31 March 2022

Listed below are the XRB accounting standards:

  • that you will be required to apply for the first time in your 31 March 2022  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
Covid-19-Related Rent Concessions beyond 30 June 2021 Apr 2021 01 Apr 2021

 

XRB accounting standards available for early adoption Issue date Effective date1
Annual Improvements to NZ IFRS 2018–2020 Jun 2020 01 Jan 2022
Onerous Contracts—Cost of Fulfilling a Contract Jun 2020 01 Jan 2022
Property, Plant and Equipment Proceeds before Intended Use Jun 2020 01 Jan 2022
Reference to the Conceptual Framework Jun 2020 01 Jan 2022
NZ IFRS 17 Insurance Contracts Feb 2016 01 Jan 2023
Classification of Liabilities as Current or Non-current Apr 2020 01 Jan 20234
Amendments to NZ IFRS 17 Aug 2020 01 Jan 2023
Disclosure of Accounting Policies Mar 2021 01 Jan 2023
Definition of Accounting Estimates Mar 2021 01 Jan 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction Jul 2021 01 Jan 2023
Initial Application of NZ IFRS 17 and NZ IFRS 9—Comparative Information Jan 2022 01 Jan 2023
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to NZ IFRS 10 and NZ IAS 28) Oct 2014 01 Jan 20255

 

Disclaimer

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.

Standards