NZASB Update #10
|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.|
Tier 1 and Tier 2
IPSASB ED 64 Leases
Are you a lessor or lessee of a building, motor vehicle, computer, or a photocopier? Do you have leases at below-market terms (also known as concessionary leases)?
If so, the proposed changes to accounting for leases by Tier 1 & 2 not-for-profit and public sector entities may ultimately affect you.
The International Public Sector Accounting Standards Board (IPSASB) has issued for comment Exposure Draft 64 Leases (ED 64).
The biggest proposed change is that as the lessee you would bring most leases onto your balance sheet. The operating and finance lease distinction will be removed. Essentially, the proposed model for lessors mirrors the treatment for lessees.
In yesterday's webinar we provided you a broad overview of the key proposed changes. If you missed that you can still access the slides and watch a YouTube recording on our website.
We are also running seminars to discuss these proposals further and to receive your feedback. These will take place in Wellington on 22 March, Christchurch on 28 March and Auckland on 29 March.
We want to hear from you! So, come along to this free event and let us know how these changes would affect you in practice, share your ideas and comments with others and with our Accounting Standards team. Written comments are due at the NZASB by 31 May 2018.
Omnibus Amendments to Tier 3 and Tier 4 PBE Accounting Requirements
Tier 3 and Tier 4
A number of small amendments are required to these standards to clarify some existing requirements, align terminology and concepts, and to require the performance report to be signed and dated.
We have made it easy for you to respond with your views by running a short online survey. This consists of 8 Yes/No responses and we think it is a great way for you to quickly provide us with feedback. Survey responses and written comments are due at the NZASB by 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.