NZASB Update 3/2021

In this NZASB update we feature:

• The new NZASB Chair
• The recent February NZASB Meeting
• Consultation documents open for comment

Why not follow us on LinkedIn to catch up on our activities?

New NZASB Chair

She holds a position at the School of Accounting and Commercial law at Victoria University of Wellington, where she had also obtained her PhD and had worked since 2005. She is a Fellow of Chartered Accountants Australia and New Zealand and a Fellow of CPA Australia.

“I am very pleased to be working with the NZASB and XRB staff to deliver on our strategic aims of high quality, credible and integrated reporting." Carolyn said.

The NZASB also thanked Michael Bradbury for being Acting Chair since last July and was pleased to hear that he has been appointed as the XRB representative on the NZASB from 1 January 2021 to 30 June 2021.

Recent NZASB Meeting

11 and 12 February 2021

The February Board meeting was held in Wellington on the afternoon of 11 February and the morning of 12 February. 

This NZASB meeting followed a joint NZASB and NZAuASB^[1] non-public meeting on the morning of 11 February. The two Boards met to discuss issues of common interest and how they can continue working together to support the delivery of the XRB’s strategic objectives.

On the afternoon of 11 February, the NZASB considered:

• Public Sector Insurance, a joint project being undertaken by the NZASB and the Australian Accounting Standards Board (AASB). The Board received an update on the outreach conducted during 2020 with Australian and New Zealand public sector entities,

On the morning of 12 February, the NZASB considered:

• Public Sector Specific Financial Instruments and decided to defer issuing the Exposure Draft (ED) and Invitation to Comment (ITC) until further investigation is done on one matter; and
• IPSASB ED 75 Leases and the Request for Information (RFI) Concessionary Leases and Other Similar Arrangements, and agreed to comment on these documents, with an emphasis on seeking constituent input into the RFI.

You can access the public agenda, public meeting papers and meeting highlights on our website. 

Have a look

[1]     New Zealand Auditing and Assurance Standards Board

IASB webinar recordings now available

Applies to:

The IASB recently ran webinars on two consultation documents that are currently open for comment. You can watch the recording of these webinars by following the links below. This is a great opportunity to hear about these important projects directly from the IASB.

For further information on these projects and how to provide comments to the NZASB or IASB, go to the Consultation papers open for comment section at the end of this newsletter.

In addition, the IASB is holding a webinar on the Regulatory Assets and Regulatory Liabilities ED. It will be held at 1:00AM (NZDT) on Thursday 25 February. We will post details of the recording in a future NZASB Update after it becomes available.

FAQs for Tier 3 and Tier 4 Not-for-Profit entities – Changing your Tier

At this time of year many charities are busy preparing their annual performance reports for governance and charities services filing purposes.

2020 was a difficult year for everyone, including the not-for-profit sector which has responded to the increased demand for its services while managing pressure on ongoing funding. During this time, the operating expenditure for some not‑for‑profit entities has substantially increased and for others it may have decreased.

This raises questions about when and how a not‑for‑profit entity moves between different reporting tiers when its size changes.

To help Tier 3 and Tier 4 not-for-profit entities to understand the requirements for changing their reporting tier, these FAQs explain:

• When you are required to change reporting tiers;
• When you can choose to change reporting tiers; and
• How to change from Tier 4 to Tier 3 reporting requirements.

You can find the full FAQs on our website.

Have a look

Consultation papers open for comment

The following consultation papers on financial reporting matters 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.

NZASB Consultation Document

IASB Consultation Documents

IPSASB Consultation Documents