NZASB Update #11

This NZASB Update provides you with an overview of the New Zealand Accounting Standards Board’s recent activities, any new standards or interpretations, as well as other matters of interest.

NZASB March Meeting 


For-profitNot-for-profitPublic Sector


The NZASB met on 21 March and discussed a range of topics affecting both public benefit entities (PBEs) and for-profit entities.

Highlights included:

  • Approval of the amendments to the for-profit standard NZ IAS 19 Employee Benefits for when there is a change to a defined benefit plan.
  • Approval of the IPSASB comment letter on ED 63 Social Benefits.
  • Discussion of the IPSASB lessor accounting model in ED 64 Leases.

You can access the public agenda, meeting papers and the meeting highlights on the XRB website.

Read more >


For-profit and PBE Standards now compiled 


For-profitNot-for-profitPublic Sector


Sample standard pageWe have been busy working behind the scenes to update our accounting standards. They now incorporate consequential amendments contained in the NZASB standards that become effective for periods beginning 1 January 2019, with early adoption permitted.

The compilations are for both for-profit and PBE Standards. The compiled version is featured first on each standard’s landing page as its latest version. Previous versions are then listed below that as shown in the screenshot.


Have your say...

Before issuing a finalised accounting standard the NZASB and international standard-setting boards—such as the International Accounting Standards Board (IASB) and IPSASB—issue exposure drafts. These seek your feedback on proposals that will potentially affect you.

We are currently consulting on the matters set out in the tables below. 

We welcome your comments and feedback, either formal or informal, by the due dates below. 

For-profit standards

ID

Title

Comments due to the NZASB

NZASB ED 2018-1

RDR Proposals for NZ IFRS 16 and NZ IAS 7

23 Apr 2018

 

Tier 1 and Tier 2 PBE Standards

ID

Title

Comments due to the NZASB

Comments due to the IPSASB

IPSASB ED 63

IPSASB Social Benefits

23 Feb 2018 

31 Mar 2018 

IPSASB Consultation Document

Proposed Strategy and Work Plan 
2019-2023

13 Apr 2018

15 Jun 2018

IPSASB ED 64

IPSASB Leases

31 May 2018

30 Jun 2018

 

Tier 3 and Tier 4 PBE Standards

ID

Title

Comments due to the NZASB

NZASB ED 2018-2

2018 Omnibus Amendments to Tier 3 and Tier 4 PBE Accounting Requirements
(Simple Format Reporting Standards)

30 May 2018

 

This NZASB Update is intended to provide subscribers with a summary of the recent activities of the New Zealand Accounting Standards Board (NZASB). Links to websites are correct at the time of publication. Subscribers should not rely on this newsletter as a definitive publication of updates. The External Reporting Board and its sub-Board the NZASB do not guarantee, and accept no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency, timeliness or completeness of this newsletter. The information contained in this newsletter does not constitute advice and should not be relied upon as such.