NZASB Update #15

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 June Board meeting

27 June 2018, Wellington


For-profitNot-for-profitPublic Sector


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

Agenda items include:

  • IPSASB ED 64 Leases: finalising the draft NZASB comment letter.
  • Approving the 2018 Omnibus Amendments to Tier 3 and Tier 4 PBE Accounting Requirements Standard.
  • Approving the RDR NZ IFRS 16 and NZ IAS 7 for-profit standard.
  • Discussing further the draft explanatory guidance on PBE FRS 48 Service Performance Reporting.

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.

View Public Meeting Papers

IFRS Foundation Quiz logo


For-profit


The International Accounting Standards Board (IASB) issued the revised Conceptual Framework for Financial Reporting (Conceptual Framework) in March 2018.

It has also created a short quiz on the Conceptual Framework. Why not test your knowledge?

Take the quiz here

You will be asked to answer eight randomly selected questions from a pool of more than 40 questions. You can take the quiz multiple times. We did. We loved it! 


Have your say...

Before issuing a finalised accounting standard the NZASB and international standard-setting boards, such as the IASB and the International Public Sector Accounting Standards Board (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 due to the IASB

IASB ED/2018/1

Accounting Policy Changes (Proposed amendments to IAS 8)

25 June 2018

27 July 2018

 

Tier 1 and Tier 2 PBE Standards

ID

Title

Comments due to the NZASB

Comments due to the IPSASB

IPSASB ED 64

Leases

CLOSED

30 June 2018

IPSASB ED 65

Improvements to IPSAS, 2018

CLOSED

15 July 2018


Other News

Chartered Accountants Australia and New Zealand (CA ANZ) has recently released an updated Special Purpose Financial Reporting Framework for For-Profit Entities (SPFRF). The original SPFRF was issued in 2014.

Access the SPFRF here

The review did not identify any fundamental issues with the SPFRF. However, there have been amendments to the following topics:

  • Biological assets: Holding gains or losses on biological assets can now be recognised in equity (2014 version), or through profit and loss (2018 amendment);
  • Tax reconciliation: preparers can now use their own tax reconciliation method; and
  • Goodwill: an option to write off goodwill over 10 years has been introduced.

There have been clarifications to the sections dealing with:

  • Which entities should use the SPFRF;
  • Accounting for interests in other entities; and
  • The use of “step-up” provisions (an entity that steps up to an NZ IFRS Standard does not have to apply that standard in full).

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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.