NZASB Update 7/2021

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In this NZASB Update we feature the:

• Survey on accounting for concessionary leases and “lease-like” arrangements in the Public Sector and not-for-profit sectors
• IASB consultation on their future workplan
• Recent NZASB meeting

Survey – Accounting for concessionary leases and “lease-like” arrangements in the public and not-for-profit sectors

Applies to:

The XRB is seeking information on the concessionary leases and other “lease-like” arrangements in New Zealand’s public and not-for-profit sectors. We will soon be making a submission to the IPSASB on its Request for Information Concessionary Leases and Other Arrangements Similar to Leases (RFI) and we need your input to inform our views.

If you deal with concessionary leases (leases on non-market terms) or other “lease-like” arrangements in your organisation, click the link below to complete our short online survey.

Take our survey

Your feedback will help us to influence the development by the IPSASB of an international standard on these arrangements which is appropriate for New Zealand.

The survey is only open for a short time and closes on 28 April 2021. A link to the RFI is included below.

If you want to send a comment letter on the RFI it is due to the NZASB by 28 April 2021 and to the IPSASB by 17 May 2021.

Have a look 

What topics do you want on the IASB’s future work plan?

Every five years the IASB has a relook at its agenda priorities and consults on possible projects to add to its agenda. In this its third agenda consultation, the IASB outlines some potential projects such as intangible assets, climate-related risks (as they relate to information reported in the financial statements) and going concern.

It also reviews whether the current balance of projects is correct (for example, should more time be allocated to developing new standards as compared to the maintenance of existing standards).

The feedback received will help the IASB determine its activities and work plan for 2022 to 2026. This is your opportunity to have your say on their future work plan and tell the IASB about emerging financial reporting issues.

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

Note that we will shortly be putting a link to a survey on the IASB’s Third Agenda Consultation on this webpage.

Send your comments to the NZASB by 7 July 2021 and to the IASB by 27 September 2021.

Have a look

The NZASB meeting was a full day virtual meeting. 

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

Have a look

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

• Approved for issue Covid-19-Rent Related Concessions beyond 30 June 2021, which amends
  NZ IFRS 16 Leases (we will update you again when this is published);
• Provided preliminary feedback on agenda priorities in the RFI Third Agenda Consultation by the IASB. The proposed outreach plan was also considered;
• Agreed to comment on the IASB ED Disclosure Requirements in IFRS Standards – A Pilot Approach;
• Provided preliminary feedback on issues relating to the IASB’s Discussion Paper Business Combinations under Common Control; and  
• Provided an update on recent IFRS Interpretations Committee meeting outcomes.

The Board in the public session discussed the following PBE items:

• Agreed to comment on the IPSASB Measurement projects (which includes heritage and infrastructure) and received an education session on Measurement;
• Provided feedback on its draft comment letter on the IPSASB ED and discussed the RFI on Leases; and
• Discussed an issues paper on 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