NZASB Update #12

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.

New amending standard

For-profit icon Tier 1 and 2 icon

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.

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Accounting Policy Changes (Proposed amendments to IAS 8)

For-profit icon Tier 1 and 2 icon 

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.

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Recent round table on IPSASB ED 64 Leases

NFP icon Public Sector iconTier 1 and 2 icon 

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



Comments due to the NZASB

Comments to the IASB

NZASB ED 2018-1

RDR Proposals for NZ IFRS 16 and NZ IAS 7

23 Apr 2018

27 July 2018

IASB ED/2018/1

 Accounting Policy Changes (Proposed amendments to IAS 8) 25 Jun 2018 N/A


Tier 1 and Tier 2 PBE Standards



Comments due to the NZASB

Comments due to the IPSASB

IPSASB Consultation Document

Proposed Strategy and Work Plan

13 April 2018 15 Jun 2018



31 May 2018

30 Jun 2018


Tier 3 and Tier 4 PBE Standards



Comments due to the NZASB

NZASB ED 2018-2

2018 Omnibus Amendments to Tier 3 and Tier 4 PBE Accounting Requirements
(Simple Format Reporting Standards)

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.