The International Public Sector Accounting Standards Board (IPSASB) proposed amendments to IPSAS 47, Revenue, and IPSAS 48, Transfer Expenses.
An exposure draft, ED 88, Arrangements Conveying Rights Over Assets, detailing these amendments, is open for comment until 31 May.
The proposed amendments, according to a news release, are consistent with the principles already exposed in ED 84, Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23), the release said, which was published in January last year.
“Additionally, ED 88 proposes illustrative examples to accompany IPSAS 47 and IPSAS 48 … on other types of arrangements conveying rights over assets that are common in the public sector,” the release said. “Feedback to both ED 88 and ED 84 will inform the final pronouncement on other lease-type arrangements.”
Comments on ED 88 and ED 84 can be submitted online.
ISSB standards gain more traction across the globe
Progress continues for the International Sustainability Standards Board (ISSB) as three jurisdictions open consultations on adoption of ISSB standards, a news release said. Further jurisdictions — such as Australia and Malaysia — have recently closed similar consultations.
“Canada, Japan, and Singapore are consulting on the introduction of sustainability-related disclosures in their respective regulatory frameworks through the adoption or other use of the … ISSB standards,” the release said.
Brazil, Costa Rica, Nigeria, Sri Lanka, and Turkey have already announced decisions to adopt or otherwise use the ISSB standards.
UKEB requests stakeholder feedback on IASB ED
The UK Endorsement Board (UKEB) aims to understand stakeholder views on an IASB exposure draft published last month related to business combinations. UK stakeholders are invited to participate in upcoming outreach events, a news release from the Financial Reporting Council (FRC) said.
The events will be carried out as follows:
- For users of financial statements — a dedicated roundtable on 7 May.
- For preparers of financial statements — one-to-one interviews (about 30 minutes) throughout May.
Those interested in the events should send contact details to UKEndorsementBoard@endorsement-board.uk by 19 April, specifying the preferred event and the company they represent.
New EU rules address companies’ social and environmental impacts
The EU’s Legal Affairs Committee approved a bill, agreeing with EU governments, requiring organisations to mitigate their negative impact on human rights and the environment, a news release said. Companies will be required to integrate these impacts into their corporate governance frameworks.
The “due diligence” rules will apply to EU and non-EU companies and parent companies with more than 1,000 employees and with a turnover of more than €450 million, according to the news release.
Companies will also have to integrate due diligence into policies and risk management systems, the release said, and adopt and put into effect a transition plan making their business model compatible with the global warming limit of 1.5°C under the Paris Agreement.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.