NZASB Update #9
| 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. |
Limited scope amendments to the simple format reporting standards
The NZASB has issued Exposure Draft NZASB 2018–2 2018 Omnibus Amendments to Tier 3 and Tier 4 PBE Accounting Requirements (the Omnibus ED).
The scope of the amendments contained in the Omnibus ED are limited to amendments to align with other pronouncements such as the PBE Conceptual Framework, clarifications of existing requirements and minor editorials.
A requirement to sign and date the performance report is the only new proposal. This has been added as a direct result of feedback received from a range of stakeholders. The NZASB notes that many entities already sign and date their performance reports.
The NZASB is seeking your comments by 30 May 2018.
In case you missed it…
IPSASB issues ED 64 Leases
The International Public Sector Accounting Standards Board (IPSASB) has published for comment ED 64 Leases (ED 64). This contains proposals for lease accounting, including accounting for leases at below market terms (concessionary leases).
Send your comments either to the NZASB by 31 May 2018, or directly to the IPSASB by 30 June 2018.
We are holding a webinar on ED 64 on 15 March 2018, at 12‑2pm.
We are also holding seminars on ED 64 during March as follows:
- Wellington on 22 March 2018, 9:00AM – 11.30AM at the James Cook Grand Chancellor Hotel
- Christchurch on 28 March 2018, 12:00PM – 2.30PM at The George Hotel
- Auckland on 29 March 2018, 9:00AM – 11.30AM at the Heritage Hotel
In the meantime, if you would like to know more, you can view the IPSASB's webinar on ED 64.
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. |
