NZASB Meeting 3 May 2018
Date And Time
- Level 7
50 Manners Street
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Here is a summary of the main matters considered.
2018 NZ Conceptual Framework issued
The NZASB has issued the New Zealand Equivalent to the IASB Conceptual Framework for Financial Reporting (2018 NZ Conceptual Framework) and Amendments to References to the Conceptual Framework in NZ IFRS.
Both the 2018 NZ Conceptual Framework and the amending standard are effective for annual periods beginning on or after 1 January 2020.
This revised conceptual framework sets out the fundamental concepts of financial reporting that guide the development of NZ IFRS. It helps to ensure that standards are conceptually consistent and that similar transactions are treated the same way.
It also assists entities to develop accounting policies when no NZ IFRS applies to a particular transaction.
Amendments to the Scope of FRS-42
The NZASB has issued Amendments to the Scope of FRS-42. This amends the scope of FRS-42 Prospective Financial Statements so that it applies only to an entity that is required by legislation or regulation to prepare general purpose prospective financial statements in accordance with generally-accepted accounting practice (GAAP).
The amending standard is effective for prospective financial statements published on or after 1 January 2019.
IPSASB ED 64 Leases
The Board considered the proposed accounting for concessionary leases in ED 64.
The Board provided feedback on its draft comment letter on ED 64. It will consider a revised comment letter at its meeting in June. Comments on the ED are due to the NZASB by 31 May 2018 and to the IPSASB by 30 June 2018.
IPSASB Proposed Strategy and Work Plan Consultation
The Board approved its comment letter on the IPSASB’s Proposed Strategy and Work Plan 2019–2023 consultation (Consultation Document), subject to those changes agreed at the meeting.
The closing date for submissions to the NZASB was 13 April 2018 and comments on the Consultation Document are due to the IPSASB by 15 June 2018.
Next NZASB Meeting
Wednesday 27 June 2018 in Wellington.