NZASB Update 13/2019

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.


PBE amending standard issued on income taxes

 Standard icon

Applies to:

Not-for-profitPublic Sector

Tier 1 and 2

The NZASB has issued Uncertainty over Income Tax Treatments (Amendments to PBE IAS 12).

The amendments incorporate the guidance in NZ IFRIC 23 Uncertainty over Income Tax Treatments* into PBE IAS 12 Income Taxes. These amendments clarify how to apply the recognition and measurement requirements in PBE IAS 12 when there is uncertainty over income tax treatments.

While not-for-profit and public sector entities do not generally pay income taxes, this guidance could be useful to the small number of these entities that do pay income taxes.

The amendments are effective for annual financial statements covering periods beginning on or after 1 January 2020, with early application permitted.

Have a look

* IFRIC® Interpretations are developed by the IFRS Interpretations Committee and are then approved and issued by the IASB as they form part of IFRS Standards. 

Webinar - Targeted Review of the New Zealand Accounting Standards Framework

 Screen with 21 August date

Applies to:

For-profitNot-for-profitPublic Sector

Thank you also to all those who participated in our webinar on Wednesday on the Targeted Review.

For those of you who missed it, you can access the webinar recording and the slides on our website.

Don’t forget, submissions are due at the NZASB by 15 November 2019.

Have your say...

Have your say icon

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. 

XRB Consultation Document

For-profitNot-for-profitPublic Sector

IASB Consultation Documents 



IPSASB Consultation Documents 

Not-for-profitPublic Sector


NZASB Consultation Document


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).