NZASB Update 1/2020

Upcoming NZASB Meeting, new versions of standards available, IASB ED released, Service Performance Reporting guidance available and more....

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.

Happy New Year!

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The NZASB wishes you a Happy New Year and all the best for 2020!

Thanks for your contribution to the NZASB's standard setting in 2019, and we look forward to your continued involvement in 2020.

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For-profit and PBE Standards—new versions available

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Applies to:

For-profitNot-for-profitPublic Sector

We have recently updated the versions of NZ IFRS and PBE Standards on the website. New versions, incorporating consequential amendments from a number of new and amending standards, are now available. 

The most recent version of a standard is featured first on the landing page for that standard. Previous versions are listed below that. 

Have a look 

Want further explanation on why we provide new versions of a standard? Check out these two short explanatory videos on our website:

  • Why do we have multiple versions of the same standard? 

  • What is the effective date for an accounting standard and how does it apply to your reporting entity? What does early adoption mean?

Have a look

NZASB Meeting

13 and 14 February 2020 

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Applies to:

For-profitNot-for-profitPublic Sector

The February Board meeting will be held in Wellington on the afternoon of 13 February and the morning of 14 February.

This NZASB meeting follows a joint NZASB and NZ Auditing and Assurance Standards Board (NZAuASB) non-public meeting on the morning of 13 February.

The two Boards are meeting jointly for the first time to discuss issues of common interest and how they can work better together.

On the afternoon of 13 February, the NZASB will consider:

  • the proposals in the IASB’s Exposure Draft General Presentation and Disclosures;
  • approval of the domestic standard Withdrawal of PBE FRS 46 (Amendments to PBE FRS 47); and
  • approval of the standard PBE Interest Rate Benchmark Reform.  

On the morning of 14 February, the NZASB will consider:

  • an analysis of submissions on the Targeted Review of the New Zealand Accounting Standards Framework; and
  • the project plan for the post-implementation review of the Tier 3 and Tier 4 PBE Accounting Requirements. 

Did you know that NZASB meetings are open to the public?

You can access the public agenda, public meeting papers and register to attend the NZASB February meeting on our website.  

Have a look  

IASB Exposure Draft: General Presentation and Disclosures

 IASB General Presentation & Disclosures

Applies to:



In response to investor demand for improved performance reporting, the IASB has issued proposals (under their Primary Financial Statements project) for a new IFRS Standard to replace IAS 1 Presentation of Financial Statements.

The proposals aim to improve how information is communicated in the financial statements, with a focus on information about performance in the statement of profit or loss, by requiring entities to:

  1. present new defined subtotals in the statement of profit or loss (including an operating profit or loss subtotal);
  2. disaggregate information in a better way (including requirements for entities to identify and explain in the notes any unusual income or expenses); and
  3. disclose information about some performance measures defined by management (‘non-GAAP measures’).

IASB Chair Hans Hoogervorst summarises the proposals in the exposure draft in this brief video:

Have a look

Send your comments to the NZASB by 21 May 2020 and to the IASB by 30 June 2020.

Have a look 

Service Performance Reporting Guidance now available

 EG A10 cover

Applies to:


Tier 2

The NZASB has issued a new Guide to help smaller Tier 2 PBEs understand the requirements of PBE FRS 48 Service Performance Reporting and think about how they will meet those requirements. EG A10 Service Performance Reporting includes a useful section on Getting Started.

Please note that EG A10 is an explanatory document with no legal status.

The Guide does not discuss the Tier 3 and Tier 4 Simple Format Reporting Standards. Those standards have less detailed service performance reporting requirements than the requirements in PBE FRS 48.

Have a look

A new audit standard, New Zealand Auditing Standard 1 The Audit of Service Performance Information, also takes effect from 1 January 2021.

Have a look 

Inland Revenue: Proposed changes to the income tax treatment of leases where NZ IFRS 16 applies

 IRD Leases

Applies to:


The Government has agreed to propose changes to the income tax treatment of leases where NZ IFRS 16 Leases applies to allow qualifying taxpayers who are lessees to follow their accounting treatment to claim tax deductions on certain leases classified as “operating leases” if they choose to do so.

The proposed changes are in response to taxpayers’ requests for a closer alignment between the tax and accounting treatment of tax operating leases to simplify compliance.

It is intended that the proposed changes would apply only for the taxpayer using the asset (the lessee), not the taxpayer supplying the asset (the lessor).

It would apply only to certain tax operating leases, with some exceptions where the existing treatment is intended to continue. The proposed changes would not affect the boundary between tax operating and finance leases.

The proposed changes will be included in a tax bill planned for introduction early in 2020. They would apply to taxpayers with NZ IFRS reporting obligations for income years starting on or after 1 January 2019, to align with the commencement of NZ IFRS 16.

Read more on the IRD site 

2020 Charity Reporting Awards

 NZ Charity Reporting Awards logo

Applies to:


Tiers 1, 2, 3 & 4

Entries are still open for the 2020 New Zealand Charity Reporting Awards.

Entries close on Friday 21 February 2020.

As in previous years there are categories for each of the four reporting tiers, with awards for a winner and highly commended reports in each category. This year there is a new award for innovation in reporting.

Reports will be judged on communication effectiveness and innovation, compliance with XRB standards and overall presentation.

Find out more

IASB: 2020 Consultation Plan

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Applies to:


The IASB has recently published a list of the planned consultations for 2020.

Have a look

When each consultation paper is issued by the IASB, we will provide you with further information and request your feedback to help shape the direction of these projects.

Have your say…

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Before issuing a finalised accounting standard the NZASB and the international standard-setting boards, the IASB and the IPSASB, issue consultation documents. These documents seek your feedback on proposals that could potentially affect you.

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

Tell us how these changes could affect your entity or the entities you work with.

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

You can submit your comments directly from the Exposure Draft page on our website following the links below.

IASB Consultation Document


 Note: There are no current IPSASB or domestic consultations.

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.

This NZASB Update refers to the work of the International Accounting Standards Board (IASB) and the International Public Sector Accounting Standards Board (IPSASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers).