NZASB Update #9

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.

Limited scope amendments to the simple format reporting standards


Not-for-profitPublic Sector


Tier 3 and Tier 4

The NZASB has issued Exposure Draft NZASB 2018–2 2018 Omnibus Amendments to Tier 3 and Tier 4 PBE Accounting Requirements (the Omnibus ED).

The scope of the amendments contained in the Omnibus ED are limited to amendments to align with other pronouncements such as the PBE Conceptual Framework, clarifications of existing requirements and minor editorials.

A requirement to sign and date the performance report is the only new proposal. This has been added as a direct result of feedback received from a range of stakeholders. The NZASB notes that many entities already sign and date their performance reports.

The NZASB is seeking your comments by 30 May 2018.

Read more


In case you missed it…

IPSASB issues ED 64 Leases


Not-for-profitPublic Sector


Tier 1 and Tier 2

The International Public Sector Accounting Standards Board (IPSASB) has published for comment ED 64 Leases (ED 64). 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 are holding a webinar on ED 64 on 15 March 2018, at 12‑2pm.

Register here

We are also holding seminars on ED 64 during March as follows:

  • Wellington on 22 March 2018, 9:00AM – 11.30AM at the James Cook Grand Chancellor Hotel
  • Christchurch on 28 March 2018, 12:00PM – 2.30PM at The George Hotel
  • Auckland on 29 March 2018, 9:00AM – 11.30AM at the Heritage Hotel

Register here

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


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 matters set out in the tables below. 

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

For-profit standards

ID

Title

Comments due to the NZASB

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 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

 

Tier 3 and Tier 4 PBE Standards

ID

Title

Comments due to the NZASB

NZASB ED 2018-2

2018 Omnibus Amendments to Tier 3 and Tier 4 PBE Accounting Requirements

30 May 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.