NZASB Update 1/2019

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.

 

Next NZASB Meeting

Tuesday 12 February 2019, Wellington

Board meeting figures with speech bubbles


For-profitNot-for-profitPublic Sector


At its first meeting for 2019, the Board intends to discuss a range of topics affecting the development of accounting standards for both for-profit entities and public benefit entities (PBEs).

Agenda items for the public session include:

  • Education sessions on the following documents which have been recently approved by the International Public Sector Accounting Standards Board (IPSASB):
    • IPSAS 42 Social Benefits and
    • ED 67 Collective and Individual Services and Emergency Relief
  • An update on the IASB’s Disclosure Initiative.

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 February meeting on our website. We upload the public meeting papers to the website about a week before the meeting.

Have a look


NZ IFRS 16 Leases is now effective!

lease agreement


For-profitNot-for-profitPublic Sector


It’s been a long gestation, but finally the new for-profit leasing standard became effective, on 1 January 2019.

Have a look


Seminar on the new leasing requirements for both PBEs and for‑profit entities

5:30PM—7:30PM
Monday, 11 February 2019
Lecture Theatre 2, Rutherford House
Victoria University of Wellington (VUW), Pipitea Campus

Seminar presenters


For-profitNot-for-profitPublic Sector


IPSASB Chair, Ian Carruthers (far left), joins three NZASB Board members in a discussion about the development of the IPSASB Exposure Draft on Leasing, and the new for-profit leasing standard, IFRS 16 Leases.

  • Ian Carruthers will update recent work done by the IPSASB on their leasing project.
  • Angela Ryan (centre left) from Treasury will give the NZ public sector perspective.
  • Frances Caetano (centre right) from Auckland Council will cover local government leasing issues.
  • Karl Hickey (far right) from the ANZ Bank will give the for-profit perspective and share experience to date with NZ IFRS 16.

This seminar is jointly hosted by the XRB and the Centre for Accounting, Governance and Taxation Research at Victoria University of Wellington. Light refreshments will follow the seminar.

Register here


Have you watched our PBE Financial Instruments webinar yet?

webinar spelled out in coloured blocks


Not-for-profitPublic Sector


This webinar looks at the proposals to:

  • Update the requirements for the recognition and measurement of financial instruments for Tier 1 and 2 PBEs; as well as to
  • defer the effective date of PBE IFRS 9 by a year to 1 January 2022.

You can still watch the webinar and download the slides.

Watch the webinar


Have you commented on the PBE Combinations exposure draft?

jigsaw puzzle pieces indicating amalgamation and merger


Not-for-profitPublic Sector


Comments on the PBE IPSAS 40 PBE Combinations exposure draft are due on 31 January 2019.

Have a look

If you missed our recent webinar providing an overview of the proposed standard on PBE combinations, you can still watch the webinar and download the slides.

Watch the webinar


Have your say...

have your say speech balloons

Before issuing a finalised accounting standard the NZASB and the international standard-setting boards, the IASB and 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.


For-profit


ID

Title

Comments due to the NZASB

Comments due to the IASB

IASB ED/2018/2

Onerous Contracts – Cost of Fulfilling a Contract (Proposed amendments to IAS 37)

27 Feb

15 Apr


Not-for-profitPublic Sector


Tier 1 and Tier 2

ID

Title

Comments due to the NZASB

NZASB ED 2018-4

PBE IPSAS 40 PBE Combinations

31 Jan 

NZASB ED 2018-5

PBE IPSAS 41 Financial Instruments

28 Feb 

NZASB ED 2018-6

Effective Date of PBE IFRS 9

28 Feb 

NZASB ED 2018-7

PBE IFRS 17 Insurance Contracts

17 May 


For-profitNot-for-profitPublic Sector


ID

Title

Comments due to the XRB

XRB ED 2018

2018 Amendments to XRB A1 Appendix A
(When is an Entity a Public Benefit Entity?)

29 Mar 


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 uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers).