NZASB Meeting 20 March 2019
Date And Time
- Level 7
50 Manners Street
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Here is a summary of the main matters considered at the public session.
PBE Financial Instruments
The Board considered submissions received on NZASB ED 2018-5 PBE IPSAS 41 Financial Instruments and NZASB ED 2018-6 Effective Date of PBE IFRS 9 and approved PBE IPSAS 41 Financial Instruments and Effective Date of PBE IFRS 9 for issue.PBE IPSAS 41 supersedes PBE IFRS 9 Financial Instruments and most of PBE IPSAS 29 Financial Instruments: Recognition and Measurement. It is effective for annual periods beginning on or after 1 January 2022. Early adoption is permitted.
Effective Date of PBE IFRS 9 delays the effective date of PBE IFRS 9 by one year, from 1 January 2021 to 1 January 2022. This is to prevent PBE IFRS 9 from becoming mandatory before the effective date of PBE IPSAS 41. It also requires that any entities intending to early adopt PBE IFRS 9 do so before 1 January 2020.
Uncertainty over Income Tax Treatments – Proposed amendments to PBE IAS 12
The Board approved for issue NZASB ED 2019-1 Uncertainty over Income Tax Treatments (Proposed amendments to PBE IAS 12) (the ED) and the accompanying Invitation to Comment. The ED proposes to incorporate the requirements of NZ IFRIC 23 Uncertainty over Income Tax Treatments into PBE IAS 12 Income Taxes. Comments on the ED are due to the NZASB by 28 June 2019.
The Board considered the submissions received on NZASB ED 2018-4 PBE IPSAS 40 PBE Combinations. The Board noted that although there was support for many of the proposals, some areas require further clarification or consideration.
The Board will consider the updated draft standard at a future meeting.
PBE Policy Approach
The Board undertook its annual review of the application of the Policy Approach to Developing the Suite of PBE Standards (the PBE Policy Approach) to new and amending standards issued by international standard setters and confirmed its previous decisions.
IPSASB Collective and Individual Services and Emergency Relief
The Board considered the IPSASB’s Exposure Draft 67 Collective and Individual Services and Emergency Relief (Amendments to IPSAS 19) (the ED) 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 on the ED are due to the NZASB by 5 April 2019 and to the IPSASB by 31 May 2019.
Next NZASB Meeting
Thursday 2 May 2019 in Wellington.