NZASB Meeting 11 September 2019
Date And Time
Hotel M Social
196-200 Quay Street
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Here is a summary of the main matters considered in the public sessions.
Auditor Responsibility for Going Concern
The New Zealand Auditing and Assurance Standards Board (NZAuASB) is seeking feedback from stakeholders on how to describe the auditors’ responsibilities for going concern in interim review reports issued by auditors. The Board provided feedback on the two options being considered by the NZAuASB.
The Board approved its comment letter on IPSASB Consultation Paper Measurement, subject to changes agreed at the meeting.
Comments are due to the IPSASB by 30 September 2019.
Withdrawal of PBE FRS 46
The Board approved for issue NZASB ED 2019-4 Withdrawal of PBE FRS 46 (Proposed amendments to PBE FRS 47) and the accompanying Invitation to Comment.
Comments are due to the NZASB by 31 January 2020.
IASB Disclosure of Accounting Policies
The Board considered the IASB ED/2019/6 Disclosure of Accounting Policies—Proposed amendments to IAS 1 and IFRS Practice Statement 2 and provided feedback on its draft comment letter on the ED. The Board will consider the draft comment letter again at its next meeting.
Comments are due to the NZASB by 7 October 2019 and to the IASB by 29 November 2019.
Amendments to EG A1
The Board considered the proposed amendments to Explanatory Guide A1: Guide to Application of the Accounting Standards Framework for submission to the XRB Board for approval to issue.
2019 Omnibus amendments to NZ IFRS
The Board considered the submission received on NZASB ED 2019-2 2019 Omnibus Amendments to NZ IFRS. After considering the issue raised in the submission, the Board approved for issue 2019 Omnibus Amendments to NZ IFRS (the Omnibus).
The Omnibus will be applicable for annual reporting periods beginning on or after 1 January 2020.
Next NZASB Meeting
Wednesday 30 October 2019 in Wellington.
This meeting summary refers to the work of the International Accounting Standards Board (IASB) and the International Public Sector Accounting Standards Board (IPSASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers).