IPSASB publishes sustainability guidance for the public sector

The International Public Sector Accounting Standards Board (IPSASB) issued nonauthoritative guidance to be immediately applied by governments and public sector entities to report on sustainability programme information, a news release said.

The additional guidance is intended to support the implementation of the key areas highlighted in the OECD paper Green Budgeting: A Way Forward, the release said.

The guidance comes in the form of amendments to two recommended practice guidelines (RPGs). Its title is Reporting Sustainability Program Information — Amendments to RPGs 1 and 3: Additional Non-Authoritative Guidance.

This comes ahead of IPSASB's decision on the potential development of a framework for sustainability reporting guidance that would be specific to the public sector.

RPG 3 includes four illustrative examples, which show how it can be applied to reporting sustainability programme information on:

• A programme financed by a green bond;
• A programme financed by a carbon tax;
• An investment in infrastructure to mitigate the impacts of climate change; and
• A tax expenditure for sustainability investments.

"As we explore the potential development of a public sector sustainability framework … public sector entities can utilise the additional guidance that the IPSASB has provided in the amendments to these RPGs for reporting on programmes addressing both climate change and the Sustainable Development Goals," IPSASB Chair Ian Carruthers said in the release.

FRC consults on actuarial standard revisions

The UK Financial Reporting Council (FRC) published a consultation paper on the regulator's plans to revise Technical Actuarial Standard 300 (TAS 300) and introduce TAS 310 to ensure the actuarial standards in relation to pensions remain relevant and reflect developments in the pension industry, a news release said.

"The proposed revisions to TAS 300 include requirements for providing advice on setting actuarial factors and for bulk transfer exercises including buyout transactions with an insurer and transfers to a pension superfund," the release said. "TAS 310 … sets out the standards for actuarial work in relation to collective money purchase pension schemes to reflect the framework for this new type of pension scheme which has been introduced through legislation."

The consultation will be open until 4 August. Comments can be sent by email to APT@frc.org.uk.

— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.