Latest Happenings

This questionnaire is part of a research project commissioned by the External Reporting Board (XRB) to identify the information needs of the key users of statutory published general purpose financial reports, hereafter referred to as financial reports, of for-profit entities operating in the New Zealand domestic capital market.

The NZASB has issued a package of Simple Format Reporting Standards and other documents that will apply to Tier 3 and Tier 4 Public Sector Public Benefit Entities for financial years beginning on or after 1 July 2014.

The XRB and the NZASB have issued a package of Simple Format Reporting Standards and other documents that will apply to not-for-profit public benefit entities for financial years beginning on or after 1 April 2015. 

The NZASB has issued for comment a package of Exposure Drafts designed to operationalise the new Accounting Standards Framework as it applies to Tier 1 and Tier 2 Not-For-Profit Entities (NFP Entities).

XRB Board and its sub-Boards, the NZASB and the NZAuASB, advise that they have issued a package of four Exposure Drafts.

Kevin Simpkins’ term as Chairman of the XRB finishes in February 2014.

The International Accounting Standards Board (IASB) has published Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting

The XRB Board and the NZASB have issued a package of new standards that will apply to public sector public benefit entities from the 2014/15 financial year.

The New Zealand Accounting Standards Board (NZASB) advises constituents that the IASB has issued an exposure draft outlining proposed changes to accounting for leases which is intended to supersede IAS 17 Leases.

NZASB advises constituents that the IASB has issued an exposure draft containing new proposals for the impairment of financial instruments

The NZASB have issued for comment a package of Exposure Drafts designed to operationalise the new Accounting Standards Framework as it applies to Tier 3 and Tier 4 Public Sector Public Benefit Entities.

As part of the process of developing accounting standards for not-for-profit entities, the NZASB established a working group to consider how reporting entities should be defined in the NFP sector.

The XRB and the NZASB have issued for comment a package of Exposure Drafts designed to operationalise the new Accounting Standards Framework as it applies to Not-For-Profit Entities (NFP Entities).

The XRB Board and the New Zealand Accounting Standards Board (NZASB) have issued a package of standards for for-profit entities together with a re-organised suite of NZ IFRS standards for public benefit entities.

The External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) have issued for comment a set of forty-one (41) Exposure Drafts

The NZAuASB has issued exposure drafts for revisions to the suite of Professional and Ethical Standards

The Minister of Commerce has approved the New Zealand Accounting Standards Framework (incorporating the Draft Tier Strategy). 

The implementation of the Accounting Standards Framework requires the development and issuing of several new suites of accounting standards.

The XRB Board completed its deliberations on the submissions to the 2011 Consultation Papers and the issues arising from those submissions.

A video of the Inaugural XRB Lecture, delivered by Professor Stephen Zeff is now available.

The XRB is pleased to announce the Inaugural XRB Lecture, to be delivered by Professor Stephen Zeff on Tuesday 13 March 2012 in Wellington.

The XRB is currently considering submissions on the Accounting Standards Framework Consultation Papers.

The XRB Board has finalised its submission to the International Integrated Reporting Committee (IIRC) on the IIRC’s report.

The XRB Board and NZASB has finalised its submission to the IASB on its Request for Views - Agenda Consultation document.

At its meeting on 2 December 2011, the XRB Board approved the establishment of an External Reporting Advisory Panel (XRAP).

The XRB Board received and considered the report of the NFP Simple Format Reporting Working Group at its meeting on 2 December 2011. 

The International Financial Reporting Standards Foundation (IFRS Foundation) is seeking to appoint up to five new members to the International Accounting Standards Board (IASB).

The XRB has released three documents outlining proposals for a new Accounting Standards Framework.

The first ever IFRS Foundation conference to be held in Australasia will be held in Melbourne on 25 November 2011.

The Asia Oceania Standards Setters Group’s (AOSSG) third annual conference will be held in Melbourne on 23-24 November 2011.

The NZASB has prepared a questionnaire to allow constituents to respond quickly and easily to the IASB’s Request for Views Agenda Consultation.

The NZASB has issued two accounting standards: Amended NZ IAS 19 Employee Benefits; and Presentation of Items of Other Comprehensive Income - Amendment to NZ IAS 1 Presentation of Financial Statements.

The XRB Board has agreed that those portions of meetings relating to standards or standards strategy should be open to the public.  This will apply to all XRB, NZASB and NZAuASB meetings from September 2011 onwards. 

Ian Mackintosh, Vice Chairman of the International Accounting Standards Board is to visit New Zealand from 22-24 August 2011.

The New Zealand Accounting Standards Board (NZASB) and the New Zealand Auditing and Assurance Standards Board (NZAuASB) both met for the first time on August 27 and 28 respectively.

Around 50 people attended a function on Wednesday 27 August 2011 to celebrate the XRB’s existence.

The External Reporting Board (XRB) came into being on 1 July 2011 when amendments to the Financial Reporting Act 1993 come into force. Those amendments reconstituted the ASRB as the XRB and gave it a broadened set of functions and responsibilities.

 

The XRB Board met on 1 July 2011 to consider a number of technical matters. The Board approved for issue two new standards and four explanatory guides that will replace the existing ASRB Releases, the NZICA Preface and the NZICA Assurance Framework document.

The XRB is pleased to announce two further senior staff appointments and a number of other staff appointments have also been made following a recruitment round and the impending transfer of standard setting staff from the New Zealand Institute of Chartered Accountants (NZICA).

 

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