Pitopito Kōrero

Climate & Assurance consultation update

In response to feedback from Climate Reporting Entities (CREs), who have raised concerns regarding certain application challenges, last week we announced our intention to publish a consultation document exploring options for amendments to the Aotearoa New Zealand Climate Standards and Assurance Standards.

This includes looking at what possible arrangements might be put in place to ease certain disclosure and assurance requirements to allow more time for improvements in data availability and quality.

In order for any possible changes to be implemented by the end of the year, the minimum consultation period will be 15–30 October, however the team are working at pace to issue the consultation document as soon as possible and stakeholders will be notified immediately. 

We are mindful of the relatively short consultation timeframe and want to ensure providing feedback as easy as possible.  Along with the usual feedback mechanisms (Email, linkedIn comments) we will be hosting daily virtual 'drop in' sessions during one week of the consultation. As well as providing an overview of the consultation, the sessions will feature an online poll covering key questions from the consultation. Links to these events will be circulated with the consultation documents once finalised.

Partnering to reach Incorporated Societies

We are currently rolling out a programme of awareness raising activities to ensure Incorporated Societies are aware of recent legislative changes and what this may mean for their financial reporting requirements. As part of this, we are partnering with voluntary and community sector organisations Hui E! and Volunteering New Zealand who are supporting us through a range of nationwide activities to reach a wide audience.
 
This month Hui E! are hosting a webinar featuring the XRB and IRD which will focus on the recent changes affecting Incorporated Societies to provide clarity on re-registration and changes coming from the new Act, the new financial reporting requirements, and tax implications. The webinar is scheduled for 18 October from 12pm–1:15pm.

IASB Vice Chair visit to New Zealand 

In November this year we are pleased to be hosting the Vice Chair of the International Accounting Standards Board, Linda Mezon-Hutter, in New Zealand and will be holding the following two events:

1. IASB Work Programme for Company Directors - An overview of current and upcoming projects and key strategic objectives  9:00am – 10:30am, PwC Tower, 15 Customs Street West, Auckland

Numbers are strictly limited – to register interest in attending please email accounting@xrb.govt.nz

2. IFRS 18 Insights - Purpose, impact and potential challenges of adopting IFRS 18 in New Zealand.  2pm – 3:30pm, PwC Tower, 15 Customs Street West, Auckland

This event will be useful for corporate CFOs, financial controllers, financial reporting managers, and audit partners. Note: Numbers are strictly limited for in person attendance, however the event will also be livestreamed. To register interest in attending in person or to receive the livestream link, please email accounting@xrb.govt.nz

In brief

Consultations

• Climate-related and Other Uncertainties in the Financial Statements – Closes 25 October
• Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement – Closes 25 October
• Translation to a Hyperinflationary Presentation Currency Closes 22 November

Events

• Incorporated Societies Webinar 18 October from 12pm–1:15pm
• Need to Know – Assurance Update 31 October 12pm-12:45pm
• IASB Vice Chair, Linda Mezon-Hutter visit to New Zealand Friday 8 November (see above for details) 

Career opportunities

• Project Manager - Sustainability Reporting. Visit our careers page for more information.