NZASB Meeting 11-12 February 2021

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

Public Sector-specific Financial Instruments

The Board delayed approving the ED and ITC on Public Sector Specific Financial Instruments so that a matter could be further investigated prior to its issue. It is expected to be resolved and the ED and ITC proposing non-authoritative amendments to PBE IPSAS 41 Financial Instruments will be considered for approval at an upcoming meeting.

IPSASB Leases project

The Board agreed to comment on IPSASB ED 75 Leases (ED 75), which is based on IFRS 16 Leases.

The Board also agreed to comment on the IPSASB’s Request for Information Concessionary Leases and Other Arrangements Similar to Leases (RFI).

The RFI seeks information from constituents on:

1.  the characteristics of concessionary leases and other arrangements similar to leases that are common in the public sector, and
2.  how these arrangements are being accounted for in the constituents’ jurisdiction in accordance with relevant national accounting standards.

The Board plans to undertake general and targeted outreach to seek PBEs’ views on the proposals in ED 75 and to gather information sought in the RFI.

Comments on ED 75 and the RFI are due to the Board by 22 April 2021 and to the IPSASB by 17 May 2021.

Public Sector Insurance

The Australian Accounting Standards Board (AASB) and the NZASB are jointly undertaking a project to consider what, if any, changes are needed to AASB 17 Insurance Contracts/PBE IFRS 17 Insurance Contracts for their application by public sector entities.

The Board received an update on the outreach conducted during 2020 with Australian and New Zealand public sector entities, and the issues identified by those entities during that outreach. Issues identified during the outreach will be considered at a future meeting.

Editorial Corrections to PBE Standards

The Board approved editorial corrections to PBE Standards that were identified when the consequential amendments arising from PBE IPSAS 41 were incorporated into PBE Standards.

Have a look

Next NZASB meeting

Thursday 14 April 2021 (virtual)