NZASB Meeting 14 December 2017

Event Date 14 December

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Location:
Level 7
50 Manners Street
Wellington 6011

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Here is a summary of the main matters considered.

Standard Approved for Issue

The NZASB approved for issue Long-term Interests in Associates and Joint Ventures (Amendments to NZ IAS 28).

The amendments clarify that an entity is required to apply IFRS 9 Financial Instruments, including its impairment requirements, to interests in an associate or joint venture to which the equity method is not applied. 

IPSASB CP Accounting for Revenue and Non-Exchange Expenses

The NZASB considered respondents’ comments on the Consultation Paper (CP) issued by the International Public Sector Accounting Standards Board (IPSASB), Accounting for Revenue and Non-Exchange Expenses.

The Board reviewed its draft comment letter, agreed upon some changes and, subject to those changes, approved the comment letter.

The closing date for submissions to the NZASB was 22 November 2017 and comments on the CP are due to the IPSASB by 15 January 2018.

IPSASB ED 63 Social Benefits

The NZASB received an education session on the proposals in ED 63 Social Benefits. The Board provided feedback on the proposed outreach.

The Board will consider a draft comment letter at a future meeting.

Submissions to the NZASB are due by 23 February 2018 and comments on the ED are due to the IPSASB by 31 March 2018.

RDR NZ IFRS 16 Leases and NZ IAS 7 Statement of Cash Flows

The NZASB approved for issue Exposure Draft Proposed RDR for NZ IFRS 16 and NZ IAS 7. The Exposure Draft will be issued in mid-January with a 90-day comment period.

IPSASB ED 62 Financial Instruments

The NZASB approved its comment letter to the IPSASB on ED 62 Financial Instruments, subject to changes agreed at the meeting.

Limited Scope Project – Tier 3 and Tier 4 Standards

The NZASB considered the amendments to include in Exposure Draft 2018 Omnibus Amendments to Tier 3 and Tier 4 PBE Accounting Requirements (ED).

The Board approved the amendments to the Tier 3 and Tier 4 Explanatory Guides.

The Board will consider the draft ED and Invitation to Comment at its next meeting.

Next NZASB Meeting

Wednesday 7 February 2018 in Wellington.