NZASB Update #12

New amending standard

The NZASB has issued an amending standard.

Plan Amendment, Curtailment or Settlement (Amendments to NZ IAS 19)

The amendments to NZ IAS 19 Employee Benefits will affect entities with defined benefit plans that modify plan requirements and will clarify how to measure the net defined benefit liability or asset and related amounts, such as the current service cost, when the modification occurs during a reporting period.

The amending standard is effective for annual periods beginning on or after 1 January 2019 with early application permitted.

Read more

Accounting Policy Changes (Proposed amendments to IAS 8)

The International Accounting Standards Board (IASB) has published for public comment Exposure Draft ED/2018/1 Accounting Policy Changes (Proposed amendments to IAS 8).

The Exposure Draft proposes narrow scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to facilitate voluntary changes in accounting policies as a result of agenda decisions published by the IFRS Interpretations Committee.

The NZASB encourages you to read the Exposure Draft and provide your comment on the proposals. Comments are due to the NZASB by 25 June 2018, or directly to the IASB by 27 July 2018.

Read more

Recent round table on IPSASB ED 64 Leases

The International Public Sector Accounting Standards Board (IPSASB) is currently seeking feedback on proposals contained in ED 64 Leases for new accounting requirements for leases, including concessionary leases.

We recently held three round tables in Auckland, Wellington and Christchurch on ED 64. We received valuable feedback from a broad range of constituents on both the proposed lessee and lessor accounting models. Thanks to all of you who attended a round table event.

Your feedback from the round table discussions, as well as from written submissions received, will help the NZASB develop its comment letter to the IPSASB.

There is still time to put in written submissions on these important proposals. Submissions to the NZASB close on 31 May 2018.

Have your say...

Before issuing a finalised accounting standard the NZASB and international standard-setting boards—such as the 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

Tier 1 and Tier 2 PBE Standards

Tier 3 and Tier 4 PBE Standards