NZASB Meeting 23 June 2021

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

Standard approved for issue

The Board approved for issue Deferred Tax related to Assets and Liabilities arising from a Single Transaction, which amends NZ IAS 12 Income Taxes.

IPSASB Measurement projects

The Board provided feedback on draft responses to the International Public Sector Accounting Standards Board (IPSASB) on some of the specific matters for comment in Exposure Drafts 76–79.

The Board will continue to discuss the EDs at future meetings.

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

In September 2020 the Board issued a Request for Information (RFI) seeking feedback on the Simple Format Reporting Standards (the Tier 3 and Tier 4 PBE Standards).

The Board noted an analysis of the submissions received on the RFI and provided feedback on the proposed actions in response.

The Board will continue to discuss this project at future meetings.

IASB Agenda Consultation

In late March 2021, the International Accounting Standards Board (IASB) issued for comment the RFI —Third Agenda Consultation seeking feedback on the focus of its activities and Work Plan for 2022 to 2026

The Board provided feedback on the draft comment letter to the IASB on the RFI.

The Board will consider an amended comment letter at its August meeting.

Business Combinations under Common Control

The Board provided feedback on the draft comment letter to the IASB’s Discussion Paper Business Combinations under Common Control.

The Board agreed to approve the comment letter to the IASB by email circulation.

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 when developing an insurance standard for the public sector based on IFRS 17 Insurance Contracts.

The Board discussed papers which considered whether public-sector-specific modifications or guidance is needed in a public sector insurance standard, regarding the following matters:

1. the discounting requirements;
2. the requirements for presenting the impacts of inflation in the statement of profit or loss and other comprehensive income; and
3. the eligibility for application of the premium allocation approach to measuring liabilities for remaining coverage.

The Board will consider further issues at future meetings.

Next NZASB meeting

Thursday 12 August 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).