Accounting Alert

3 August 2026

Upcoming NZASB Meeting

The next NZASB meeting is on Thursday 6 August 2026 – register to observe.  Key topics for discussion will include:

2027 Review of the Accounting Standards Framework (ASF)

• Background context to the ASF, scope, purpose and general understanding of the project

• Sectors within the ASF

• Mixed group reporting

• Public accountability

• Special purpose reporting

• Locally modified standards

• Tier 1 and Tier 2 for-profit entities reporting framework options

• Entities voluntarily opting in to XRB reporting standards

For-profit entities

• Approval of Amendments to the Fair Value Option for Investments in Associates and Joint Ventures - Amendments to NZ IAS 28

  
  

Public benefit entities (PBEs)

• Approval of draft comment letters on the IPSASB consultations on Presentation of Financial Statements and Making Materiality Judgements  

Current consultations

For-profit entities

• For banks and insurers: Risk Mitigation Accounting – Proposed amendments to IFRS 9 and IFRS 7 – Comments to XRB close on 16 November 2026.

  Important – The above consultation proposes to withdraw IAS 39 Financial Instruments: Recognition and Measurement. All entities still applying the IAS 39 hedge accounting principles should consider these proposals and can reach out or provide feedback on this aspect of the proposals.  

  
  

• For Tier 2 entities with operations in hyperinflationary jurisdictions: RDR Concessions: Translation to a Hyperinflationary Presentation Currency – Comments to XRB close on 19 August 2026.

Guidance to help support your reporting

NZ IFRS 18 insights – for-profit entities

We recently held a panel event to support the implementation of NZ IFRS 18 Presentation and Disclosure in Financial Statements, featuring Dr Andreas Barckow, Chair of the IASB. The discussions covered the likely impact of the standard, key practical issues, and how entities are preparing for the mandatory date of 1 January 2027.  

The following material from this event is available on our website.

• Summary document on what we heard from the discussion – Outlines practical challenges to watch out for when preparing for NZ IFRS 18 and actions other entities are taking to prepare.

• Recording (and slides) of Dr Barckow’s presentation on IFRS 18 and other international developments – Provides an overview of the background of IFRS 18 and why it was introduced.

• Recording of the panel discussion on NZ IFRS 18 which features views from practitioners and preparers – Provides practical views and matters to consider when preparing for the adoption of NZ IFRS 18.

Going concern – for-profit entities

The XRB published staff guidance for directors and preparers of financial statements in the for-profit sector, to support high-quality going concern assessment and disclosure in uncertain times. It also explains how upcoming changes to the auditing standard on going concern will enhance audit requirements and affect the auditor’s report. Read the staff guidance here.

Service performance information (SPI) for Tier 1 and 2 not-for-profit entities

We have published practical factsheets to help Tier 1 and 2 not-for-profit entities understand the reporting process, key concepts and other matters raised through the 2025 consultation.

Incorporated societies – Tier 3 and 4  

We have published a series of short guidance documents to support societies that are adopting the Tier 3 (Not-for-profit) Standard for the first time. All guidance is available on our incorporated societies resources webpage.

Public benefit entities – Tier 3 and 4

We have updated our Tier 3 and Tier 4 FAQs to address common application questions and practical issues that arise when applying the Tier 3 and Tier 4 Standards in practice. The FAQs are available on our Tier 3 and 4 FAQs webpage.