30 September 2021
Listed below are the XRB accounting standards:
- that you will be required to apply for the first time in your 30 September 2021 financial statements (when applicable to your activities); and
- those that are available for early adoption.
The list includes new accounting standards issued by the XRB as of January 2021.
Each new standard listed has a link to the full final pronouncement on our website.
|XRB accounting standards requiring first-time application||Issue date||Effective date1|
|New Zealand Equivalent to the IASB Conceptual Framework for Financial Reporting (2018 NZ Conceptual Framework)||May 2018||01 Jan 2020|
|Updating References to the Conceptual Framework in NZ IFRS)||May 2018||01 Jan 2020|
|Definition of a Business (Amendments to NZ IFRS 3)||Dec 2018||01 Jan 2020|
|Definition of Material (Amendments to NZ IAS 1 and NZ IAS 8)||Dec 2018||01 Jan 2020|
|Definition of Material (Amendments to Conceptual Frameworks)||Dec 2018||01 Jan 2020|
|2019 Amendments to XRB A1 Appendix A – When is an Entity a Public Benefit Entity?||May 2019||01 Jan 2020|
|2019 Omnibus Amendments to NZ IFRS||Sep 2019||01 Jan 2020|
|Interest Rate Benchmark Reform||Nov 2019||01 Jan 2020|
|Covid-19-Related Rent Concessions||Jun 2020||11 Jun 2020|
|XRB accounting standards available for early adoption||Issue date||Effective date1|
|Extension of the Temporary Exemption from applying NZ IFRS 9 (insurers only)3||Aug 2020||01 Jan 2021|
|Interest Rate Benchmark Reform—Phase 2||Sep 2020||01 Jan 2021|
|Annual Improvements to NZ IFRS 2018–2020||Jun 2020||01 Jan 2022|
|Onerous Contracts—Cost of Fulfilling a Contract||Jun 2020||01 Jan 2022|
|Property, Plant and Equipment Proceeds before Intended Use||Jun 2020||01 Jan 2022|
|Reference to the Conceptual Framework||Jun 2020||01 Jan 2022|
|NZ IFRS 17 Insurance Contracts||Feb 2016||01 Jan 2023|
|Classification of Liabilities as Current or Non-current||Apr 2020||01 Jan 20234|
|Amendments to NZ IFRS 17||Aug 2020||01 Jan 2023|
|Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to NZ IFRS 10 and NZ IAS 28)||Oct 2014||01 Jan 20255|
This information has been prepared by staff of the External Reporting Board (XRB) for information purposes only. It does not form part of the standards or authoritative publications of the XRB.
1 The Standard shall be applied for annual reporting periods beginning on or after the effective date (except if otherwise noted). For example, if an entity has a 31 December balance date, its annual reporting period begins 1 January.
2 The Standard is effective for annual periods ending on or after 30 September 2020.
3 This exemption applies only to certain insurers that meet specific criteria.
4 The effective date was originally 1 January 2022 when issued but was deferred to 1 January 2023 in August 2020 Classification of Liabilities as Current or Non-current – Deferral of Effective Date.
5 The original effective date of this amending standard was 1 January 2016. However, the IASB deferred the effective date of the equivalent amendments indefinitely. In New Zealand, all accounting standards and amendments must have an effective date. Therefore, in New Zealand, the effective date of these amendments is currently deferred to 1 January 2025.