NZASB Meeting 16 February 2022

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

Tier 3 and Tier 4 PBE Standards

The Board considered and provided feedback on four draft exposure drafts (EDs) and accompanying Invitations to Comment (ITCs) proposing amendments to the Tier 3 and Tier 4 PBE Standards for both the NFP and Public Sector versions of the Standards.

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

2022 Amendments to PBE Standards

The Board approved for issue the ED 2022 Amendments to PBE Standards and an accompanying ITC with a 90-day comment period. The ED proposes minor amendments to PBE Standards arising from:

• recent IPSASB improvements to IPSAS Standards;
• recent IASB amendments to IFRS Standards;
• the non-authoritative guidance on borrowing costs issued by the IPSASB in 2021; and
• other New Zealand amendments.

Comments are due to the Board by 27 May 2022.

Public Sector Insurance

The Board approved for issue the ED Insurance Contracts in the Public Sector and an accompanying ITC with a 90-day comment period. The ED proposes amendments to PBE IFRS 17 Insurance Contracts for its application by public sector entities that issue insurance contracts. The ED and ITC will be issued in early March 2022, when an equivalent ED proposing amendments to AASB 17 Insurance Contracts has been approved for issue by the Australian Accounting Standards Board at its meeting on 23 February 2022.

Constituents will be notified when the ED and ITC are issued for comment.

Initial Application of PBE IFRS 17 and PBE IPSAS 41—Comparative Information

The Board approved for issue Initial Application of PBE IFRS 17 and PBE IPSAS 41—Comparative Information and an accompanying ITC with a 90-day comment period. The ED proposes to incorporate in PBE IFRS 17 the amendments to the transition requirements recently issued by the IASB (to IFRS 17 Insurance Contracts) and the Board (to NZ IFRS 17 Insurance Contracts).

Comments are due to the Board by 27 May 2022.

PBE Leases

The Board noted that IPSAS 43 Leases was issued by the IPSASB on 31 January 2022. The Board considered the application of the Policy Approach to the Development of PBE Standards (PBE Policy Approach) to IPSAS 43 and agreed to develop a PBE Standard based on IPSAS 43.

The Board will consider a draft ED for a new PBE Standard and an accompanying ITC at a future meeting.

Next NZASB meeting

Thursday 17 March 2022 (half-day virtual meeting).

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).