NZASB Meeting Highlights 8 February 2017

Access the meeting papers here

Here is an outline of the main matters considered.

For-profit Standards Approved for Issue

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

  • NZ IFRIC 22 Foreign Currency Transactions and Advance Consideration;
  • Transfers of Investment Property (Amendments to NZ IAS 40); and
  • Annual Improvements to NZ IFRSs 2014–2016 Cycle.

We will advise by separate Communiqués when these standards are issued.

Engagement with International Standard-setting Boards

Ian Carruthers, Chair of the International Public Sector Accounting Standards Board (IPSASB), attended the meeting.  Ian participated in Board discussions and provided an update on IPSASB projects and recent developments.

The Board also hosted Chris Stanley, New Zealand member of the International Valuation Standards Council (IVSC). Chris provided a presentation on the development of international valuation standards by the IVSC and the challenges valuers face when preparing valuations for financial reporting purposes.

AASB 1058 Income of Not-for-Profit Entities

The Board received an education session on the recently issued AASB 1058 Income of Not-for-Profit Entities from the Australian Accounting Standards Board (AASB) staff.

IPSAS 40 Public Sector Combinations

The Board received an education session on IPSAS 40 Public Sector Combinations and agreed, following consideration of the PBE Policy Approach in relation to IPSAS 40, that an NZASB exposure draft (ED) based on this standard should be developed. The Board will review a draft invitation to comment and ED at a future meeting.

Interests in Other Entities: EG A8 and EG A9

The Board considered proposed changes to Explanatory Guide A8 Financial Reporting by Not-for-profit Entities: The Reporting Entity (EG A8) and Explanatory Guide A9 Financial Reporting by Not-for-profit Entities: Identifying Relationships for Financial Reporting Purposes (EG A9). The Board will consider EG A8 and ED A9 again at a future meeting.

Next meeting

22 March 2017 in Wellington.