NZASB Meeting 31 October 2018
Date And Time
- Level 7
50 Manners Street
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Here is a summary of the main matters considered during the public session:
Standard approved for issue
The Board approved for issue 2018 Omnibus Amendments to PBE Standards.
PBE Standard based on IPSAS 41 Financial Instruments
The Board approved for issue two exposure drafts.
- NZASB ED 2018-5 PBE IPSAS 41 Financial Instruments contains proposals to update the requirements for the recognition and measurement of financial instruments.
These proposals will align the requirements in PBE Standards with the recently issued IPSAS 41 Financial Instruments (and NZ IFRS 9 Financial Instruments).
When finalised, PBE IPSAS 41 will supersede most of PBE IPSAS 29 <>Financial Instruments: Recognition and Measurement and PBE IFRS 9 Financial Instruments.
- NZASB ED 2018-6 Effective Date of PBE IFRS 9 which proposes to defer the effective date of PBE IFRS 9 by a year to 1 January 2022 (to prevent it becoming mandatorily effective before the effective date of PBE IPSAS 41).
We will issue the exposure drafts and accompanying invitation to comment in the near future.
PBE Standard based on IFRS 17 Insurance Contracts
The Board discussed issues to be addressed in an invitation to comment to accompany an exposure draft of a new standard for public benefit entities based on IPSAS 17 Insurance Contracts.
Financial Instruments with Characteristics of Equity
The Board discussed a draft comment letter to the IASB on IASB DP/2018/1 Financial Instruments with Characteristics of Equity. The comment letter will be finalised at a future meeting.
Appendix A of XRB A1
The Board is currently working on updating the guidance in Appendix A of XRB A1 Application of the Accounting Standards Framework, relating to the classification of an entity as a public benefit entity or for-profit entity for financial reporting purposes.
Subject to further work being undertaken on the illustrative examples (which accompany Appendix A), the Board tentatively approved the ITC and ED 2018 Amendments to XRB A1 Appendix A for submission to the XRB Board for approval to issue for comment.
PBE Policy Approach to Developing the Suite of PBE Standards (PBE Policy Approach)
The Board agreed with amendments to the PBE Policy Approach. The amended Policy will be considered for approval by the XRB Board at a future meeting of the XRB Board.
Next NZASB meeting
Thursday 13 December 2018 in Wellington.