NZASB Update #24

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.

Board members at table with speech bubbles

NZASB Board meeting

31 October 2018


For-profitNot-for-profitPublic Sector


Meeting highlights included:

  • approving the Exposure Drafts (ED) and Invitation to Comment (ITC) for PBE IPSAS 41 Financial Instruments;
  • tentatively approving, for submission to the XRB Board, the ED and ITC for amendments to XRB A1 Appendix A When is an entity a public benefit entity?
  • discussing the development of the PBE Standard based on IFRS 17 Insurance Contracts;
  • approving draft amendments to the PBE Policy Approach[1] which will now be submitted to the XRB Board for approval;
  • approving for issue the amending standard 2018 Omnibus Amendments to PBE Standards (see article below); and
  • discussing the draft comment letter from the NZASB to the International Accounting Standards Board (IASB) on the Financial Instruments with Characteristics of Equity discussion paper.

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

Have a look 


[1]  Full title is the Policy Approach to Developing PBE Standards.


2018 Omnibus Amendments to PBE Standards


Not-for-profitPublic Sector


Tier 1 And Tier 2
Accounting Standards

What's new backboard image

The NZASB has issued an amending standard, 2018 Omnibus Amendments to PBE Standards.

Most of the amendments are from the IPSAS Standard, Improvements to IPSAS, 2018. The other amendments are from IASB amendments to IFRS® Standards* and other New Zealand amendments. 

The amending standard contains amendments to a number of PBE Standards.

Most of the amendments are effective for annual financial statements covering periods beginning on or after 1 January 2019 with early adoption permitted. There are exceptions:

  • The amendments to PBE IPSAS 2 Cash Flow Statements are effective for annual financial statements covering periods beginning on or after 1 January 2021, with early adoption permitted.
  • Some of the amendments are to be applied retrospectively, while others are to be applied prospectively. 

Have a look

* This NZASB Update refers to the work of the International Accounting Standards Board (IASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards and IASB® papers).


 Webinar spelled out in coloured blocks

Webinar on PBE Combinations Exposure Draft
(ED 2018-4)


Not-for-profitPublic Sector


Tier 1 and Tier 2
Accounting Standards

12:00PM – 1:00PM
Wednesday 14 November 2018

This will cover:

  • an overview of  ED 2018-4;
  • significant differences between the proposals in the ED and the requirements in PBE IFRS 3 Business Combinations;
  • classifying a combination as an amalgamation or an acquisition; and
  • accounting for amalgamations and acquisitions.

There will also be an opportunity to ask questions.

Register here


Did you read our latest blog?

blog header imageWe launched our new website blog "Let's Talk Reporting..." back in August to blog regularly about topical issues.

Our latest blog—written by members of XRB's Assurance Standards team—features the revamped International Code of Ethics.  The new Code takes effect in June next year. Are you familiar with what's going to change?

Have a look

Our blog feature allows our readers to comment.

We invite you to share your thoughts and views on the issues raised—let's make it a conversation!


Have your say speech bubbles

Have your say...

Before issuing a finalised accounting standard the NZASB and international standard-setting boards, 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



 


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.