NZASB Meeting 2 August 2017

Event Date 02 August

Date And Time

Level 7
50 Manners Street
Wellington 6011

Here is a summary of the main matters considered.

For-profit Standards Approved for Issue

The NZASB approved the following standard and interpretation to be finalised and issued:

  • NZ IFRS 17 Insurance Contracts; and
  • NZ IFRIC 23 Uncertainty over Income Tax Treatments.

We will advise by a separate communiqué when we issue these pronouncements.

International Valuation Standards Council (IVSC) IVS Agenda Consultation 2017

The NZASB considered and approved for finalisation the draft comment letter to the IVSC Standards Review Board on its IVS Agenda Consultation 2017.

FRS-42 and PBE FRS 42 Practice Issues

The NZASB continued its analysis of FRS-42 Prospective Financial Statements and PBE FRS 42 Prospective Financial Statements practice issues.

Board deliberations focused on the question: what forms of general purpose prospective financial information should be within the scope of FRS‑42 or PBE FRS 42? 

Consistent with the Board’s mandate, and having considered legislative and regulatory requirements, the Board decided that the scope of these two standards should be limited to prospective financial statements, rather than other types of prospective financial information.

The Board will consider proposals to amend FRS‑42 and PBE FRS 42 at future meetings.

Financial Reporting for Heritage in the Public Sector

The NZASB noted the findings from constituent outreach undertaken and provided feedback on the draft comment letter on the IPSASB Consultation Paper Financial Reporting for Heritage in the Public Sector. The Board will consider a final draft at its September meeting.

2017 Omnibus Amendments to NZ IFRS

The NZASB considered ED NZASB 2017-X 2017 Omnibus Amendments to NZ IFRS and the accompanying Invitation to Comment and approved it for issue, subject to the changes agreed at the meeting.

We will advise by a separate communiqué when we issue this exposure draft.

Principles of Disclosure

The NZASB considered the feedback from its constituent outreach events on the IASB’s Discussion Paper 2017/1 Disclosure Initiative—Principles of Disclosure (DP). The Board also provided feedback on the draft comment letter on the DP

For-profit Reduced Disclosure Regime (RDR)

The NZASB considered the submissions received on the ED NZASB 2017-1 Amendments to RDR for Tier 2 For-profit Entities.  The project will be progressed jointly with the Australian Accounting Standards Board.  The Board will consider proposed amendments to the RDR decision-making framework and disclosure requirements for Tier 2 for-profit entities at future meetings.

Application of the Public Benefit Entity (PBE) Policy Approach

The NZASB applied the Policy Approach to the Development of PBE Standards to NZ IFRIC 23 Uncertainty over Income Tax Treatments and agreed to propose the incorporation of NZ IFRIC 23 into PBE IAS 12 Income Taxes.

Next Meeting

13 September 2017 in Auckland.