Accounting standards update
Recently issued accounting standards
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This page lists recently issued standards issued by the NZASB, including any new amendments or interpretations. This is a quick way to receive an update on recently issued standards and amendments across all sectors, and confirm their effective dates.
Significant current accounting standards in development
The current standard-setting focus of the International Accounting Standards Board (IASB) is its work on the Disclosure Initiative. This is made up of a number of projects in response to calls to improve the communication effectiveness of financial statements.
Recent developments include:
- Exposure Draft Definition of Material (Proposed amendments to IAS 1 and IAS 8) was issued in September 2017 − See NZASB Communique 2017/30.
- A Discussion Paper (DP) Disclosure Initiative: Principles of Disclosurewas issued in April 2017 − see NZASB Communique 2017/8.
- The Primary Financial Statements project is in the early phase of development by the IASB and is considering improvements to the structure and content of the primary financial statements.
We will continue to monitor these projects and seek your feedback in order to provide comment back to the IASB.
PBE domestic projects
- The NZASB is currently considering a standard issued by the International Public Sector Accounting Standards Board (IPSASB) — IPSAS 40 Public Sector Combinations issued in January 2017. The NZASB is considering New Zealand-specific issues with a view to developing PBE IPSAS 40 ED. This establishes principles and requirements for classifying (as either acquisitions or amalgamations) and measuring public sector combinations.
- The NZASB has revised its proposed standard on service performance reporting for Tier 1 and Tier 2 PBEs following consideration of comments received on Exposure Draft (ED) NZASB 2016‑6 Service Performance Reporting – NZASB Communique 2017/18. The focus is on providing high-level principles and expressing the requirements for information reporting in more general terms. The draft standard is subject to final NZASB deliberations, with the next step being approval to issue the standard.
The International Public Sector Accounting Standards Board (IPSASB) continues its work on a number of significant projects focused on both IFRS convergence and public sector specific issues.
- Accounting for Revenue and Non-Exchange Expenses, a Consultation Paper (CP) was issued in August 2017 and currently open for comment − NZASB Communique 2017/27.
- Social Benefits, an ED to address the recognition and measurement of social benefit expenses has been approved by the IPSASB and is expected to be issued by the end of October 2017.
- Leases, an ED to develop a new IPSAS converged to the extent appropriate with IFRS 16 Leases, is currently expected to be issued in January 2018.
- Financial Reporting for Heritage in the Public Sector, a CP was issued in April 2017 and closed for comment in September − NZASB Communique 2017/10.
NZASB Work Plan
For a summary of the significant standard-setting projects that the NZASB is expected to consider, please look at our NZASB Summary Work Plan.
Staying up to date
If you'd like to receive updates on accounting standards developments as they happen, if you haven't already done so, we suggest you subscribe to our regular NZASB Communiques.