Omnibus Amendments to NZ IFRS

For-profit

Tier 1 and 2 logo

The New Zealand Accounting Standards Board has issued – 2017 Omnibus Amendments to NZ IFRS.

Amendments have been made to the following standards.

  • NZ IFRS 10 Consolidated Financial Statements

To require the ultimate New Zealand parent entity to present consolidated financial statements in accordance with the Standard (except where the parent is an investment entity).

  • NZ IAS 28 Investments in Associates and Joint Ventures

To require the ultimate New Zealand parent entity to apply the equity method in accounting for interests in associates and joint ventures (except where the parent is an investment entity).

  • NZ IFRS 7 Financial Instruments: Disclosures

To delete most of the paragraphs in Appendix E New Zealand-specific Additional Disclosure Requirements Applicable to NBDTs that are now redundant because of NZ IFRS 9 Financial Instruments.

In addition, amendments have been made to some other standards to update terminology and to make editorial corrections. 

The amendments are applicable for annual periods beginning on or after 1 January 2018 (with early application permitted) with the exception of the amendments relating to NZ IFRS 10 and NZ IAS 28. 

The amendments relating to NZ IFRS 10 and NZ IAS 28 are applicable for annual periods beginning on or after 1 January 2019, with early application permitted.

More Information button