NZASB Update #13

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.

 

IPSASB proposes amendments to IPSAS Standards


Not-for-profitPublic Sector


Tier 1 & 2
Accounting Standards

The International Public Sector Accounting Standards Board (IPSASB) has published for comment Exposure Draft 65 Improvements to IPSAS, 2018 (ED 65).

The IPSASB’s improvements' process allows for a collection of non-substantive, but necessary, amendments to IPSAS Standards to be addressed within one exposure draft.

ED 65 proposes improvements to IPSAS Standards in order to:

  • address issues identified by stakeholders; and
  • maintain convergence with IFRS® Standards with respect to some narrow scope amendments and annual improvements issued by the International Accounting Standards Board (IASB).

We encourage you to read ED 65 and provide your comments on the proposals.

The NZASB is seeking your comments by 1 June 2018, or you can make comments directly to the IPSASB by 15 July 2018.

Read ED 65


NZASB May Board meeting


For-profitNot-for-profitPublic Sector


3 May 2018, Wellington

The Board intends to discuss a range of topics affecting both PBEs and for-profit entities.

Agenda items include:

  • IPSASB ED 64 Leases
  • IPSASB Proposed Strategy and Work Plan 2019–2023
  • Approval of the 2018 NZ Conceptual Framework and the related amending standard from the IASB
  • Approval of for-profit standard amendments to the scope of FRS-42 Prospective Financial Statements

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

You can access the public agenda, meeting papers and register to attend an NZASB meeting on the XRB website

We upload the meeting papers to the website a week before the meeting.


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Have your say...

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

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

Comments to the IASB

NZASB ED 2018-1

RDR Proposals for NZ IFRS 16 and NZ IAS 7

23 Apr 2018

27 July 2018

IASB ED/2018/1

 Accounting Policy Changes (Proposed amendments to IAS 8) 25 Jun 2018 N/A

 

Tier 1 and Tier 2 PBE Standards

ID

Title

Comments due to the NZASB

Comments due to the IPSASB

IPSASB Consultation Document

Proposed Strategy and Work Plan
2019–2023

Closed 15 Jun 2018

IPSASB ED 64

Leases

31 May 2018

30 Jun 2018

IPSASB ED 65

Improvements to IPSAS, 2018

1 Jun 2018

15 Jul 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.