NZASB Meeting 21 September 2021
Here is a summary of the main matters considered in the public sessions.
Tier 3 and Tier 4 PIR
The Board considered proposed amendments to the Tier 4 PBE Standards that address some of the concerns raised by constituents in their responses to the Post-implementation Review of Simple Format Reporting Standards (PIR). The proposed amendments would significantly reduce the length of the Tier 4 Standards.
The Board also considered an issues paper on the recognition of donation and grant revenue in the Tier 3 PBE Standard. Feedback received on the PIR highlighted concerns that the ability to defer revenue for donations and grants was too restrictive, being permitted only when there are “use or return” conditions attached.
Further issues raised by constituents will be considered at future meetings.
Public Sector Insurance
The Board discussed the following topics relating to the requirements in PBE IFRS 17 and considered staff recommendations in respect of each topic:
- Identifying and accounting for onerous contracts and related unit of account issues
- Redeliberation of scope and risk adjustments topics
- Measurement of investments backing insurance liabilities
- Risk mitigation program costs and other similar costs
- Captive insurers
Next NZASB meeting
Tuesday 19 October 2021 (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).
Date And Time
- Virtual - By video conference
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