NZASB Update 14/2019

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 11 September 2019

NZASB icon

Applies to:


For-profitNot-for-profitPublic Sector



This meeting will be held in Auckland where the Board will:

  • consider for approval a draft comment letter on the IPSASB Consultation paper Measurement;
  • consider a draft Invitation to Comment and Exposure Draft (ED) for the withdrawal of PBE FRS 46 First-time Adoption of PBE Standards by Entities Previously Applying NZ IFRS;
  • approve the domestic standard 2019 Omnibus Amendments to NZ IFRS;
  • consider a draft comment letter on IASB’s ED Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2); and
  • consider draft amendments to EG A1 Guide to the Application of the Accounting Standards Framework.

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

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

Have a look


IPSASB issues ED on Public Sector Specific Financial Instruments

 

Applies to:


Not-for-profitPublic Sector


Tier 1 and 2

IPSASB ED 69 proposes additional non-authoritative guidance in IPSAS 41 Financial Instruments to clarify requirements for public sector specific financial instruments.

Proposed amendments in the ED apply to four public sector instruments:

  • Monetary gold;
  • Currency in circulation
  • IMF Quota subscriptions; and
  • IMF Special drawing rights.

Comments are due to the NZASB by 15 November 2019, and the IASB by 31 December 2019.

Have a look


Climate-related and other emerging risks

 Climate-related AASB-AuASB publication cover

Applies to:


For-profit



Not-for-profitPublic Sector


Tier 1 and 2


Investors are increasingly demanding information about climate-related risks to assist with their decision making. Climate-related and other emerging risks can be of sufficient interest to users to be material and warrant disclosure in the financial statements, regardless of their numerical impact.

In April 2019 the Australian Accounting Standards Board and the Australian Auditing and Assurance Standards Board republished a joint bulletin which provides guidance to financial statement preparers and auditors on how to consider climate-related risks in the context of the financial statements, including their potential impact on the amounts recognised and associated disclosures.

Although the bulletin was developed for preparers and auditors of financial statements prepared in accordance with Australian Accounting Standards, it contains relevant guidance for preparers and auditors of financial statements prepared in accordance with NZ IFRS.

Preparers and auditors of financial statements prepared in accordance with PBE Standards may also find this helpful.

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. 


XRB Consultation Document


For-profitNot-for-profitPublic Sector



IASB Consultation Documents 


For-profit



 

IPSASB Consultation Documents 


Not-for-profitPublic Sector



 

NZASB Consultation Document


Not-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).