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ASB Seeks Comment on ED 186 on Borrowing Costs

November 10, 2020

Accounting Standards Board

The Accounting Standards Board (ASB) seeks comment on Exposure Draft 186 on proposed IPSAS 5, Borrowing Costs – Non-Authoritative Guidance.

The call for comment was published in Government Gazette 43872.

According to the ASB, ED 186 is a concurrent Exposure Draft of proposed changes issued by the International Public Sector Accounting Standards Board to IPSAS 5.

Comment is invited until 22 February 2021.

Meanwhile, in Notice 629, the South African Reserve Bank (SARB) announced, in terms of the Co-operative Banks Act, that KSK Koöperatiewe Bank Beperk was registered as a co-operative bank with effect from 1 October 2020.

In Notice 630, the SARB announced, in terms of the Banks Act, that the authorisation granted to Société Générale to conduct the business of a bank by means of a branch in South Africa was withdrawn with effect from 19 October 2020.

In a statement, national treasury announced the appointment of Olano Makhubela to perform the functions of the Commissioner of the Financial Sector Conduct Authority (FSCA) for a period of three months, effective from 6 November 2020 to 5 February 2021.

According to treasury, Mr Makhubela is currently the Divisional Executive for Retirement Funds Supervision at the FSCA and will also continue in that position.