NZASB Update #14

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 May Board meeting


For-profitNot-for-profitPublic Sector


The NZASB met on 3 May and discussed a range of topics affecting both public benefit entities (PBEs) and for-profit entities.

Highlights included:

  • Approval of the New Zealand Equivalent to the IASB Conceptual Framework for Financial Reporting (2018 NZ Conceptual Framework)and Amendments to References to the Conceptual Framework in NZ IFRS.
  • Approval of Amendments to the Scope of FRS-42.
  • Discussion of the accounting for concessionary leases in IPSASB ED 64 Leases.
  • Approval of the NZASB’s comment letter on the IPSASB’s Proposed Strategy and Work Plan 2019–2023 consultation.

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

Read more 


Compilation error corrected


For-profit


NZ IAS 40 Investment Property

We have corrected a compilation error in NZ IAS 40 Investment Property (paragraph 79). The paragraph in NZ IAS 40 now aligns with IAS 40 Investment Property and with AASB 140 Investment Property.

Paragraph 79 requires additional disclosures by an entity that applies the cost model to investment property.  


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

For-profit standards

ID

Title

Comments due to the NZASB

Comments to the IASB

IASB ED/2018/1

Accounting Policy Changes (Proposed amendments to IAS 8) 25 Jun 2018 27 Jul 2018

 

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

 

To make it easy and to save you time, why not provide your feedback on NZASB ED 2018-2 by completing our short on-line survey?

Go to the survey 


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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.