NZASB Update #3

This NZASB Update provides you with an overview of the New Zealand Accounting Standards Board’s recent activities, any new standards or interpretations it has issued, as well as other matters of interest.

 

Recent meeting

NZASB November additional meeting

The NZASB met on Friday 24 November to discuss a draft comment letter on IPSASB Consultation Paper Accounting for Revenue and Non-Exchange Expenses

The Board will consider an updated comment letter at its meeting in December.

No other topics were discussed at this meeting.

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Upcoming event

NZASB December meeting

14 December 2017, Wellington

The Board intends to discuss a range of topics affecting both PBEs and for-profit entities.

Agenda items include IPSASB CP Accounting for Revenue and Non-Exchange Expenses, IPSASB ED 62 Financial Instruments, IPSASB ED 63 Social Benefits, limited scope amendments to Tier 3 and Tier 4 PBE Accounting Requirements, and proposed RDR concessions for NZ IFRS 16 Leases.

The NZASB meetings are open to the public.

You can access the public agenda, meeting papers and register to attend an NZASB meeting.

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In case you missed it...

FMC Reporting Entities need to prepare for new 2018 accounting standards 

For-profit icon 

The Financial Markets Authority (FMA) is urging directors and management of FMC Reporting Entities to actively engage with each other – and with their auditors – to ensure readiness for NZ IFRS 9 Financial Instruments and NZ IFRS 15 Revenue from Contracts with Customers which will be effective for annual periods from 1 January 2018.

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November 2017 CAGTR Business Links Seminar - “IASB: Current Work and Emerging Issues”

On 27 November, Sue Lloyd Vice Chair of the IASB, together with Charles Hett and Anthony Heffernan from the NZASB presented at the Victoria University CAGTR Business Links Seminar. 

The Seminar covered the IASB’s current work plan, emerging issues, and the implementation impacts of the new standards dealing with leases and insurance contracts. 

Photo of presenters and hosts at Business Links Seminar

Pictured from left to right: CAGTR Director, Professor Tony van Zijl; Charles Hett; Sue Lloyd; Anthony Heffernan; XRB Chief Executive Warren Allen.

The seminar ended with a discussion on the International Public Sector Accounting Standards Board’s (IPSASB) approach to incorporating new IFRS® Standards into their suite of standards.

The slides from each presenter are available on our website.

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This NZASB Update is intended to provide subscribers with a summary of the recent activities of the New Zealand Accounting Standards Board’s (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.