NZASB Update #21

  • For-profit
  • Not-for-profit
  • Public Sector
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 September Board meeting  

Board meeting imageThe NZASB met on 12 September in Auckland and discussed a range of topics affecting both public benefit entities (PBEs) and for-profit entities.

At the meeting the Board:

  • Approved the Exposure Draft (ED) and Invitation to Comment (ITC) for PBE IPSAS 40 PBE Combinations.
  • Agreed to develop a PBE Standard based on IPSAS 41 Financial Instruments.
  • Discussed proposals to develop a PBE Standard based on IFRS 17 Insurance Contracts.

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

Have a look 


Are you ready?

The table below highlights the effective dates for several potentially significant accounting standards that are now effective or will become effective in the next couple of years.

Reference

Title

Effective date

Early adoption permitted


For-profit


NZ IFRS 9

Financial Instruments

1 Jan 2018

Yes

NZ IFRS 15

Revenue from Contracts with Customers

1 Jan 2018

Yes

NZ IFRS 16

Leases

1 Jan 2019

Yes


Not-for-profitPublic Sector


PBE IPSAS 34‑38

Interests in other Entities

1 Jan 2019

Yes

PBE FRS 48

Service Performance Reporting

1 Jan 2021

Yes

 

Did you know that a complete list of new standards and amendments issued by the NZASB is available on the XRB website?  

Have a look


Appointment to IPSASB

photo of Todd BeardsworthTodd Beardsworth has been reappointed as a member of the International Public Sector Accounting Standards Board (IPSASB) for a further two year period from 1 January 2019.

Todd brings a wealth of experience to this role. Currently, Todd is the Assistant Auditor-General Accounting and Auditing Policy and was Director of Accounting Standards at the XRB from 2014-2015.

"This is great news," says XRB Chief Executive, Warren Allen. "New Zealand will now maintain its strong positioning on this important international standard-setting Board."

"With our utilisation of IPSAS as the key foundation for our PBE standards, and our key initiative of influencing the international standard-setting process, the continued membership of IPSASB is vital to our work," says Warren.

 


Let's talk reporting blog header

Did you read our new blog ?

We have recently 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 International Accounting Standards Board (IASB) and 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



ID

Title

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


ID

Title

Comments due to the NZASB

Comments due to the IPSASB

NZASB ED 2018-3

2018 Omnibus Amendments to PBE Standards

28 Sept 2018

N/A

IPSAS ED 66

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

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.