NZASB Meeting 14 April 2021

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

IPSASB Leases project

The Board provided feedback on its draft comment letter on IPSASB ED 75 Leases (ED 75), which is based on IFRS 16 Leases.

The Board also provided feedback on topics in the IPSASB’s Request for Information Concessionary Leases and Other Arrangements Similar to Leases (RFI) which are particularly relevant to New Zealand.

Comments on ED 75 and the RFI are due to the Board by 22 April 2021 and to the IPSASB by 17 May 2021. The Board will finalise its comment letter on ED 75 and consider its response to the RFI at the meeting to be held on 13 May.

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 discussed an issues paper which identified indicators to be considered when identifying relevant ‘insurance-like’ activities that should be accounted for under AASB 17/PBE IFRS 17.

The Board will consider further issues at future meetings.

IPSASB Measurement projects

The Board agreed to comment on four measurement-related exposure drafts, which will be issued by the IPSASB .

Business Combinations under Common Control

The Board provided preliminary feedback on specific questions in IASB Discussion Paper DP/2020/2 Business Combinations Under Common Control (the DP).

The Board will discuss its draft comment letter at a future meeting.

Comments on the DP are due to the NZASB by 1 June 2021 and to the IASB by 1 September 2021.

Disclosure Initiative: Targeted Standards-level Review of Disclosures

The Board agreed to comment on IASB ED/2021/3 Disclosure Requirements in IFRS Standards—A Pilot Approach (the ED), which was issued in March 2021.

Comments on the ED are due to the NZASB by 1 September 2021 and to the IASB by 21 October 2021.

IASB Agenda Consultation

On 30 March 2021, the IASB issued Request for Information Third Agenda Consultation (the RFI). The Board provided preliminary feedback on the questions in the RFI.

The Board has previously agreed to comment on the RFI.

Comments on the RFI are due to the NZASB by 7 July 2021 and to the IASB by 27 September 2021.

Covid-19-Related Rent Concessions beyond 30 June 2021

The Board approved for issue Covid-19-Rent Related Concessions beyond 30 June 2021, which amends NZ IFRS 16 Leases.

The issuance of this new pronouncement will be communicated in an upcoming NZASB Update.

Next NZASB meeting

Thursday 13 May 2021 (half-day virtual).

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).