IASB amends IFRS 10
The IASB amends IFRS 10 to provide an exception from consolidation for ‘investment entities’ but the NZASB is yet to endorse the amendments.
This In brief outlines the key features of the amendments.
Public sector PBE accounting standards – focus on local authorities
On 28 June 2012 the External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) issued exposure drafts (EDs) together with an invitation to comment on the PBE standards for public sector PBEs (PBE Standards). Also issued was ED XRB A1 revising Standard XRB A1 to give effect to the PBE Standards.
In this In brief - November 2012, XRB and NZASB issued exposure drafts of the PBE standards for public sector PBEs. We outline the key features of these EDs.
PBE Standards Mixed Groups Exposure Draft issued by NZASB
On 17 September 2012 the New Zealand Accounting Standards Board (NZASB) issued an exposure draft (ED) on mixed groups as foreshadowed in the invitation to comment on the proposed Public Benefit Entity (PBE) Standards that were issued in June 2012.
In this In brief - October 2012, we outline the key features of the exposure draft.
New hedge accounting proposals released by the International Accounting Standards Board (IASB)
The IASB staff have posted the draft of IFRS9 – the proposed new hedge accounting rules. The key theme of the new rules is the increased alignment between how companies use derivatives to manage financial risk, and the resulting accounting treatment.
In this In brief, we discuss some of the key changes and opportunities presented by the new rules.
Guidance Note: Disclosing non-GAAP financial information
In this issue:
- The FMA releases its guidance note on the disclosure of non-GAAP financial information.
We outline the key features of the guidance note.
Overhaul of the financial reporting requirements
On 31 July 2012 Commerce Minister Craig Foss introduced the Financial Reporting Bill (Bill) to Parliament. When comes into force, the Bill will replace the current financial reporting requirements for a range of different entities. In this issue we outline the key proposals.
In this issue:
- XRB and NZASB issue exposure drafts of the PBE standards for public sector PBEs.
We outline the key features of these EDs.
May 2012
In this issue the FMA issued a proposed guidance on the use of financial information that is not presented in accordance with GAAP. We outline the key features of the consultation paper.
May 2012
This edition of IFRS in brief outlines the latest decisions of the XRB about the new Accounting Standards Framework.
March 2012
This edition of IFRS in brief outlines the latest decisions of the XRB about the new Accounting Standards Framework.
January 2012
This month’s edition summarises the recently issued Australian Securities and Investments Commission’s guidance on non-IFRS financial information and its impact on New Zealand entities.
December 2011
In this issue the Financial Markets Authority signals its intention to provide guidance on the use of alternative performance measures.
Proposed changes to the New Zealand Statutory Framework
September 2011
In our latest issues of IFRS in Brief we provide you with an overview of the Minister of Commerce and the External Reporting Board’s (XRB) proposals for the New Zealand statutory financial reporting framework. We highlight the proposals for for-profit entities and public benefit entities in two separate issues. Both documents have two parts: Part A provides an overview of the proposals of the Minister of Commerce; Part B contains a summary of the proposals of the XRB.
June 2011
This edition of IFRS in brief looks at the key findings of the Securities Commission’s latest cycles of review of financial statements of issuers and highlights the key areas that entities should be focusing on in their upcoming financial statements.
June 2011
The Accounting Standards Review Board (ASRB) has approved FRS 44 New Zealand Additional Disclosures and various amendments to New Zealand Equivalents to IFRSs (NZIFRS) as part of the harmonisation of financial reporting standards in Australia and New Zealand.
This edition looks at the impact of FRS 44 and the various amendments on New Zealand reporting entities.
March 2011
As those in Canterbury come to grips with the emotional cost of the earthquake, businesses will also need to turn their attention to financial reporting and consider the associated accounting implications arising from natural disasters. In this edition of IFRS in brief we consider the accounting implications of natural disasters in the financial statements.
February 2011
The IASB and FASB have issued a ‘supplementary document’ to their original proposals on impairment of financial assets. This document, entitled Financial instruments: Impairment, proposes a common approach to the timing of recognition of expected credit losses on financial assets managed in an open portfolio.
This proposal will mainly affect financial institutions that manage their financial assets on an open portfolio basis. The proposals exclude from the scope short-term trade receivables.
February 2011
In this edition of IFRS in brief, we outline the key proposals by IASB and FASB to address the single largest balance sheet difference between IFRS and US GAAP.
The main effect for those entities currently applying IFRS will relate to the additional disclosure requirements.
January 2011
In a previous edition of IFRS in brief (December 2010) we discussed the key decisions made by the IASB regarding the content of a final amendment to IAS 12 Income Taxes on deferred tax accounting for certain assets measured at fair value.
On 20 December 2010, the IASB released an amendment to IAS 12, which introduces an exception to the expected manner of recovery principle for the measurement of deferred tax assets or liabilities on investment properties measured at fair value, including those initially recognised in a business combination, if the acquirer subsequently uses the fair value model to measure those investment properties.
In this edition of IFRS in brief, we outline the key changes and what they mean for entities in New Zealand that account for deferred tax in accordance with IAS 12.