NZASB Meeting 13 December 2018

Event Date 13 December

Date And Time

Level 7
50 Manners Street

This event has already taken place.

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Here is a summary of the main matters considered during the public sessions of the meeting. 

Amendments approved for issue 

The Board approved for issue: 

  • Definition of a Business (Amendments to NZ IFRS 3); 

  • Definition of Material (Amendments to NZ IAS 1 and NZ IAS 8); and 

  • Definition of Material (Amendments to Conceptual Frameworks). 

The Board applied the Policy Approach to the Development of PBE Standards to the amendments and agreed to wait for the International Public Sector Accounting Standards Board (IPSASB) to consider these amendments. 

PBE Standard based on IFRS 17

The Board approved for issue NZASB ED 2018–7 PBE IFRS 17 Insurance Contracts and the accompanying Invitation to Comment.  

We will issue the ED in the near future.   

Extended External Reporting 

The Board considered the draft XRB Position Statement on Extended External Reporting (EER) and the draft EER Navigational Resource.  

Appendix A of XRB A1 

The Board approved the proposals in the exposure draft to amend Appendix A of XRB A1 Application of the Accounting Standards Framework (the ED).  This relates to the classification of an entity as a public benefit entity or for-profit entity for financial reporting purposes.

At the XRB Board meeting earlier the same week, the XRB Board approved for issue the ED and accompanying Invitation to Comment.  

Financial Instruments with Characteristics of Equity 

The Board approved the comment letter on the IASB DP/2018/1 Financial Instruments with Characteristics of Equity (DP).  

The IASB’s closing date for comments is 7 January 2019

Service Performance Reporting Guidance 

The Board provided feedback on the draft guidance on PBE FRS 48 Service Performance Reporting. The guidance is intended to assist smaller Tier 2 not-for-profit entities applying PBE FRS 48. 

Next NZASB meeting 

Tuesday 12 February 2019 in Wellington.