31 December 2021
Listed below are the XRB accounting standards:
- that you will be required to apply for the first time in your 31 December 2021 financial statements (when applicable to your activities); and
- those that are available for early adoption.
The list includes new accounting standards issued by the XRB as of February 2022.
Each new standard listed has a link to the full final pronouncement on our website.
|XRB accounting standards requiring first-time application||Issue date||Effective date1|
|New Zealand Equivalent to the IASB Conceptual Framework for Financial Reporting (2018 NZ Conceptual Framework)||01/05/2018||01/01/2020|
|Updating References to the Conceptual Framework in NZ IFRS)||01/05/2018||01/01/2020|
|Definition of a Business (Amendments to NZ IFRS 3)||01/12/2018||01/01/2020|
|Definition of Material (Amendments to NZ IAS 1 and NZ IAS 8)||01/12/2018||01/01/2020|
|Definition of Material (Amendments to Conceptual Frameworks)||01/12/2018||01/01/2020|
|2019 Amendments to XRB A1 Appendix A – When is an Entity a Public Benefit Entity?||01/05/2019||01/01/2020|
|2019 Omnibus Amendments to NZ IFRS||01/09/2019||01/01/2020|
|Interest Rate Benchmark Reform||01/11/2019||01/01/2020|
|Covid-19-Related Rent Concessions||Jun 2020||01 Jun 2020|
|Extension of the Temporary Exemption from applying NZ IFRS 9 (insurers only)3||Aug 2020||01 Jan 2021|
|Interest Rate Benchmark Reform—Phase 2||Sep 2020||01 Jan 2021|
This information has been prepared by staff of the External Reporting Board (XRB) for information purposes only. It does not form part of the standards or authoritative publications of the XRB.
1 The Standard shall be applied for annual reporting periods beginning on or after the effective date (except if otherwise noted). For example, if an entity has a 31 December balance date, its annual reporting period begins 1 January.
2 The Standard is effective for annual periods ending on or after 30 September 2020.
3 This exemption applies only to certain insurers that meet specific criteria.
4 The effective date was originally 1 January 2022 when issued but was deferred to 1 January 2023 in August 2020 Classification of Liabilities as Current or Non-current – Deferral of Effective Date.
5 The original effective date of this amending standard was 1 January 2016. However, the IASB deferred the effective date of the equivalent amendments indefinitely. In New Zealand, all accounting standards and amendments must have an effective date. Therefore, in New Zealand, the effective date of these amendments is currently deferred to 1 January 2025.