NZASB Update 10/2020

4 June NZASB meeting, IASB Webinars, Vacancy at XRB

This NZASB Update provides you with an overview of the New Zealand Accounting Standards Board’s recent activities, any new standards or interpretations, as well as other matters of interest.

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Upcoming NZASB Meeting

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Applies to:

For-profitNot-for-profitPublic Sector

 

The NZASB meeting will be a half day morning meeting held via videoconference.

The Board will, in response to COVID-19, consider and approve:

  • two Invitations to Comment (ITC) and Exposure Drafts (ED) which seek to improve going concern disclosures for Tier 1 and Tier 2 for-profit entities and Tier 1 and Tier 2 public benefit entities;
  • the for-profit standard amending NZ IFRS 16, COVID-19-Related Rent Concessions; and
  • a draft ITC and ED proposing to defer the effective date of PBE IFRS 17 Insurance Contracts to 1 January 2023.

The Board will also receive a presentation from NZAuASB staff on Assurance for Extended External Reporting (EER)

You can access the public agenda and public meeting papers and website notice for the 4 June meeting on our website. 

Have a look

The full day June meeting will be held in a virtual setting on Wednesday, 17 June.

Forthcoming live IASB webinars

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For-profit

Tier 1 and Tier 2

This is a not-to-be missed opportunity to hear first-hand from Board members and technical staff at the IASB.

Two webinars will take place in June to give stakeholders more information about two consultation documents on which the IASB is seeking comments.

Details of the live IASB webinars:

Date

Time

Consultation document

Content

Friday 5 June 2020

11 am BST

(10 pm NZST)

Duration 45 mins (approx)

Discussion Paper (DP) Business Combinations—Disclosures, Goodwill and Impairment

Register and submit questions

First of the series, will provide an overview of the DP.

A recording of the webinar will be available here.

Wednesday 10 June 2020

11 am BST

(10 pm NZST)

Duration 45 mins (approx)

Exposure Draft (ED) General Presentation and Disclosures 

Register and submit questions

Second of the series1, will explain the detailed proposals for subtotals and categories in the statement of profit or loss.

A recording of the webinar will be available here.

 

Both webinars will include a Q&A session. If you have questions, you can submit these before and during the webinars, and these will be answered at the end.

There is no charge to listen to the webinar, but registration is required.

The NZASB is seeking feedback from New Zealand constituents on both consultation documents. Please see ‘Have your say’ section below.

You can also watch a recording of the first in the series of webinars introducing the ED.

Have a look

XRB Staff Vacancy

Senior Technical Advisor Financial Reporting Standards

Senior Technical Advisor Financial Reporting Standards Vacancy advertisement

Applications for this role close Friday 12 June 2020.

Email applications and your resume to: 

hr@xrb.govt.nz  Attention: Kerrie Cole, Chief Operating Officer.

Have your say…

Have your say icon

Before issuing a finalised accounting standard the NZASB and the international standard-setting boards, the IASB and the IPSASB, issue consultation documents. These documents seek your feedback on proposals that could potentially affect you.

We are currently consulting on the matters set out in the table below. 

Tell us how these changes could affect your entity or the entities you work with.

We welcome your comments and feedback, either formal or informal, by the due dates below.

You can submit your comments directly from the Exposure Draft pages on our website following the links below.

IASB Consultation Documents

For-profit

IPSASB Consultation Documents

Not-for-profitPublic Sector

NZASB Consultation Documents

Not-for-profitPublic Sector

This NZASB Update is intended to provide subscribers with a summary of the recent activities of the New Zealand Accounting Standards Board (NZASB). Links to websites are correct at the time of publication. Subscribers should not rely on this newsletter as a definitive publication of updates. The External Reporting Board and its sub-Board the NZASB do not guarantee, and accept no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency, timeliness or completeness of this newsletter. The information contained in this newsletter does not constitute advice and should not be relied upon as such.

This NZASB Update 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).
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