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The New Zealand Accounting Standards Board held its most recent meeting in Wellington on 19 June 2012. The main matters considered at the meeting related to the new Accounting Standards Framework.
Click here to access the papers discussed at the meeting.
Standard Approved for Issue
The Board approved for issue Annual Improvement 2009-2011 Cycle which sets out non-urgent but necessary amendments to NZ IFRSs. The standard will be gazetted and placed on the XRB website and a separate communiqué will be issued.
Accounting Standards Framework
The Board continued its work on developing draft Standards to support the XRB Board's proposed Accounting Standards Framework. A summary of the XRB Board's decisions on the Accounting Standards Framework is available in XRB Communique 2012/3.
Public Sector PBE Standards (Tiers 1 and 2) - Exposure Draft approved
The Board approved for issued Exposure Draft PBE Standards for Public Sector PBEs and an accompanying Invitation to Comment.
The Invitation to Comment to accompany the proposed public sector changes to XRB A1 Accounting Standards Framework and the draft XRB A1 were approved by the XRB Board at its meeting on 20 June.
The Exposure Drafts and associated Invitations to Comment will be issued shortly.
Public Sector PBE Standards (Tiers 1 and 2) - Further work: mixed groups
The Board discussed the application of uniform accounting policies for like transactions and other events in similar circumstances when preparing consolidated financial statements, particularly when the group contains both for-profit and public benefit entities. The Board identified the content to be included in a Consultation Paper (to be issued for comment during the comment period for the Public Sector PBE Standards (Tiers 1 and 2) - Exposure Draft). The planned Consultation paper will include the Board's strategy for addressing existing and future differences between PBE Standards and NZ IFRSs (from a PBE group perspective).
Not-for-profit PBE Standards (Tier 3)
The Board considered the working draft of the standard, and discussed issues surrounding the recognition of grants and donations, and the simplification of terminology. The Board agreed to seek views on the development of a single template for not-for-profit entities as research undertaken on behalf of the XRB indicates that the transactions are similar across entities within the NFP sector. The Board considered the transitional provisions to assist those entities that had previously reported on a cash basis under Tier 4, or had not followed any accounting standards in the previous reporting period.
IPSASB
IPSASB meeting June 2012
The Board noted a report from Ken Warren, IPSASB Board Member on the International Public Sector Accounting Standards Board (IPSASB) meeting held on June 11-14.
Given the importance of the concept of control for public benefit entities, XRB staff are assisting the IPSASB in revising IPSAS 6 Consolidated and Separate Financial Statements, IPSAS 7 Investments in Associates and IPSAS 8 Interests in Joint Ventures. The IASB has recently issued IFRSs 10-12 to update its equivalent standards to IPSASs 6-8 and the IPSASB will be considering the appropriate public sector response. The Board will be monitoring the development of this IPSASB project with a view to considering the adoption of the resulting standards in due course.
IPSASB Exposure Drafts
The Board considered a draft submission to the IPSASB on ED 47 Financial Statement Discussion and Analysis. This ED proposes to prescribe the manner in which financial statement discussion and analysis should be prepared and presented and to require that financial statement discussion and analysis be issued in conjunction with an entity's annual financial statements.
The Board agreed that it would support the IPSASB providing guidance on this topic, but did not agree that the proposals should be mandatory. The submission will be considered again at the NZASB's July meeting.
IASB Exposure Drafts
The Board is seeking views from New Zealand constituents and has placed the following IASB Exposure Drafts on its website.
Draft IFRIC Interpretation DI/2012/1 Levies Charged by Public Authorities on Entities that Operate in a Specific Market. Comments are due to the NZASB by 13 August 2012 and to the IASB by 5 September 2012.
Draft IFRIC Interpretation DI/2012/2 Put Options Written on Non-controlling Interests. Comments are due to the NZASB by 14 September 2012 and to the IASB by 1 October 2012.
Next Meeting
The next meeting of the NZASB will be held in Wellington on 18 July 2012. |
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