Pitopito Kōrero

May 2024


Enhancing acquisitions disclosures

To address investors’ calls for better information in financial statements about acquisitions, the International Accounting Standards Board (IASB) are proposing changes to the Business Combinations and Impairment Standards. The proposals also aim to address concerns about the effectiveness and complexity of the impairment requirements for goodwill arising from acquisitions.

We will be hosting IASB member Ann Tarca to discuss the proposed changes on 4 June.  Any reporting entity with a view on these proposals can let us know if they would like to attend or provide feedback by emailing accounting@xrb.govt.nz. Further details can be found here. The New Zealand consultation closes 14 June.


Reviews of Service Performance Information  

Some charities have a statutory requirement to have either an audit or review of their performance report however there is currently no standard that specifically addresses a review of service performance information.

To ensure an integrated approach when reviewing performance reports we are proposing a specific review standard that will be applied in conjunction with the review standard for financial information tailored for a limited assurance engagement. Further details can be found here. Consultation closes 17 July.


Sustainability Reporting Board Established 

The XRB has announced the establishment of a technical committee, the Sustainability Reporting Board (SRB), to sit alongside its other existing technical committees: the Accounting Standards Board and the Auditing and Assurance Board.
Becky Lloyd has been appointed as Chair, with Joe Hanita as Deputy Chair and Jacqueline Cheyne as a member to ensure strategic coherence with the overall work of the XRB.  The SRB will provide technical advice to the XRB on topics including Aotearoa New Zealand Climate Standards and the development of a voluntary, non-financial reporting framework.



In brief   

Consultations

  • Auditors Responsibilities Relating to Fraud. Closes 15 May

  • New Zealand consultation on public interest entity amendments to auditing and assurance standards. Closes 4 June.  

  • Business Combinations—Disclosures, Goodwill and Impairment. Closes 14 June.

  • Review of Service Performance Information. Closes 17 July

Events

  • Public Interest Entity Amendments 8 May

  • Review of Service Performance Information Consultation 13 June


The content of this newsletter is for general information only and does not constitute professional advice.  The XRB expressly disclaims all liability for any loss or damages arising from reliance upon any information in this newsletter. ​


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