Accounting Standards Board Meeting 29 June 2022

Here is a summary of the main matters considered in the public session.

PBE Leases

The Board considered and provided feedback on the draft exposure drafts (EDs) and accompanying Invitations to Comment (ITCs) proposing PBE Standard based on IPSAS 43 Leases.

The Board is expecting to approve the EDs and ITCs for issue at its August 2022 meeting. 

IPSAS 44 Non-Current Assets Held for Sale and Discontinued Operations

The Board noted that IPSAS 44 Non-Current Assets Held for Sale and Discontinued Operations was issued by the IPSASB on 4 May 2022. The Board considered the application of the Policy Approach to the Development of PBE Standards (PBE Policy Approach) to IPSAS 44 and agreed to develop a PBE Standard based on IPSAS 44.

The Board agreed to expose the PBE Standard for public comment at the same time as the PBE Standards based on the IPSASB’s Measurement project are exposed for comment in New Zealand. 

IPSASB CP Natural Resources

The Board discussed the IPSASB’s consultation paper (CP) Natural Resources and agreed to make a submission and provided some preliminary feedback on the possible approach for developing the comment letter. 

Disclosure of Fees Paid to Audit Firms

The Board considered and provided feedback on the outreach plan for the ED on proposals to introduce enhanced disclosure requirements in relation to fees paid by the reporting entity for the audit or review of the financial statements and for other services provided by the audit firm

The EDs can be found here. 

Post-implementation Review of IFRS 10, IFRS 11, and IFRS 12

The Board noted the update on the IASB’s Post-implementation Review (PIR) of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, and IFRS 12 Disclosure of Interests in Other Entities.

Standards Approved by Circular Resolution

The Board noted that the amending standards Initial Application of PBE IFRS 17 and PBE IPSAS 41 – Comparative Information and 2022 Omnibus Amendments to PBE Standards were approved by the Board via circular resolution. These amendments are effective for reporting periods beginning on or after 1 January 2023.   

This meeting summary refers to the work of the International Accounting Standards Board (IASB) and the International Public Sector Accounting Standards Board (IPSASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers).