NZASB ED 2019-4

  • For-profit
  • Not-for-profit
  • Public Sector

Withdrawal of PBE FRS 46

The New Zealand Accounting Standards Board (NZASB) has published for public comment NZASB ED 2019-4 Withdrawal of PBE FRS 46 (Proposed amendments to PBE FRS 47).

There are currently two standards dealing with first-time adoption of PBE Standards.

  1. PBE FRS 46 First-time Adoption of PBE Standards by Entities Previously Applying NZ IFRS; and
  2. PBE FRS 47 First-time Adoption of PBE Standards by Entities Other Than Those Previously Applying NZ IFRS.

These two standards were developed to address the needs of the first wave of entities adopting PBE Standards following the introduction of the Accounting Standards Framework.

Since then two things have changed. There are now few entities that fall within the scope of PBE FRS 46 and the increasing differences between NZ IFRS and PBE Standards mean that the approach taken in PBE FRS 46 is no longer the most appropriate approach for entities moving from NZ IFRS to PBE Standards.

The approach in the two standards differs – PBE FRS 46 limits accounting policy choices on first-time adoption, whereas the approach in PBE FRS 47 is aligned with the approach required on first-time adoption of NZ IFRS. 

The New Zealand Accounting Standards Board (NZASB) is therefore proposing to withdraw PBE FRS 46 and to amend PBE FRS 47.

These proposals are relevant for any entities planning to adopt PBE Standards (which set out the Tier 1 and Tier 2 PBE Accounting Requirements).


Commenting on the Proposals

The NZASB encourages you to read the ED and accompanying Invitation to Comment, and to comment on the proposals.

Send your comments—both formal and informal—by 31 January 2020 to the NZASB using the form below.


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