Proposed Amendments to XRB A1

These proposals are relevant for:

  • for-profit and public benefit entities (PBEs)—both not-for-profit and public sector entities— that have public accountability, as well as
  • Tier 4 PBEs that also control other entities for financial reporting purposes.

The Board of the External Reporting Board (XRB Board) has published for public comment an Exposure Draft ED 2017 Proposed Amendments to XRB A1.

This proposes:

1.       to delete paragraph 9(c) relating to section 55 of the Financial Reporting Act 2013. 

This reflects the end of the transitional period for issuers of securities currently provided under the repealed Securities Act 1978 and the repealed Financial Reporting Act 1993;

and

2.       to add paragraph 42A for Tier 4 PBEs. 

The calculation of total operating payments for Tier 4 PBEs (not-for-profit or public sector entities) that also control other entities for financial reporting purposes will become the total combined operating payments of the entity and its controlled entities, instead of only the total operating payments of the entity.

The XRB Board encourages you to read the Exposure Draft and provide your comments.

Commenting on the proposals

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

Comments are due to the XRB Board by 28 August 2017.