NZASB Update #11
| This NZASB Update provides you with an overview of the New Zealand Accounting Standards Board’s recent activities, any new standards or interpretations, as well as other matters of interest. |
NZASB March Meeting
The NZASB met on 21 March and discussed a range of topics affecting both public benefit entities (PBEs) and for-profit entities.
Highlights included:
- Approval of the amendments to the for-profit standard NZ IAS 19 Employee Benefits for when there is a change to a defined benefit plan.
- Approval of the IPSASB comment letter on ED 63 Social Benefits.
- Discussion of the IPSASB lessor accounting model in ED 64 Leases.
You can access the public agenda, meeting papers and the meeting highlights on the XRB website.
For-profit and PBE Standards now compiled
We have been busy working behind the scenes to update our accounting standards. They now incorporate consequential amendments contained in the NZASB standards that become effective for periods beginning 1 January 2019, with early adoption permitted.
The compilations are for both for-profit and PBE Standards. The compiled version is featured first on each standard’s landing page as its latest version. Previous versions are then listed below that as shown in the screenshot.
Have your say...
Before issuing a finalised accounting standard the NZASB and international standard-setting boards—such as the International Accounting Standards Board (IASB) and IPSASB—issue exposure drafts. These seek your feedback on proposals that will potentially affect you.
We are currently consulting on the matters set out in the tables below.
We welcome your comments and feedback, either formal or informal, by the due dates below.
For-profit standards
|
ID |
Title |
Comments due to the NZASB |
|---|---|---|
|
RDR Proposals for NZ IFRS 16 and NZ IAS 7 |
23 Apr 2018 |
Tier 1 and Tier 2 PBE Standards
|
ID |
Title |
Comments due to the NZASB |
Comments due to the IPSASB |
|---|---|---|---|
|
IPSASB Social Benefits |
23 Feb 2018 |
31 Mar 2018 |
|
|
Proposed Strategy and Work Plan |
13 Apr 2018 |
15 Jun 2018 |
|
|
IPSASB Leases |
31 May 2018 |
30 Jun 2018 |
Tier 3 and Tier 4 PBE Standards
|
ID |
Title |
Comments due to the NZASB |
|---|---|---|
|
2018 Omnibus Amendments to Tier 3 and Tier 4 PBE Accounting Requirements |
30 May 2018 |
|
This NZASB Update is intended to provide subscribers with a summary of the recent activities of the New Zealand Accounting Standards Board (NZASB). Links to websites are correct at the time of publication. Subscribers should not rely on this newsletter as a definitive publication of updates. The External Reporting Board and its sub-Board the NZASB do not guarantee, and accept no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency, timeliness or completeness of this newsletter. The information contained in this newsletter does not constitute advice and should not be relied upon as such. |
