NZASB Update 5/2020

Upcoming NZASB meeting, IASB Discussion Paper, COVID-19 response...

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?

NZASB icon


Applies to:

For-profitNot-for-profitPublic Sector

NZASB March meeting postponed to 1 April 2020

The postponed NZASB 25 March meeting will now be held via video conference on 1 April 2020. 

You can access the meeting papers, now posted to the XRB website.

The NZASB will consider:

  • proposals in the three IPSASB exposure drafts (EDs):
    • ED 70 Revenue with Performance Obligations;
    • ED 71 Revenue without Performance Obligations; and
    • ED 72 Transfer Expenses.
  • proposals in the IASB ED General Presentation and Disclosures;
  • approval of the for-profit standard Classification of Liabilities as Current and Non‑current; and
  • the annual review of the application of the PBE Policy Approach[1].

 Have a look

[1]  Policy Approach to Developing the Suite of PBE Standards, December 2018. 

IASB issues discussion paper on accounting for business acquisitions and goodwill

 Business Combinations ED cover


Applies to:



The IASB has published the Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment (DP)This explores possible improvements to the information entities report about acquisitions of businesses, to help investors assess how successful those acquisitions have been.  

The IASB is also seeking feedback on how entities should account for goodwill arising from such transactions, including whether convincing new arguments exist for the re‑introduction of amortisation. 


For an introduction to the proposals, read the IASB’s Snapshot.

Have a look

We encourage all Tier 1 and Tier 2 for-profit entities to consider commenting on this DP.

Comments are due to the NZASB by 7 August 2020 and to the IASB by 15 September 2020

Find out more 

Application of IFRS 9 in the light of COVID-19 uncertainty

The IFRS Foundation has published educational materials to support the consistent and robust application of IFRS 9 Financial Instruments during this period of enhanced economic uncertainty arising from the COVID-19 pandemic.


The educational material is relevant to Tier 1 and Tier 2 for-profit entities applying NZ IFRS 9
Financial Instruments.

Not-for-profitPublic Sector

The material may also be helpful for Tier 1 and Tier 2 public benefit entities (PBEs) applying
PBE IPSAS 41 Financial Instruments or PBE IFRS 9 Financial Instruments.

Have a look

Regulator response to COVID-19

The following regulators have recently issued notices in response to the impact of COVID-19 on New Zealand reporting entities.


Financial Markets Authority (FMA) and the NZ Stock Exchange (NZX)

In collaboration with the NZX, the FMA has announced that NZX-listed firms, FMC reporting entities and auditors will be given more time to publish their audited financial statements and they have extended the reporting deadlines.

For further information, have a look at:


Charities Services 

There is information on COVID-19 for registered charities to address specific concerns. This includes information about how you can request a filing extension for your annual return and financial statements.

Have a look

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.

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

IASB Consultation Document


IPSASB Consultation Documents

Not-for-profitPublic Sector

There are no current 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).