NZASB Meeting 7 August 2019

Event Date 07 August

Date And Time

Location:
Level 7
50 Manners Street
Wellington

This event has already taken place.

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Here is a summary of the main matters considered in the public sessions.

Uncertainty over Income Tax Treatments (Amendments to PBE IAS 12)

The Board approved for issue Uncertainty over Income Tax Treatments (Amendments to PBE IAS 12) (the amending standard). The amending standard is effective for annual financial statements covering periods beginning on or after 1 January 2020, with early application permitted.

Amendments to PBE IFRS 17

The Board approved for issue NZASB ED 2019-3 Amendments to PBE IFRS 17 (the ED) and its accompanying Invitation to Comment. The ED applies to Tier 1 and Tier 2 not-for-profit public benefit entities. Comments are due to the NZASB by 19 November 2019.

PBE First-time Adoption

The Board considered a proposal to have a single standard dealing with first-time adoption of PBE Standards, rather than two standards as at present. The Board agreed that staff should develop an exposure draft proposing the withdrawal of PBE FRS 46 First-time Adoption of PBE Standards by Entities Previously Applying NZ IFRS and amendments to PBE FRS 47 First-time Adoption of PBE Standards by Entities Other Than Those Previously Applying NZ IFRS for consideration at a future meeting.

Disclosure – Entity Classification

The Board considered feedback received from targeted constituents on introducing a disclosure requirement into NZ IFRS and PBE Standards for an entity to disclose additional information about its classification as either a public benefit entity (PBE) or a for-profit entity.  After consideration of the feedback, on balance, the Board agreed not to propose a new disclosure requirement on this matter.

Next NZASB Meeting

Wednesday 11 September 2019 in Auckland.