NZASB Update #8

New amending standard

The NZASB has issued an amending standard.

Annual Improvements to NZ IFRSs 2015–2017 Cycle

This amending standard—based on Annual Improvements to IFRS^® Standards 2015–2017 Cycle, issued by the International Accounting Standards Board (IASB)—clarifies requirements in the following standards.

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

Annual Improvements to NZ IFRSs 2015-2017

NZASB February meeting

The NZASB met on Wednesday 7 February 2018 to discuss a range of topics affecting both public benefit entities (PBEs) and for-profit entities.

You can access the public agenda, meeting papers and the meeting highlights on the XRB website.

Read more

In case you missed it!

IPSASB Roundtable – Auckland

Last week's Wellington roundtable with Ian Carruthers, Chair of the International Public Sector Accounting Standards Board (IPSASB), was a winner and we received some worthwhile insights and feedback from those who participated.  Thanks to all who attended!

Next week on Friday we repeat the event in Auckland at the Heritage Hotel.

Again, Ian will talk about the recently issued IPSASB Consultation Document Proposed Strategy and Work Plan 2019–2023.  He wants to know what issues New Zealand PBEs face and whether these are appropriately represented in the future strategy and work plan.

Ian will also discuss Exposure Draft 63 Social Benefits and Exposure Draft 64 Leases. 

Come and give us your views! The roundtable is free, but you will need to register in advance.

Register here

Upcoming events

Webinar: Accounting for Leases

The proposals for how leases should be accounted for and disclosed, including the accounting for concessionary (below market value) leases, will impact Tier 1 and Tier 2 PBEs.

The potential impact of the proposed changes are considered to be widespread for both not-for-profit and public sector entities with lease arrangements in their capacity as either a lessee or lessor.

We will be hosting a webinar on 15 March 2018 to outline the proposals in the recently issued IPSASB Exposure Draft 64 Leases. 

Register here

The webinar is free to attend, but you will need to register in advance to be able to sign-on to the session.

Due to the importance of these proposed changes, we will also be hosting seminars in Auckland, Wellington and Christchurch.

This will provide you with an opportunity to engage directly with XRB staff and provide your comments and concerns.

These seminars are planned for late March.  Details will be confirmed shortly.   

Have your say...

Before issuing an 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 following matters set out in the tables below. 

We welcome your comments and feedback, either formal or informal by the due dates specified.

For-profit standards

Tier 1 and Tier 2 PBE Standards