NZASB Update 12/2019

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



This was a half day meeting held via video-conference.

At this meeting the Board:

  • approved for issue Uncertainty over Income Tax Treatments (Amendments to PBE IAS 12);
  • approved an Invitation to Comment and Exposure Draft (ED) for Amendments to PBE IFRS 17 for application by not-for-profit PBEs only;
  • decided to commence work on developing an ED to have a single standard dealing with first-time adoption of PBE Standards. This will involve proposing the withdrawal of PBE FRS 46 First-time adoption of PBE Standards by Entities Previously Applying NZ IFRS. It will also involve amendments to PBE FRS 47 First-time Adoption of PBE Standards by Entities Other Than Those Previously Applying NZ IFRS; and
  • decided not to propose an additional disclosure requirement to require entities to disclose additional information about their classification as either a for-profit entity or a PBE.

You can access the public agenda and meeting papers for this meeting on our website.

Have a look

The next NZASB meeting will be held on Wednesday, 11 September 2019 in Auckland.


NZASB Summary Work Plan updated

Document iconThe NZASB Summary Work Plan has been recently updated. The work plan sets out the expected milestone dates for ongoing domestic and international projects up to February 2020.    

Have a look


Appointments to the NZASB

photo of Jason StinchcombeJason Stinchcombe, CA has recently been appointed to the NZASB effective from 1 July 2019. Jason is an RSM audit and technical partner from Auckland with extensive experience in advising small and medium sized entities including those in the not-for-profit sector. Jason is a licensed auditor.

Four current Board members have also been reappointed for a further three‑year term: Nives Botica‑Redmayne, Francis Caetano, Charles Hett and Karl Hickey (pictured left to right).

Group photo of reappointed NZASB members

Find out more about all our NZASB members

 


IASB proposals for disclosure of accounting policies

 IASB ED IAS 1 cover

Applies to:


For-profit


The IASB has recently issued ED/2019/6 Disclosure of Accounting Policies which proposes amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements.

The aim of the proposed amendments is to help entities provide accounting policy disclosures that are more useful to primary users of financial statements.

The proposals are intended to help entities:

  • identify and disclose accounting policies that provide material information to primary users of financial statements; and
  • identify immaterial accounting policies and remove them from their financial statements.

Comments are due to the NZASB by 7 October 2019 and to the IASB by 29 November 2019

Have a look


Proposed amendments to PBE IFRS 17 Insurance Contracts

(for NFP PBEs only)

Tier 1 and Tier 2

 Booklet icon

Applies to:


Not-for-profit


At its June meeting, the NZASB approved for issue PBE IFRS 17 Insurance Contracts. PBE IFRS 17 is based on IFRS 17 Insurance Contracts.  This applies only to Tier 1 and Tier 2 not‑for‑profit public benefit entities (NFP PBEs).

In June the IASB proposed amendments to IFRS 17 (IASB ED/2019/4 Amendments to IFRS 17). The proposals address some of the concerns with the implementation of IFRS 17 that have been raised by stakeholders.

To ensure, where appropriate, the requirements for NFP PBE licensed insurers and for-profit licensed insurers remain aligned, and to address similar concerns and challenges NFP PBEs may face with the implementation of PBE IFRS 17, the NZASB is proposing equivalent amendments to PBE IFRS 17 (NZASB ED 2019-3 Amendments to PBE IFRS 17).

The proposed amendments seek to:

  • provide additional scope exclusions;
  • reduce accounting mismatches from reinsurance;
  • add additional transition relief; and
  • address other matters.

Comments are due to the NZASB by 19 November 2019.

Have a look


Targeted Review of the New Zealand Accounting Standards Framework

Targeted Review icon

The XRB has issued the Discussion Paper: Targeted Review of the New Zealand Accounting Standards Framework.

This Review is a “check-in” after the first five years to see whether the Framework is functioning as anticipated and whether any refinements are required.

Have a look

 


For-profitNot-for-profitPublic Sector


Whether you work with large companies, charities or government agencies, this could affect you.

Do you want to find out more about the Targeted Review?  Are you thinking of making a submission or sending in your comments?

We are hosting a webinar on the review where we will discuss the issues being considered and how to give us your feedback.

Wednesday 21 August 2019
12:00 Noon—12:45PM

Screen with 21 August date

Register here 


IPSASB proposes improvements to IPSAS

 IPSASB ED 68 cover

Applies to:


Not-for-profitPublic Sector


Tier 1 and Tier 2 

The IPSASB has published for comment ED 68 Improvements to IPSAS, 2019 (ED 68).

ED 68 proposes narrow-scope amendments to a number of IPSASs to either clarify or improve consistency within the IPSAS suite of standards.

Have a look

The NZASB is making ED 68 available for comment as part of its usual process for notifying international developments. However, because some of the proposals in ED 68 are already included in the PBE Standards, and some of the proposals are not applicable to the suite of PBE Standards, the NZASB is not intending to make a submission on ED 68.

If you wish to contribute your views, then you can write directly to the IPSASB at www.ifac.org. Submissions are due at the IPSASB by 30 September 2019. We would appreciate a copy for the NZASB.


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. 


XRB Consultation Document


For-profitNot-for-profitPublic Sector



IASB Consultation Documents 


For-profit



 

IPSASB Consultation Documents 


Not-for-profitPublic Sector



 

NZASB Consultation Documents


For-profitNot-for-profit



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).