NZASB Meeting Highlights 4 May 2017

Here is a summary of the main matters considered.

PBE Standards Approved for Issue

The Board approved the following standards to be finalised and issued:

  • Approved Budget (Amendments to PBE IPSAS 1); and
  • PBE IPSAS 39 Employee Benefits.

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

Service Performance Reporting

The Board has completed its consideration of the comments received on ED NZASB 2016-6 Service Performance Reporting and its revision of the proposals in the Exposure Draft (ED) in response to those comments. The Board has agreed to undertake further, limited scope consultation on the revised draft of PBE FRS XX Service Performance Reporting before finalising the standard. 

We will advise by a separate communiqué when the limited scope review draft is available.

Implementation Issues with Tier 3 PBE Accounting Requirements

The Board received a presentation on the first year of implementing PBE Standards from Charities Services.

The Board also discussed implementation issues with the Tier 3 PBE Accounting Requirements that have been brought to its attention over the period of first-time implementation.

The Board agreed to make some changes to the Tier 3 not-for-profit standard for minor amendments and to remove inconsistencies between the requirements in the standard and the guidance. The changes will form part of a future Tier 3 PBE accounting requirements omnibus ED.

The Board will address other implementation issues, which require consideration of the underlying principles of the Tier 3 not-for-profit standard in a future post-implementation review of the Tier 3 and Tier 4 PBE accounting requirements.

Principles of Disclosure

The Board received an update on the IASB’s Discussion Paper DP/2017/1 Disclosure Initiative—Principles of Disclosure (POD DP) and the Board provided feedback on proposed outreach events.

A webinar on the POD DP, entitled Better Communication in Financial Reporting, has been scheduled for Wednesday 10 May 2017, 3:00PM – 4:30PM. Registrations for the webinar can be accepted up until the start time.

Round table events are planned for June 2017 in Auckland, Wellington and Christchurch.  We will confirm event details via a separate communiqué.    

Next NZASB Meeting

21 June 2017 in Wellington.