IPSASB ED 74
IPSASB proposes to clarify guidance on borrowing costs
The International Public Sector Accounting Standards Board (IPSASB) has recently issued for comment ED 74 IPSAS 5, Borrowing Costs – Non-authoritative Guidance (the ED).
The ED proposes to add non-authoritative implementation guidance and illustrative examples to IPSAS 5. The proposals aim to clarify how the existing principles in IPSAS 5 on the capitalisation of borrowing costs should be applied in the public sector context. The ED does not propose to amend the authoritative material in IPSAS 5.
The objective of the proposals is to address the practical challenges that IPSASB constituents identified in determining when and how borrowing costs can be capitalised.
The New Zealand Accounting Standards Board (NZASB) encourages you to read the ED and to comment on the proposals.
The XRB’s Policy Approach to Developing PBE Standards establishes a rebuttable presumption that the NZASB will adopt a new or amended IPSAS. Prior to doing this the NZASB would consult with constituents again.
Commenting on the Proposal
This is your opportunity to comment on the IPSASB’s proposals.
The NZASB is not intending to make a submission on the proposals. We encourage you to send comments directly to the IPSASB by 1 March 2021, with a copy to the NZASB. Your comments can be made electronically to the IPSASB website (https://www.ipsasb.org/consultations-projects/open-public-consultations
Upload your submission here
Please use this secure online form.
It has been designed to make your upload safe, quick and easy.
- Upload an MS Word document (and a PDF file, if you wish); or
- Write your comments below in the space provided.
You can upload up to TWO documents.
We would appreciate receiving a copy of your comments in electronic form (preferably Microsoft Word format). This helps us to more efficiently collate and analyse comments. Please also specify the exposure draft number and title in your electronic file.
Tell us on whose behalf you are making the comments (for example on behalf of a group or an entity).
We intend publishing all comments on the XRB website, unless they may be defamatory. If you have any objection to this, we will not publish them. However, they will remain subject to the Official Information Act 1982 and, therefore, may be released in part or in full. The Privacy Act 1993 also applies.
If you have an objection to the release of any information contained in your comments, we would appreciate you identifying the parts of your comments to be withheld, and the grounds under the Official Information Act 1982 for doing so (for example, that it would be likely to unfairly prejudice the commercial position of the person providing the information).