NZASB Update 12/2020

4 for-profit standards issued; 14 June NZASB meeting review; Modified audit reports

 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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Four for-profit amending standards issued 


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Applies to:


At its 17 June meeting the Board approved the following amending standards, all of which are effective for annual reporting periods beginning on or after 1 January 2022 (with early application permitted).

The amending standards are all based on recent IASB amendments and have been issued for the purpose of providing minor amendments and clarification to current accounting requirements.

Recent NZASB Meeting 

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Applies to:

For-profitNot-for-profitPublic Sector

The NZASB meeting was a full-day meeting held via videoconference.

The Board approved four amending standards for Tier 1 and Tier 2 For-profit entities, which are discussed further in the preceding article;

The Board also discussed the:

  • three IPSASB Exposure Drafts (EDs) on Revenue and Transfer Expenses;
  • IASB Discussion Paper Business Combinations - Disclosures, Goodwill and Impairment;
  • draft comment letter on the IASB ED General Presentation and Disclosures.
    Kimberley Crook The NZASB farewelled Kimberley Crook who has chaired the NZASB for 6 years and was Deputy Chair for 3 years prior to that appointment. Congratulatory comments reflected the immense contribution Kimberley has made to national and international standard-setting. We wish Kimberley well for her future endeavours.
    Charles Hett

    The NZASB also farewelled Charles Hett, Board member since 2016. Charles has made a notable contribution to the introduction of Insurance standard, IFRS 17 and his insights into risk were greatly appreciated by the Board. We wish Charles well for the future.


You can access the public agenda and public meeting papers and website notice for the 17 June meeting on our website. 

Have a look

The next meeting will be held in a virtual setting on Thursday, 13 August.

Modified Audit Reports 

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Copies must be sent to the XRB 

Auditors of FMC reporting entities and companies are required to send copies of modified audit reports and the related financial statements to the:  

  • FMA and/or Registrar of Companies; and 
  • XRB. 

For FMC reporting entities, the auditor is required to send a copy of the modified audit report and financial statements to the FMA and XRB1 when the audit report indicates that the requirements of Part 7 of the FMC Act 2013 have not been complied with. For further details please refer to section 461G of the Financial Markets Conduct Act 2013. 

For companies, the auditor is required to send a copy of the modified audit report and financial statements to the Registrar of Companies and XRB when the audit report indicates that the requirements of the Companies Act 1993 have not been complied with. For further details please refer to Section 207C of the Companies Act 1993. 

1 Also, in the case of an issuer of debt securities or a manager of a registered scheme, to the Supervisor.

Uploading modified audit reports to the XRB website 

You can upload the modified audit report and financial statements via the XRB’s website. 

Have a look

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).