NZASB Update 13/2020

Going Concern Consultation closing; IASB webinar

 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.

LinkedIn logo

Why not follow us on LinkedIn to catch up on our activities?

Going Concern Disclosures: consultation is closing soon

Applies to:

For-profitNot-for-profitPublic Sector

Tier 1 and Tier 2

NZASB ED 2020-2 cover

NZASB ED 2020-3 cover

The NZASB is seeking comments on proposals to establish more specific going concern disclosure requirements in situations where those responsible for the preparation of financial statements; have determined that the going concern basis of preparation is appropriate, but management is aware of events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern. 

More specific going concern disclosure requirements are proposed with respect to these situations where management has either considered material uncertainties and/or applied significant judgement in forming the view that the going concern basis of financial statement preparation remains appropriate.

The NZASB feels that the proposals will be helpful to: 

  • users – by ensuring they get relevant and transparent information; 
  • preparers – as it requires more specificity on required disclosures which helps them to know what information to provide to users; and 
  • auditors – the proposed disclosure requirements will help align the requirements in accounting standards with the requirements in auditing standards for auditors to assess the adequacy of going concern disclosures.  

While responding to the increased uncertainty arising from COVID-19 was an initial driver for these proposals, they are also expected to lead to more informative going concern disclosures in the future. 

The ITCs and EDs have been issued for for-profit entities and PBEs: 

  • Going Concern Disclosures (Proposed Amendments to FRS-44); 

Have a look at the FRS-44 proposals 


  • Going Concern Disclosures (Proposed Amendments to PBE IPSAS 1). 

Have a look at the PBE IPSAS 1 proposals 

Comments are due to the NZASB by 24 July 2020

XRB-VUW Joint webinar on 15 July 2020, 12:00-1:00PM


Applies to: 

Public Sector


XRB-VUW Joint Webinar promo

IASB Webinar: proposed amendments to IAS 1


Applies to: 



Here is an opportunity to hear from Board members and technical staff at the IASB.

The webinar will include a Q&A session. If you have questions, you can submit these before and during the webinars, and these will be answered at the end.

There is no charge to listen to the webinar, but registration is required.

The NZASB is seeking feedback from New Zealand constituents on these proposals. Please send feedback to the NZASB by 7 August 2020 and to the IASB by 30 September 2020.

(1) Click here for a recording of the first in the series of webinars introducing the ED. The second webinar, which explained proposals for subtotals and categories in the statement of profit and loss, is available here. A future webinar will explore the proposals for management performance measures (MPMs).

Have your say... 

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 table 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.

NZASB Consultation Documents

For-profitNot-for-profitPublic Sector


IASB Consultation Documents



IPSASB Consultation Documents

Not-for-profitPublic Sector

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).