NZASB Update 6/2021

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In this NZASB Update we feature:

• XRB Virtual Event: Mergers and acquisitions within the same group, on 13 April 2021
• IASB ED on Disclosure Requirements in IFRS Standards
• Upcoming NZASB meeting on 14 April 2021

Virtual XRB event

Accounting for mergers and acquisitions within the same group (with IASB Vice-Chair Sue Lloyd)

The IASB is exploring possible new reporting requirements for mergers and acquisitions within the same group, referred to as ‘business combinations under common control’.

To hear about the IASB’s proposals and share your views, join our virtual event – featuring IASB Vice-Chair, Sue Lloyd, and IASB staff.

The event will run on Tuesday 13 April 2021, 9:00AM–10:30AM.

Register here

Presenters

For more information on the Discussion Paper Business Combination Under Common Control and on how to make a submission, please refer to the link below.

Have a look

IASB proposes new approach to disclosure requirements

The IASB has developed a new approach to developing disclosure requirements in standards. The new approach responds to concerns that the notes to the financial statements sometimes include too little relevant information, too much irrelevant information or ineffective communication. The new approach is intended to help entities in making decisions about what information to disclose rather than using a ‘checklist’ or ‘boilerplate’ approach.

The IASB ED Disclosure Requirements in IFRS Standards—A Pilot Approach seeks feedback on the new approach and the application of new approach to the disclosure requirements in two standards– IAS 19 Employee Benefits and IFRS 13 Fair Value Measurement. The IASB wants to know if the new approach would help improve the usefulness of information disclosed.

For more information on the proposals and how to provide feedback, follow the link below.

Send your comments to the NZASB by 1 September 2021 and to the IASB by 21 October 2021.

Have a Look 

Upcoming NZASB Meeting 

14 April 2021

The NZASB meeting will be a full day virtual meeting. 

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

Have a look

The Board in the public session will discuss the following for-profit items: 

• The recently issued Request for Information (RFI) Third Agenda Consultation by the IASB;
• Decide whether to comment on the recently issued IASB ED Disclosure Requirements in IFRS Standards – A Pilot Approach;
• Discuss issues relating to Business Combinations under Common Control; and  
• IASB Interpretations Committee Update.

The Board in the public session will discuss the following PBE items:

• The IPSASB Measurement projects (which includes heritage and infrastructure);
• The IPSASB ED and RFI on Leases; and
• Public Sector Insurance.

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