NZASB Update #8

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.

New amending standard


For-profit


Tier 1 and Tier 2

The NZASB has issued an amending standard.

Annual Improvements to NZ IFRSs 2015–2017 Cycle

This amending standard—based on Annual Improvements to IFRS® Standards 2015–2017 Cycle, issued by the International Accounting Standards Board (IASB)—clarifies requirements in the following standards.

Standard

Subject of amendment

NZ IFRS 3 Business Combinations

NZ IFRS 11 Joint Arrangements

Previously held interest in a joint operation

 

NZ IAS 12 Income Taxes

Income tax consequences of payments on financial instruments classified as equity

NZ IAS 23 Borrowing Costs

Borrowing costs eligible for capitalisation

 This amending standard is effective for annual periods beginning on or after 1 January 2019 with early application permitted.


NZASB February meeting


For-profitNot-for-profitPublic Sector


The NZASB met on Wednesday 7 February 2018 to discuss a range of topics affecting both public benefit entities (PBEs) and for-profit entities.

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

Read more


In case you missed it!

IPSASB Roundtable – Auckland

photo of Ian CarruthersLast week's Wellington roundtable with Ian Carruthers, Chair of the International Public Sector Accounting Standards Board (IPSASB), was a winner and we received some worthwhile insights and feedback from those who participated.  Thanks to all who attended!

Next week on Friday we repeat the event in Auckland at the Heritage Hotel.

Again, Ian will talk about the recently issued IPSASB Consultation Document Proposed Strategy and Work Plan 2019–2023.  He wants to know what issues New Zealand PBEs face and whether these are appropriately represented in the future strategy and work plan.

Ian will also discuss Exposure Draft 63 Social Benefits and Exposure Draft 64 Leases

Come and give us your views! The roundtable is free, but you will need to register in advance.

Register here


Upcoming events

Webinar: Accounting for Leases


Not-for-profitPublic Sector


Tier 1 and Tier 2

The proposals for how leases should be accounted for and disclosed, including the accounting for concessionary (below market value) leases, will impact Tier 1 and Tier 2 PBEs.

The potential impact of the proposed changes are considered to be widespread for both not-for-profit and public sector entities with lease arrangements in their capacity as either a lessee or lessor.

We will be hosting a webinar on 15 March 2018 to outline the proposals in the recently issued IPSASB Exposure Draft 64 Leases. 

Register here

The webinar is free to attend, but you will need to register in advance to be able to sign-on to the session.

Due to the importance of these proposed changes, we will also be hosting seminars in Auckland, Wellington and Christchurch.

This will provide you with an opportunity to engage directly with XRB staff and provide your comments and concerns.

These seminars are planned for late March.  Details will be confirmed shortly.   


Have your say...

Before issuing an accounting standard the NZASB and international standard-setting boards—such as the 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 2017-3

Proposed Amendments to FRS-42 Prospective Financial Statements

28 Feb 2018

NZASB 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 Consultation Document

Proposed Strategy and Work Plan
2019-2023

13 Apr 2018

15 Jun 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.