IPSAS 5. The new material illustrates how the existing principles for when borrowing costs can be capitalized should be applied in various regularly encountered public sector contexts. No amendments are proposed to the authoritative material in IPSAS 5, and the existing option to expense or capitalize borrowing costs is retained.

“We undertook this project to illustrate how to apply existing principles in IPSAS 5 to scenarios that are unique to the public sector,” said IPSASB Chair Ian Carruthers. “This new guidance should support our constituents in applying the existing standard to the practical challenges they have identified in determining which borrowing costs can be capitalized and when.”

This illustrative guidance addresses public sector specific issues by focusing on transactions associated with capitalizing borrowing costs when funds are borrowed by a related entity or centralized lending program. The additional guidance facilitates the preparation of financial reporting information that is relevant, faithfully representative, and comparable for these important public sector transactions. 

About the IPSASB

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee

The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

IAASB has issued a draft proposal for a new auditing standard for less complex entities (LCEs). While based on the concepts and principles of the International Standards of Auditing (ISAs), it would follow a simplified, risk-based approach. Join Tom Seidenstein, IAASB Chair, as he discusses the proposals, including their background and development at this ICAEW event.

As the world emerges from the pandemic, who will be trusted to support business recovery and to build the sustainable, resilient economies we need?

Chartered Accountants Worldwide have partnered with Edelman research to understand the views of over 1,000 international business leaders and the role that they expect the finance and business profession to play in shaping the future.

Nadine Kater is the Director: Education and Transformation at the Independent Regulatory Board for Auditors (IRBA). She has worked as a seasoned executive with 35 years’ experience providing strategic, tactical, and operational leadership in promoting skills development and quality assurance in the accounting profession in the education and training arena.

This is supported with a strong track record working for professional bodies in the accounting and auditing sector in senior management and strategic roles since 1996. Nadine has held executive roles at the SA Institute for Professional Accountants (SAIPA), was Country Head at the ACCA, held a Senior Executive role at SA Institute of Chartered Accountants (SAICA) with responsibility for the joint venture with the Association of Accounting Technicians (AAT) and the launch of the AT(SA) qualification in South Africa.

Formerly, Nadine held several positions at Fasset, between 2000 and 2011, including the Chief Operations Officer and Director of Learnerships. Fasset is the Sector Education and Training Agency (SETA), a skills development agency, for the financial and services sector in South Africa.

Nadine initially qualified with a Higher Diploma in Education, (with distinction) majoring in Accounting, Economics, Business Economics, Pedagogics. She also holds a B Comm (Accounting, Business Management, and Industrial Psychology) from the University of Johannesburg (formerly Rand Afrikaans Universiteit) and an MBA from GIBS Business School (University of Pretoria). Nadine is also a qualified PMP through the Project Management Institute.

Nadine has held a number of Board and Audit Committee positions and was nominated as one of SA’s Most Influential Woman of the Year in 2012 and was a finalist for Africa’s Most Influential Woman of the Year in 2014.

This event will help company professionals ready themselves to report on impending mandatory climate-related disclosures based on TCFD

Simon has extensive experience in the design, development, delivery and commercialisation of education programs and innovative education technology solutions.

In his role as Group Executive Education & Learning, Simon is focused on further developing and embedding the relevance of the CA Program for the profession, and reforming the way current and future learners enter and progress through the program and their professional development throughout their careers as a Chartered Accountant.

Simon was Chief Executive Officer for six years at the corporate education arm of Deakin University, DeakinCo. He has also served as Chief Executive Officer at Salmat Learning, tasked with leading strategic and creative e-learning solutions.

Simon was President of the eLearning Industry Association for five years and a Non-executive director of Learning Seat for four years.

Simon started his career as a practising solicitor, holding a Bachelor of Commerce and a Bachelor of Law from the University of Melbourne.