NZASB Meeting 12 August 2021

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

IPSASB Measurement projects

The Board continued its consideration of a draft comment letter to the International Public Sector Accounting Standards Board (IPSASB) on the four measurement-related exposure drafts, EDs 76–79.

A revised draft, along with submissions received, will be considered at the Board’s October meeting.

IASB Agenda Consultation

The Board approved the comment letter to the International Accounting Standards Board (IASB) on its Request for Information (RFI) Third Agenda Consultation.

Disclosure Initiative – Targeted Standards-level Review of Disclosures

The Board provided feedback on the draft comment letter to the IASB’s ED Disclosure Requirements in IFRS Standards—A Pilot Approach.

A revised draft, along with submissions received, will be considered at the Board’s October meeting.

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

The Board approved for issue the Feedback Statement on the Post-implementation Review of Simple Format Reporting Standards. The Feedback Statement provides a summary of feedback received and the Board’s response to issues raised and next steps for the project.

The Board considered an issues paper on the revaluation of assets by Tier 3 entities. Most respondents expressed a preference for introducing a revaluation measurement option into the Tier 3 Standards for certain types of assets.

Proposed amendments to the Tier 3 and Tier 4 Standards in response to feedback received will be considered at future meetings.

Next NZASB meeting

Tuesday 19 October 2021 (in-person Auckland).

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).