NZASB Meeting 27 June 2018

Event Date 27 June

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.

Standards approved for issue

The Board approved for issue:

  • 2018 Omnibus Amendments to PBE Standards.
  • RDR NZ IFRS 16 and NZ IAS 7.

We will advise when these standards have been gazetted and are available on our website.

Exposure Draft approved for issue

The Board approved NZASB Exposure Draft (ED) 2018-3 2018 Omnibus Amendments to PBE Standards for issue, subject to the changes agreed at the meeting.

The ED is now available on our website for comment.

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Comment letters

The Board reviewed the following draft comment letters and, subject to changes agreed at the meeting, approved them for submission to the International Public Sector Accounting Standards Board (IPSASB):

  • ED 64 Leases is now closed for comment.
  • ED 65 Improvements to IPSAS, 2018.  ED 65 is closed for comment in New Zealand. However, comments are due to the IPSASB by 15 July 2018.

PBE Combinations

The Board provided feedback on the draft ED PBE IPSAS 40 PBE Combinations and the accompanying Invitation to Comment (ITC). It will consider a revised ED and ITC at a future meeting.  

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The Board provided feedback on the draft guidance on PBE FRS 48 Service Performance Reporting.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.

Editorial corrections to NZ IFRS 17 Insurance Contracts

The Board approved for incorporation into NZ IFRS 17 Insurance Contracts editorial corrections to IFRS 17 Insurance Contracts published by the IASB in December 2017.

Next NZASB meeting

Wednesday 1 August 2018 in Wellington.