For-Profit ED NZASB 2014-4 Fair Value Disclosures by Retirement Benefit Plans (Amendments to NZ IAS 26)

The New Zealand Accounting Standards Board (NZASB) has published ED NZASB 2014-4 for comment.  The ED proposes to amend NZ IAS 26 Accounting and Reporting by Retirement Benefit Plans

The amendments would require Tier 1 and 2 for-profit entities reporting in accordance with NZ IAS 26 to disclose information about applying the fair valuation hierarchy to assets and liabilities measured at fair value.  These entities are already required to make a number of other New Zealand specific disclosures.

Prior to NZ IFRS 13 Fair Value Measurement being issued in 2011, NZ IFRS 7 Financial Instruments: Disclosures required disclosures about applying the fair value hierarchy.  When NZ IFRS 13 was issued, it contained a consequential amendment which removed these disclosure requirements from NZ IFRS 7 because they were superseded by disclosure requirements in NZ IFRS 13. However, the disclosure requirements in NZ IFRS 13 do not apply to retirement benefit plan investments measured at fair value in accordance with NZ IAS 26. 

Given the importance of fair value disclosures for entities applying NZ IAS 26 the NZASB is proposing to amend NZ IAS 26 to require these disclosures.

The NZASB encourages you to read the exposure draft and comment on the proposals.

Comments on the proposals are due to the NZASB by 31 July 2014.

Comments, both formal and informal, can be made to the NZASB addressed to the Chief Executive, External Reporting Board, PO Box 11250, Manners Street Central, Wellington 6142, or by email to

We would appreciate receiving a copy of your submission in electronic form (preferably Microsoft Word format) as that helps us to efficiently collate and analyse comments.  The comments should also specify the exposure draft number and title. 

Please note in your submission on whose behalf the submission is being made (for example own behalf, a group of people, or an entity).

We intend publishing all submissions on the XRB website (, unless the submission may be defamatory.  If you have any objection to publication of your submission, we will not publish it on the internet.  However, it will remain subject to the Official Information Act 1982 and, therefore, it may be released in part or in full.  The Privacy Act 1993 also applies.

If you have an objection to the release of any information contained in your submission, we would appreciate you identifying the parts of your submission to be withheld, and the grounds under the Official Information Act 1982 for doing so (e.g. that it would be likely to unfairly prejudice the commercial position of the person providing the information).

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