NZASB Update #5
|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.|
Happy New Year from the NZASB and welcome to the first NZASB Update for 2018. We trust that you had a safe and enjoyable break and wish you a successful 2018.
ED NZASB 2018-1 Proposed RDR for NZ IFRS 16 and NZ IAS 7
Before issuing a finalised accounting standard the NZASB and international standard-setting Boards—such as the IASB and IPSASB—issue exposure drafts. These seek feedback on proposals from those potentially affected.
Tier 1 and Tier 2
The NZASB has issued ED NZASB 2018-1 and is seeking feedback by 23 April 2018.
This ED proposes disclosure concessions for Tier 2 for-profit entities for NZ IFRS 16 Leases and paragraphs 44A–44E of NZ IAS 7 Statement of Cash Flows.
The ED proposes that Tier 2 for-profit entities will be able to apply the disclosure concessions for annual reporting periods beginning on or after 1 January 2019, with early application permitted. This effective date would align with the effective date of NZ IFRS 16.
NZASB February Board meeting
7 February 2018, Wellington
The Board intends to discuss a range of topics affecting both PBEs and for-profit entities.
Agenda items include:
- IPSASB ED 63 Social Benefits;
- Guidance for Service Performance Reporting;
- whether to develop a PBE insurance accounting standard based on IFRS 17 Insurance Contracts;
- limited scope amendments to Tier 3 and Tier 4 PBE Accounting Requirements; and
- Annual Improvements to NZ IFRSs 2015-2017 Cycle.
Did you know that NZASB meetings are open to the public?
You can access the public agenda, meeting papers and register to attend an NZASB meeting on the XRB website. We upload the meeting papers to the website a week before the meeting.
IPSASB roundtables – Wellington and Auckland
Tier 1 and Tier 2
We are delighted that Ian Carruthers, Chair of the International Public Sector Accounting Standards Board (IPSASB) will be presenting at roundtables in:
- Wellington on 8 February 2018 from 1:00PM–4:00PM; and
- Auckland on 23 February 2018 from 9:00AM–12:00PM.
The roundtables will cover the IPSASB’s Strategy and Work Plan 2019–2023 Consultation, ED 63 Social Benefits and ED 64 Leases.
The roundtables are free, but you will need to register in advance.
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.