NZASB Meeting 21 March 2018

Event Date 21 March

Date And Time

Location:
Level 7
50 Manners Street
Wellington

Here is a summary of the main matters considered:

For-profit Standard approved for issue

The Board approved for issue Plan Amendment, Curtailment or Settlement (Amendments to NZ IAS 19) which clarifies the requirements for accounting for employee benefits when there is a plan amendment, curtailment or settlement to a defined benefit plan. The amendments are effective from 1 January 2019.

The Board applied the Policy Approach to the Development of PBE Standards (PBE Policy Approach) to the amending standard and noted that the International Public Sector Accounting Standards Board (IPSASB) is about to propose equivalent amendments to IPSAS 39 Employee Benefits. These amendments will be addressed in a future PBE Omnibus project.

IPSASB ED 63 Social Benefits

The Board approved its comment letter on ED 63 Social Benefits, subject to changes agreed at the meeting.

IPSASB ED 64 Leases

The Board held preliminary discussions on the lessor accounting model proposed in IPSASB ED 64 Leases. The Board did not support the lessor accounting model proposed in ED 64 and identified matters for inclusion in the comment letter. The Board will consider the accounting for concessionary leases and the draft comment letter at its next meeting.

IPSASB Proposed Strategy and Work Plan Consultation

The Board considered the IPSASB’s Proposed Strategy and Work Plan 2019–2023 consultation (Consultation Document) and provided feedback on its draft comment letter on the Consultation Document. The Board will consider the draft comment letter again at its next meeting.

PBE Policy Approach

The Board undertook its annual review of the application of the PBE Policy Approach to new and amending standards issued by international standard setters and confirmed its previous decisions.

Next NZASB Meeting

Thursday 3 May 2018 in Wellington.