NZASB Update 19/2020

Review of the Simple Format Reporting Standards, Upcoming NZASB Meeting, Goodwill and Impairment outreach 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.

LinkedIn logo

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

Review of the Simple Format Reporting Standards

Not-for-profitPublic Sector

 SFR PIR cover

 SFR PIR One pager covers

The NZASB is seeking your feedback on the Simple Format Reporting standards, guidance and templates used by smaller not-for-profit and public sector entities. 

The goal of this post-implementation review is to hear from those of you who are applying the Tier 3 and Tier 4 standards about what is working well and what is not. The NZASB also wants to know if the application guidance helps you comply with the standards, and if the optional Tier 3 and 4 performance report templates are easy to use and fit for purpose.

The NZASB needs to collect as much feedback as possible from a wide range of entities across the not-for-profit and public sectors.

Your feedback will help the NZASB determine whether changes to the standards, guidance and templates are needed.

We have three ways that you can give us your feedback.

You can either:

Send us your feedback at any time, but we need to hear from you by 31 March 2021.

The NZASB will consider all feedback received by this date.

You can find more information on the review, including links to the full request for information, standards, guidance, templates, and how to make a submission on the XRB website.

Have a look

Upcoming NZASB Meeting

15 October 2020

 NZASB image

Applies to:

Not-for-profitPublic Sector

The NZASB will meet for a short virtual meeting from 10:00AM to 11:30AM to discuss and approve its comment letter on the three IPSASB Exposure Drafts on Revenue and Transfer Expenses.

You can access the public agenda, public meeting papers and register to attend as an observer at this meeting on our website.

Have a look

The next full day NZASB meeting will be held in-person in Auckland on 4 November 2020.

XRB/IASB Outreach Event on Goodwill and Impairment

Goodwill and Impairment promo

There is still time to register for our virtual Goodwill and Impairment Outreach Event, which will run on Tuesday 13 October from 9:00AM–10:30AM.  

Register here

Have your say…

Have your say icon

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

Not-for-profitPublic Sector

* Request for Information

IASB Consultation Document


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).