NZASB Meeting 4 December 2019
Date And Time
- Level 7
50 Manners Street
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Here is a summary of the main matters considered in the public sessions.
Targeted Review of the Accounting Standards Framework
The Board received an update on the informal feedback arising from outreach activities conducted during the consultation period of the XRB’s Discussion Paper (DP) Targeted Review of the New Zealand Accounting Standards Framework. The Board also received a high-level update on the formal submissions received in relation to the DP.
A detailed analysis of the submissions will be received at a future meeting.
Tier 3 and tier 4 post-implementation review
The Board agreed to start work on preparing for the planned post-implementation review (PIR) of the Tier 3 and Tier 4 standards. The Board provided feedback on the scope and the approach to the project.
A project plan will be considered at a future meeting.
Service performance reporting guidance
The Board approved EG A10 Service Performance Reporting for issue, subject to changes agreed at the meeting.
EG A10 contains guidance for smaller Tier 2 not-for-profit entities applying PBE FRS 48 Service Performance Reporting which becomes effective from 1 January 2021.
Collective and individual services
The Board agreed to defer its decision about incorporating the IPSASB’s recently approved Collective and Individual Services (Amendments to IPSAS 19) in PBE Standards until the IPSASB has completed its project dealing with transfer expenses.
The Board agreed, subject to the minor changes agreed at the meeting, the revised Explanatory Guide A2: Overview of the Accounting Standard-setting Process for submission to the XRB Board for approval to issue.
Next NZASB meetings
Thursday 13 February 2020 (afternoon) and Friday 14 February 2020 (the morning) 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).