Global Perspectives on Achieving the SDGs with Islamic Finance Tools & Concepts
With the deadline for the 2030 Sustainable Development Goals (SDGs) looming, the world is under increased pressure to accelerate efforts and deploy innovative solutions to meet the SDGs. Islamic finance is one of the critical solutions to mobilize funding towards achieving the SDGs.
The International Public Sector Accounting Standards Board (IPSASB) has released Exposure Draft (ED) 89, Amendments to Consider IFRIC Interpretations for public comment. ED 89proposes amendments based on five IFRIC Interpretations issued by the IFRS Interpretations Committee which the IPSASB had not yet considered. The IPSASB proposes amendments to IPSAS for guidance based on the IFRIC Interpretations which are applicable for public sector entities and helpful in applying existing IPSAS principles.
“The amendments proposed in ED 89 draw on previous IFRIC Interpretations to clarify how public sector entities should apply IPSAS in key areas, thereby avoiding divergent accounting treatments,” said IPSASB Chair Ian Carruthers. “Going forward, the IPSASB will consider the applicability of future IFRIC Interpretations as they are issued to ensure we continue to support the public sector effectively.”
Feedback to ED 89 will help shape the updates to IPSAS to clarify the application of existing accounting principles for these specific matters.
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 government of Canada. 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.
