NZASB Request for comments on Amendments to NZ IFRS 4 Insurance Contracts

Exposure Draft NZASB 2013-3 Amendments to NZ IFRS 4 Insurance Contracts is published by the New Zealand Accounting Standards Board (NZASB) for comment only. The proposals may be modified in light of comments received before being issued in final form.

ED NZASB 2013-3 proposes deletion of the explicit requirement for a life insurer to consolidate policyholders’ interests to avoid any potential conflict with NZ IFRS 10 Consolidated Financial Statements.  This will leave NZ IFRS 10 as the sole source for consolidation requirements applicable to life insurer entities.

The proposed amendments are consistent with equivalent amendments proposed in Australia.

ED NZASB 2013-3 does not propose amendments to NZ IFRS 4 (PBE) because there is no equivalent to NZ IFRS 10 in the PBE Standards.

Comments, both formal and informal, on ED NZASB 2013-3 should be addressed to:

The Chief Executive
External Reporting Board
PO Box 11250
Manners Street
Wellington 6142

Comments are due to the NZASB no later than 25 September 2013.

It would be appreciated if respondents send their comments in electronic form (PDF and Microsoft Word formats) as it allows for efficient collation and analysis of comments. All comments will ultimately be posted on the XRB website unless respondents indicate that they wish their comments to remain confidential.

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