NZASB Update #20

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 August Board meeting

The NZASB August meeting originally scheduled for 1 August 2018 was postponed until 16 August 2018.

The postponed meeting was a non-public meeting, with a focus on the development of the NZASB’s Strategic Action Plan 2018-2023.

Public items included in the 1 August meeting agenda have been deferred to the upcoming September NZASB meeting.

NZASB September Board meeting    

Board meeting figuresThe next NZASB meeting will be held on Wednesday 12 September 2018 at the Heritage Hotel in Auckland.

The meeting agenda includes public items that have been deferred from the 1 August 2018 meeting.

 Topics to be covered include:

  • Approving the Exposure Draft (ED) and Invitation to Comment (ITC) for PBE IPSAS 40 PBE Combinations.
  • Application of the PBE Policy Approach to IPSAS 41 Financial Instruments.
  • Discussing proposals to develop a PBE Standard based on IFRS 17 Insurance Contracts.

You can access the public agenda, meeting papers and register to attend the NZASB’s September Board meeting on the XRB website. We will upload the meeting papers to the website a week before the meeting.

Register here 

View Public Meeting Papers

Simple Format Reporting Standards

Not-for-profitPublic Sector

Simple format report samplesWe have been busy working behind the scenes updating our simple format reporting accounting standards for Tiers 3 & 4. They now incorporate amendments contained in the 2018 Omnibus Tier 3 and Tier 4 PBE Accounting Requirements that become effective for periods beginning on or after 1 January 2019, but you can apply them to earlier reporting, if you wish. 

We have also moved the explanatory guides and the related reporting templates to the relevant standard page on our website. This will make it easier for entities to locate all the relevant documents for financial reporting in one place.

Have a look at the Tier 3 Standard 

Have a look at the Tier 4 Standard

Earlier versions of the standard, explanatory guides and templates are also available on the same website page by scrolling down.

In addition, check out our FAQs which should help you when working with our templates.

Have a look here

IPSASB ED 66 Long-term Interests in Associates and Joint Ventures and Prepayment Features with Negative Compensation (ED 66)

Not-for-profitPublic Sector

IPSASB ED 66 coverThe International Public Sector Accounting Standards Board (IPSASB) has published for comment ED 66 Long-term Interests in Associates and Joint Ventures (Amendments to IPSAS 36) and Prepayment Features with Negative Compensation (Amendments to IPSAS 41).

This is to converge IPSAS requirements with IFRS amendments issued by the International Accounting Standards Board (IASB) in October 2017.

ED 66 proposes to:

  • clarify that IPSAS 41, including its impairment requirements, applies to long-term interests in associates and joint ventures; and
  • amend the classification requirements in IPSAS 41 so that particular financial assets with prepayment features, that may result in reasonable negative compensation for the early termination of the contract, are eligible to be measured at amortised cost or at fair value through surplus or deficit.

The NZASB is making ED 66 available for comment as part of its usual process for notifying any international developments. The NZASB plans to address these amendments when it reconsiders the PBE Standards dealing with financial instruments. It is therefore not seeking separate feedback on ED 66.

If you wish to contribute your views, then you can write directly to the IPSASB at Submissions are due at the IPSASB by 22 October 2018. We would appreciate a copy for the NZASB.

Have a look at ED 66

Read our new XRB blog!

"Let's talk reporting" blog masthead image

Last week we have launched our new website blog—the latest chapter in XRB's communications strategy.  We aim to blog regularly about topical issues, future directions, with opinion pieces, insights and thinking about what's on our horizon.

Our first blog is a piece by XRB Chief Executive, Warren Allen, on the challenges for the XRB for the next five years, which given the uncertain environment he says is bordering on being game-changing.

Have a look

The blog feature allows readers to comment. We invite you to share your thoughts and views on the issues raised by Warren. Let's make it a conversation!

Have your say...

Have your say imageBefore issuing a finalised accounting standard the NZASB and international standard-setting boards, such as the IASB and 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.




Comments due to the NZASB

Comments due to the IASB

IASB DP/2018/1

Financial Instruments with Characteristics of Equity

7 Nov 2018

7 Jan 2019

Not-for-profitPublic Sector

Tier 1 and Tier 2



Comments due to the NZASB

Comments due to the IPSASB

NZASB ED 2018-3 

2018 Omnibus Amendments to PBE Standards

28 Sept 2018



Long‑term Interests in Associates and Joint Ventures (Amendments to IPSAS 36) and Prepayment Features with Negative Compensation (Amendments to IPSAS 41)


 22 Oct 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.