NZASB Update 11/2019

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 Meeting

Wednesday 7 August 2019

NZASB icon

Applies to:


For-profitNot-for-profitPublic Sector



At this half day meeting held via video-conference the Board will:

  • consider for approval Uncertainty over Income Tax Treatments (Amendments to PBE IAS 12);
  • consider a draft Invitation to Comment and Exposure Draft (ED) for Amendments to PBE IFRS 17 for application by not-for-profit PBEs only;
  • consider whether to have a single standard dealing with first-time adoption of PBE Standards (currently there are two such standards); and
  • discuss whether additional disclosure requirements should be proposed to require entities to disclose additional information about their classification as either a for-profit entity or a PBE.

Did you know that NZASB meetings are open to the public?

You can access the public agenda, public meeting papers and register to attend the NZASB August meeting on our website.

Have a look


IASB proposals for accounting for deferred tax

 IASB ED on IAS 12 cover

Applies to:


For-profit


The IASB has recently issued an exposure draft, ED/2019/5 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Proposed amendments to IAS 12).

The aim of the proposed amendments is to clarify how entities account for deferred tax on leases (accounted for under IFRS 16 Leases) and decommissioning obligations.

In specific circumstances, entities are exempt from recognising deferred tax when they recognise assets or liabilities for the first time (sometimes called “the initial recognition exemption”). There has been uncertainty about whether the exemption applies to leases and decommissioning obligations. To promote consistent application of IAS 12, the IASB has proposed narrow-scope amendments.

Under the proposals, the exemption in IAS 12 would not apply to particular transactions for which entities recognise both an asset and a liability (for example, leases and decommissioning obligations). The proposals would result in entities recognising deferred tax on such transactions.

Comments are due to the NZASB by 11 October 2019 and to the IASB by 14 November 2019

Have a look


Have your say...

Have your say icon

Before issuing a finalised accounting standard the NZASB and the international standard-setting boards, the IASB and the IPSASB, issue consultation documents. These documents seek your feedback on proposals that could potentially affect you. 

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

Tell us how these changes could affect your entity or the entities you work with. 

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

You can submit your comments directly from the Exposure Draft page on our website following the links below. 


IASB Consultation Documents 


For-profit



 

IPSASB Consultation Documents 


Not-for-profitPublic Sector



 

NZASB Consultation Documents


For-profitNot-for-profitPublic Sector



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.


This NZASB Update 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).