NZASB Update 4/2020

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COVID-19 — XRB’s response

As the situation continues to change here in New Zealand and globally, I am keen to update you on the XRB’s current position.

We are ensuring we are minimising any disruption to our business. Our priority is to continue to work as the situation unfolds to mitigate the effects on our operation.

Fortunately, we have robust IT remote access infrastructure in place and so can operate as ‘business as usual’, enabling all our people to work remotely if required.

Your views and our outreach with you are a key component of what we do.  We continue to encourage you to observe Board meetings, which will be held online until further notice.  In addition, we may plan “virtual” roundtable or outreach events, rather than in-person meetings. We continue to encourage you to participate and share your views.  Instructions on how to access our online meetings are available here.

Our main concern is the health and safety of our people, their families and communities and we are following all guidelines recommended by the Ministry of Health.

There will, no doubt, be a growing body of information about COVID-19 over the next few days and weeks to come and I can assure you that we at the XRB will continue to take a considered view and will revise our response as required.

Our website, along with our LinkedIn posts, will be the most up-to-date source of information.

If you have any concerns or questions about your interactions with the XRB during this time, please do not hesitate to get in touch with me.

April Mackenzie, Chief Executive

Applies to: For-profitNot-for-profitPublic Sector

NZASB March meeting

The next NZASB meeting on 25 March 2020 will now be held via video conference ONLY. 

If you wish to attend any of the public sessions, please register and we will contact you with instructions on how to join the meeting online. You can still access the meeting papers, now posted to the XRB website.

The NZASB will consider:

• proposals in the three IPSASB exposure drafts (EDs):

• ED 70 Revenue with Performance Obligations;
• ED 71 Revenue without Performance Obligations; and
• ED 72 Transfer Expenses.

• proposals in the IASB ED General Presentation and Disclosures;
• approval of the for-profit standard Classification of Liabilities as Current and Non‑current; and
• the annual review of the application of the PBE Policy Approach^[1].

You can access the public agenda, public meeting papers and register for the NZASB March meeting on our website. 

 Have a look

[1]  Policy Approach to Developing the Suite of PBE Standards, December 2018. 

International Integrated Report Council (IIRC): International <IR> Framework Review

The IIRC launched the International Integrated Reporting <IR> Framework in 2013, which has resulted in many reporting entities in New Zealand applying the principles of the <IR> Framework in full or introducing aspects of integrated reporting into their annual report.

The IIRC has commenced a project to revise the <IR> Framework and is seeking feedback on three specific topic papers, each with their own online survey addressing specific themes, that will inform the nature and direction of the revision. The survey feedback will be used to develop a full consultation draft planned for May 2020.

Have a look

The three topic papers are:

1. Responsibility for an integrated report – including proposing more focus on process-related disclosures and defining “those charged with governance”;
2. Business model considerations  – including clarifying the difference between outputs and outcomes; and
3. Charting a path forward – including the purpose of integrated reporting, the role of technology and assurance in integrated reporting.

The current consultation period is short and we will be sending in a submission by the due date of 20 March 2020.

Have your say…

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 Document

IPSASB Consultation Documents

There are no current domestic consultations.