NZASB Update 11/2021

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In this NZASB Update we feature the:

• survey on the IASB’s Agenda Consultation;
• forthcoming June NZASB meeting; and
• importance of IFRS Interpretations Committee agenda decisions.

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IASB Agenda Consultation: Have your say..

Please complete this quick survey to assist the XRB with completing our submission on the IASB’s agenda priorities for the next 5 years.

We are particularly interested in your views on the financial reporting areas that require future standard setting activity. 

Quick summary of the projects

Link to the survey

 Please complete this survey by 30 June 2021.

Upcoming NZASB Meeting  

23 June 2021 

The NZASB meeting is a full day in-person meeting held in Wellington.  

You can access the public agenda, meeting papers and register to attend the meeting on our website.

Have a look

The Board in the public session will be discussing the:  

• next steps in response to the recently completed post-implementation Review of Tier 3 and Tier 4 Standards;
• development of public sector insurance standard based on IFRS 17;
• draft comment letter on the IASB’s Third Agenda Consultation;
• draft comment letter on the IASB’s discussion paper on Business Combinations under Common Control;
• draft comment letter on the four IPSASB Measurement EDs; and
• draft NZ IFRS amending standard on Deferred Tax related to Assets and Liabilities arising from a Single Transaction, with a view to approval.

IFRS Interpretation Committee agenda decisions are important

Did you know that the IFRS Interpretations Committee (Interpretations Committee) works together with the IASB in supporting the consistent application of IFRS Standards? One way it does this is by issuing agenda decisions on application issues that have been sent in.

It is important to understand the status of these agenda decisions because they may impact how you go about preparing your financial statements in compliance with NZ IFRS.

We now have a page on our website which tells you more about agenda decisions, and provides an update on two recent decisions that might be relevant to your entity.

• Accounting for costs incurred to configure or customise software in cloud-based service arrangements
• Classification of debts with covenants as current or non-current

Have a look

Consultation papers open for comment

The following consultation papers are currently open for comment.

We welcome your comments and feedback, either formal or informal, by the due dates below. You can submit your comments directly from the consultation page on our website following the links below.

IASB Consultation Documents

* Request for Information

IPSASB Consultation Documents

There are no domestic consultations at this time.