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MEETING REPORT - XRB MEETING JUNE 2012
XRB New Zealand
Web version of 'XRB New Zealand'
REPORT ON NZASB MEETING 16 MAY 2012
The XRB Board met on Wednesday 20 June 2012. This news item summarises the main matters considered at the meeting.
The Agenda Papers for the public sessions of the meeting are
Public Sector PBE Package
The Board considered, and approved for issue ED XRB A1 (FP Entities + PS PBEs Update) and it's accompanying Invitation to Comment. This ED updates Standard XRB A1 to reflect the new Framework as it applies to Public Sector Public Benefit Entities. It is the second of three updates to XRB A1 the Board expects to issue this year - the first was issued in April as part of Package 1, the "For-profit Package".
ED XRB A1 (FP Entities + PS PBEs Update) will be released shortly as part of Package 2, the "Public Sector PBEs Package" of exposure drafts. Package 2 will also contain the 39 PBE Standard EDs approved by the New Zealand Accounting Standards Board (NZASB) at its meeting on 19 June 2012.
PBEs and NZ IFRS
When the Board approved the Accounting Standards Framework in March 2012 it agreed to further consider the suggestion that a limited number of PBEs with particular characteristics should be able to apply NZ IFRS rather than PBE Standards (see XRB Communique 2012-3). The Board considered and approved terms of reference for a project to address this matter. It is intended that the project will commence shortly.
External Reporting Advisory Panel
The Board appointed the inaugural members of the External Reporting Advisory Panel. The Board was delighted with the calibre of persons who put themselves forward and would like to thank all of those who submitted an expression of interest. The Board appreciates your on-going support of the standard setting process.
The Board approved two submissions. The first was to the Financial Markets Authority (FMA) on its consultation paper relating to the draft Guidance Note on disclosing non-GAAP financial information. The Board is very supportive of the FMA providing this guidance. The second was to the International Federation of Accountants' (IFAC) Monitoring Group and Public Interest Oversight Board on the proposals to change the governance and oversight arrangements for IFAC standard setting boards. The Board is in particular strongly supportive of the International Public Sector Accounting Standards Board being brought within the oversight arrangements.
NFP Accounting Issues
The Board spent a significant portion of the meeting considering accounting issues in the not-for-profit sector. This included discussions with guests from the sector exploring some of the challenges in this sector. The Board will consider these issues further at its next meeting.
The Board also spent some time being briefed on the IASB's current strategic focus and work programme. This included a comprehensive briefing from Jeffrey Lucy, IFRS Trustee.
The next meeting of the XRB Board will be on 15 August 2012 in Wellington.
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