NZASB Update #7

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.

 

IPSASB Strategy and Work Plan consultation


Not-for-profitPublic Sector


Tier 1 and Tier 2

The International Public Sector Accounting Standards Board (IPSASB) has issued its Proposed Strategy and Work Plan 2019—2023 (the Consultation Document). The IPSASB is seeking views on both its future strategic objective and work programme.

Given that New Zealand’s PBE Standards are largely based on International Public Sector Accounting Standards (IPSAS), the IPSASB’s strategic objective and work plan will have a direct impact on the NZASB’s standard-setting activities.

If you are a preparer and/or user of financial statements prepared in accordance with Tier 1 and/or Tier 2 PBE Standards, we encourage you to consider and provide feedback.  We want to know what issues New Zealand PBEs face and if these are appropriately represented in the IPSASB's future strategy and work plan.

The NZASB is seeking your comments by 13 April 2018, or you can make comments directly to the IPSASB by 15 June 2018.

Read more

We are holding a roundtable in Auckland on 23 February. Ian Carruthers, Chair of the IPSASB, will talk about the Consultation Document, as well as Exposure Draft 63 Social Benefits and Exposure Draft 64 Leases.

This a rare opportunity for you to directly engage with the IPSASB Chair and to provide your comments and observations straight to the IPSASB. 

The roundtable is free, but you will need to register in advance.

Register here


In case you missed it…

IPSASB issues ED 64 Leases


Not-for-profitPublic Sector


Tier 1 and Tier 2

The IPSASB has published for comment ED 64 Leases. This contains proposals for lease accounting , including accounting for leases at below market-terms (concessionary leases).

Send your comments either to the NZASB by 31 May 2018, or directly to the IPSASB by 30 June 2018.

Read more

We will hold a webinar followed by seminars on ED 64 during March—details will be available shortly. In the meantime, if you would like to know more, you can view the IPSASB's webinar on ED 64.

View the IPSASB’s webinar on ED 64


Have your say...

Before issuing a finalised accounting standard the NZASB and international standard-setting boards—such as the International Accounting Standards Board (IASB) and IPSASB—issue exposure drafts. These seek your feedback on proposals that will potentially affect you.

We are currently consulting on the following matters set out in the tables below. 

We welcome your comments and feedback, either formal or informal by the due dates specified.

For-profit standards

ID

Title

Comments due to the NZASB

NZASB ED 2017-3

Proposed Amendments to FRS-42 Prospective Financial Statements

28 Feb 2018

NZASB ED 2018-1

RDR Proposals for NZ IFRS 16 and NZ IAS 7

23 Apr 2018

 

Tier 1 and Tier 2 PBE Standards

ID

Title

Comments due to the NZASB

Comments due to the IPSASB

IPSASB ED 63

IPSASB Social Benefits

23 Feb 2018 

31 Mar 2018 

IPSASB ED 64

IPSASB Leases

31 May 2018

30 Jun 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.