NZASB Update 23/2020

December NZASB meeting review, IASB RFI – PIR of IFRSs 10-12, IASB PIR: IFRS 9 Financial Instruments

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.

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Holiday wishes NZASB

The NZASB and the Accounting Standards team at the XRB thank you for your contributions to our work programme over the past year.  Your comments and feedback are an important part of making sure our standards are appropriate for the New Zealand reporting environment.

Have a happy holiday break, and our best wishes for 2021! 

XRB will be closed from 5pm on Wednesday 23 December 2020 and  re-opens on Monday 11 January 2021.

Recent NZASB Meeting

17 December 2020 

 NZASB image

Applies to:

For-profitNot-for-profitPublic Sector

 The December NZASB meeting was a full day virtual meeting.

You can access the public agenda, public meeting papers and the highlights for the 17 December meeting on our website.

The Board:

  • Discussed and finalised its draft comment letter on Business Combinations – Disclosures, Goodwill and Impairment.
  • Approved the Editorial corrections to NZ IFRS.
  • Received an education session on Business Combinations under Common Control.
  • Received in the non-public session an update from Charities Services on recent compliance reviews and future activities.

Have a look 

IASB RFI – PIR of IFRS 10, IFRS 11 and IFRS 12

IFRS 10, 11, 12 PIR cover

Applies to:


The IASB has published a Request for Information (RFI) as part of the Post-implementation Review (PIR) of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities

  • IFRS 10 sets out requirements for the preparation of group – consolidated – financial statements.  
  • IFRS 11 looks at how to account for interests in joint arrangements and
  • IFRS 12 sets out the information to be disclosed in the notes to the financial statements about interests in other entities.  

These IFRS Standards have been effective since 2013. 

The RFI is seeking feedback on any unexpected costs or implementation problems encountered in practice when applying the standards and on the usefulness of information provided to users of financial statements. 

The IASB will use the feedback from the RFI to determine whether any further action is required. 

This is your opportunity to provide feedback. 

Comments are due to the NZASB by 17 March 2021 and to the IASB by 10 May 2021

Have a look

IASB PIR: IFRS 9 Financial Instruments

IFRS logo

Applies to:


The IASB has begun its PIR of the classification and measurement requirements in IFRS 9 and has added the PIR project to its work plan.

Read more

When developing IFRS 9, the IASB divided its project into three phases—classification and measurement, impairment, and hedge accounting. The IASB to also divide the PIR of the Standard into phases, starting with the review of the classification and measurement requirements. The impairment requirements and hedge accounting requirements will be reviewed later, when more information is available about the application and effects of those requirements.

The IASB has not yet set an issue date for an RFI in relation to this project.

Future PIRs have also been signalled by the IASB for IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.

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 Document 

Not-for-profit     Public Sector

* Request for Information

IASB Consultation Documents



IPSASB Consultation Document 

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).