NZASB ED 2018-7

Not-for-profitPublic Sector

Tier 1 and Tier 2

PBE Insurance

The New Zealand Accounting Standards Board (NZASB) is seeking comments on ED PBE IFRS 17 Insurance Contracts.

These proposals are based on the requirements in IFRS 17 Insurance Contracts. However, the NZASB is proposing to amend the scope of the PBE Standard to capture schemes:

  1. that are intended to be fully funded from contributions and levies; and
  2. where there is evidence that the entity manages the scheme in the same way as an issuer of insurance contracts, including assessing the financial performance and financial position of the arrangement on a regular basis.

No PBE-specific modifications other than the scope outlined above are proposed. The invitation to comment (ITC) outlines the requirements that were considered for possible modification and the NZASB’s rationale for its decision not to make any modifications, and seeks feedback on those decisions.

When finalised, PBE IFRS 17 will supersede PBE IFRS 4 Insurance Contracts.

NZASB staff have made available below a copy of ED PBE IFRS 17 marked-up from IFRS 17 and relevant parts of forthcoming IPSAS 42 Social Benefits.

Accessing the Consultation Documents

Commenting on the Proposal

Send your comments—both formal and informal—by 17 May 2019 to the NZASB using the upload form below.

Upload your submission here

Please reply using this secure online form.

It has been designed to make your upload safe, quick and easy. 

You can:

  • Upload an MS Word document (and a PDF file, if you wish); or
  • Write your comments below in the space provided.

You can upload up to TWO documents. 

Please note:

  • We would appreciate receiving a copy of your comments in electronic form (preferably Microsoft Word format).  This helps us to more efficiently collate and analyse comments. Please also specify the exposure draft number and title in your electronic file. 

  • Tell us on whose behalf you are making the comments (for example on behalf of a group or an entity).

  • We intend publishing all comments on the XRB website, unless they may be defamatory. If you have any objection to this, we will not publish them. However, they will remain subject to the Official Information Act 1982 and, therefore, may be released in part or in full. The Privacy Act 1993 also applies.

  • If you have an objection to the release of any information contained in your comments, we would appreciate you identifying the parts of your comments to be withheld, and the grounds under the Official Information Act 1982 for doing so (for example, that it would be likely to unfairly prejudice the commercial position of the person providing the information).