NZASB Meeting 13 May 2021

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

IPSASB Leases project

The Board finalised its comment letters to the International Public Sector Accounting Standards Board (IPSASB) on ED 75 Leases and the Request for Information Concessionary Leases and Other Arrangements Similar to Leases.

IPSASB Measurement projects

The Board discussed a memo which:

(a)      outlined the staff’s initial views about the impact of the proposals in IPSASB EDs 76–79, which propose changes to the measurement requirements in IPSAS;

(b)      compared the current requirements in PBE Standards with the proposals in the EDs for various types of assets; and

(c)       outlined the accounting policies of some public benefit entities (PBEs), including some policies for specialised assets.

The Board made preliminary decisions about which specific matters for comment (SMCs) in the EDs it would comment on. The Board will begin to develop its comments at its meeting on 23 June 2021.

Post-implementation Review of Tier 3 and Tier 4 PBE Standards

In September 2020, the Board issued the Request for Information Simple Format Reporting Standards Post Implementation Review (RFI) for public consultation, with comments due by 31 March 2021.

The Board received a high-level analysis of the comments received on the RFI. A detailed analysis of all the feedback received will be considered by the Board at its meeting on 23 June 2021.

Next NZASB meeting

Wednesday 23 June 2021 (Wellington).

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).