NZASB Update 9/2019

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.


Next NZASB Meeting

Thursday 27 June 2019

NZASB icon

Applies to:

For-profitNot-for-profitPublic Sector

At this meeting the Board will consider:

  • submissions received on the Exposure Draft of PBE IFRS 17 Insurance Contracts and the approval of PBE IFRS 17 for application by not-for-profit PBEs only;
  • the approval of PBE IPSAS 40 PBE Combinations; and
  • a draft NZASB comment letter on the IPSASB Consultation Paper Measurement.

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

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

Have a look

Updating a reference to the IASB Conceptual Framework in IFRS 3 Business Combinations 

 IASB ED/2019/3 cover

Applies to:


The IASB has recently issued an exposure draft which proposes to update a reference in IFRS 3 Business Combinations from the 1989 Framework1 to the 2018 Conceptual Framework.2

IFRS 3 currently requires that the assets and liabilities recognised in a business combination meet the definitions of assets and liabilities in the 1989 Framework. These definitions differ from those in the 2018 Conceptual Framework.

If the reference were updated without making any other changes to IFRS 3, this could lead to more assets and liabilities qualifying for recognition in a business combination. However, some of those assets or liabilities might not qualify for recognition in accordance with other IFRS Standards after the acquisition date.

This could give rise to the situation where an acquirer would first recognise those assets or liabilities at the time of the business combination and then de-recognise them immediately afterwards – resulting in a loss or gain.  

The IASB’s view is that this loss or gain would not faithfully represent the acquirer’s financial performance. To avoid this situation occurring the IASB is proposing three related amendments to IFRS 3.

Have a look  

Please send your comments to the NZASB by 16 August 2019, and the IASB by 27 September 2019.

1. Framework for the Preparation and Presentation of Financial Statements (1989).

2. Conceptual Framework for Financial Reporting issued in 2018.

Have you checked out our new videos?

For-profitNot-for-profitPublic Sector

Have you ever wondered why we publish different versions of the same accounting standard on our website or why there isn't just one version?

Are you not sure which version of an accounting standard applies to your reporting period or what is meant by "early adoption"?

We have developed two short explanatory videos that will help answer these questions for you!

Have your say...

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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. 

NZASB Consultation Documents

For-profitNot-for-profitPublic Sector

IASB and IFRS Foundation Consultation Documents 


IPSASB Consultation Documents 

Not-for-profitPublic Sector

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).