Omnibus Amendments to NZ IFRS

These proposals are relevant for Tier 1 and Tier 2 for-profit entities.

The New Zealand Accounting Standards Board (NZASB) has published for public comment NZASB ED 2017-2 2017 Omnibus Amendments to NZ IFRS.

This Exposure Draft proposes the following amendments.

  • NZ IFRS 10 Consolidated Financial Statements

To require the ultimate New Zealand parent entity to present consolidated financial statements in accordance with the Standard (except where the parent is an investment entity).

  • NZ IAS 28 Investments in Associates and Joint Ventures

To require the ultimate New Zealand parent entity to apply the equity method in accounting for interests in associates and joint ventures (except where the parent is an investment entity).

  • NZ IFRS 4 Insurance Contracts:
    1. To align the definition of “separate financial statements” in Appendix C Life Insurance Entities and Appendix D Financial Reporting of Insurance Activities with the amended definition in NZ IAS 27 Separate Financial Statements.
    2. To amend the wording in paragraph 10.7(a) of Appendix C to correctly refer to the standards that define subsidiaries, joint ventures and associates.
  • NZ IFRS 7 Financial Instruments: Disclosures

To delete most of the paragraphs in Appendix E New Zealand-specific Additional Disclosure Requirements Applicable to NBDTs that are now redundant because of NZ IFRS 9 Financial Instruments.

  • Other NZ IFRSs that require minor or editorial corrections.

The NZASB encourages you to read the Exposure Draft and provide your comments on the proposals.

How to comment

You can send your comments in an email or letter and these can be formal or informal.

Comments are due to the NZASB by Monday 9 October 2017.

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