NZASB Meeting Highlights 21 June 2017

Here is a summary of the main matters considered.

Insurance Contracts

IFRS 17 was issued in May 2017 and applies to annual reporting periods beginning on or after 1 January 2021.

The NZASB received an education session on IFRS 17 Insurance Contracts.  The Board  agreed, in principle, to adopt IFRS 17 as an NZ IFRS and agreed to consider a standard for approval at the next meeting.

PBE Combinations

The NZASB provided feedback on potential amendments to IPSAS 40 Public Sector Combinations, for developing an exposure draft of a PBE standard based on this Standard.

The amendments are being considered to ensure the PBE standard is relevant, applicable and understandable by PBEs in New Zealand.  Some of the proposed amendments will be discussed further with the staff of the International Public Sector Accounting Standards Board (IPSASB), before the Board continues its deliberations on whether amendments are required.

The Board will consider a revised draft exposure draft at a future meeting.

Financial Reporting for Heritage in the Public Sector

The IPSASB issued a consultation paper, Financial Reporting for Heritage in the Public Sector (CP), in April 2017. The NZASB has previously agreed to comment on the CP.

At this meeting, the Board considered the nature of its response to the CP questions and discussed proposed outreach activities. It will consider a draft comment letter at a future meeting.

Proposed Amendments to XRB A1

The NZASB considered draft proposed amendments to XRB A1 Application of the Accounting Standards Framework to clarify the Tier 4 PBE size criteria and to update transitional provisions related to the Financial Reporting Act 1993.

The Board provided feedback on the proposals to be considered by the XRB Board.

Next Meeting

2 August 2017 via video conference in Auckland and Wellington.

Extended  External Reporting (EER) User Survey>

The XRB (in collaboration with the McGuinness Institute) is surveying users of EER information of for‑profit entities in New Zealand.

Click here to take the survey button

The survey is open until Friday, 30 June 2017 (this Friday).