NZASB Meeting 30 October 2019

Event Date 30 October

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 in the public session.

IASB Disclosure of Accounting Policies

The Board approved its comment letter on IASB ED/2019/6 Disclosure of Accounting Policies—Proposed amendments to IAS 1 and IFRS Practice Statement 2, subject to changes agreed at the meeting.

Comments are due to the IASB by 29 November 2019.

Interest rate benchmark reform  

The Board approved for issue Interest Rate Benchmark Reform which amends NZ IFRS 9, NZ IAS 39 and NZ IFRS 7. This amending standard is applicable to Tier 1 and Tier 2 for-profit entities. The amendments are effective from 1 January 2020, with early application permitted. The objective of the amendments is to avoid situations where hedge accounting would need to be discontinued as a result of uncertainties related to the phasing out of interest-rate benchmarks such as interbank offered rates (IBORs).

The Board considered the application of the Policy Approach to the Development of PBE Standards to Interest Rate Benchmark Reform and agreed to propose equivalent amendments to PBE Standards.

The Board approved for issue NZASB ED 2019-5 PBE Interest Rate Benchmark Reform which proposes amendments to PBE IPSAS 41, PBE IFRS 9, PBE IPSAS 29 and PBE IPSAS 30 and the accompanying Invitation to Comment.  Comments are due to the NZASB by 14 January 2020.

Primary financial statements

The Board tentatively agreed to comment on the forthcoming IASB ED Primary Financial Statements and agreed, subject to further consideration of the proposed outreach and timeline for the project.

EER Update

The Board received an update on the XRB Extended External Reporting (EER) project.

Editorial corrections to PBE Standards

The Board approved editorial corrections to PBE Standards.

Next NZASB Meeting

Wednesday 4 December 2019 in Wellington.

This meeting summary refers to the work of the International Accounting Standards Board (IASB) and the International Public Sector Accounting Standards Board (IPSASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers).