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In brief

IFRS in brief highlights the impact of current accounting issues, new standards and amendments and practical guidance on how to deal with them.

In brief: Impact of the changes to the NZ Emission Trading Scheme
   

In brief: Impact of the changes to the NZ Emission Trading Scheme

September 2016 | Issue #3/2016

The legislative changes to the NZ ETS effective from 1 January 2017 will influence carbon prices in addition to increasing the number of carbon credits non-forestry participants have to surrender in satisfaction of their emission obligation going forward. Non-participant entities will also have to consider the cost flow-through implications of these changes. Our In brief outlines the reporting issues you need to consider.


PBE in brief: Impact of UK referendum result on financial reports
   

In brief: Impact of UK referendum result on financial reports

June 2016 | Issue #2/2016

Now that the UK has voted to leave the EU, there will be a protracted period of negotiation, and many months of uncertainty as the detailed political and legal issues are worked out. It may be some time before the real impact of leaving unfolds. In this issue we outline a number of potential accounting and reporting issues and the related guidance under NZ IFRS.


   

In brief: IASB publishes a new standard on lease accounting

Issue #1/2016

It's finally here - the IASB publishes a new standard on lease accounting.

On 13 January 2016, the International Accounting Standards Board (IASB) finished its long-standing project on lease accounting and published IFRS 16, ‘Leases’, which replaces the current guidance in IAS 17. This will require far-reaching changes in accounting by lessees in particular.

In this In brief we outline the key provisions and impact of the new standard.


   

In brief: October 2014

Issue #5/2014

Revocation of Diff Rep and Old GAAP accounting standards from 1 April 2015

The External Reporting Board (XRB) has issued an Invitation to Comment accompanied by two Exposure Drafts (EDs) to revoke for-profit Tier 3 (NZ IFRS Diff Rep) and Tier 4 (Old GAAP) accounting standards for periods beginning on or after 1 April 2015.

In this In brief we outline the key impacts of the EDs.


   

In brief: September 2014

Issue #4/2014

Fair value disclosures by retirement benefit plans

The New Zealand Accounting Standards Board (NZASB) has issued amendments to NZ IAS 26 to include fair value disclosures for retirement benefit plan investments similar to those in NZ IFRS 13.

In this In brief we outline the key impacts of the amendments.


In brief: May 2014
   

In brief: May 2014

Issue #3/2014

NZASB document of differences between NZ IFRS RDR and NZ IFRS Diff Rep issued

The NZASB has issued a comparison document of the differences between NZ IFRS RDR and NZ IFRS Diff Rep for for-profit entities to assist NZ IFRS Diff Rep reporters transition to NZ IFRS RDR.

In this In brief we outline the contents of the document and the implications for NZ IFRS Diff Rep reporters.


In brief: May 2014
   

In brief: May 2014

Issue #2/2014

ED on fair value disclosures by retirement benefit plans issued

The NZASB has issued an exposure draft (ED) proposing to amend NZ IAS 26 Accounting and Reporting by Retirement Benefit Plans to require entities within its scope to make disclosures about applying the fair value hierarchy to assets and liabilities measured at fair value.

In this In brief we outline the key impacts of the ED.


In brief: March 2014
   

In brief: March 2014

Issue #1/2014

Financial Reporting Legislation Commencement Order issued confirming effective date of new legislative framework

In this In brief we outline the implications of the confirmed effective date for the new financial reporting legislation. We also summarise the changes to the reporting requirements for entities other than companies and FMC reporting entities (for changes to requirements of companies and FMC reporting entities refer to our In brief #7/2013). We also highlight the key features of the XRB Legislative Package.


In brief: December 2013
   

In brief: December 2013

Issue #8/2013

Financial reporting requirements for SMEs

Once in force, under the new Financial Reporting Act 2013 and the Financial Reporting (Amendments to Other Enactments) Act 2013, entities that do not meet the large entity definition will no longer be required to prepare financial statements in accordance with NZ GAAP.

In this In brief we look at what small and medium sized entities (SMEs) will report in the future.


In brief: December 2013
   

In brief: December 2013

Issue #7/2013

On 3 December 2013 the Financial Reporting Act 2013 and the Financial Reporting (Amendments to Other Enactments) Act 2013 received Royal Assent signalling the beginning of a new chapter in the New Zealand financial reporting regime.

In this In brief we outline the key features of the Acts.


In brief: November 2013
   

In brief: November 2013

Issue #6/2013

In October 2013 the External Reporting Board (XRB) issued a package of Invitations to Comment and Exposure Drafts to take into account the impact on New Zealand accounting standards resulting from the expected legislative changes.

Parliament passed the Financial Reporting Bill on 20 November 2013. The Bill passed contains amendments to the definition of ‘large’ as it relates to overseas companies and their NZ businesses and subsidiaries of overseas companies.

In this issue of In brief we outline the the key features of the XRB EDs and the amendments made to the Bill before it was passed by Parliament.


In brief: July 2013 - IFRIC issues decision on discount rate used in calculating defined benefit obligation under IAS 19 (2011)
   

In brief: July 2013

Issue #5/2013

At its July 2013 meeting, the IFRS Interpretations Committee (IFRIC) observed that the discount rate used to calculate a defined benefit obligation under IAS 19 (2011) should be a pre-tax discount rate.

In this In brief we outline the key impacts of the IFRIC decision.


In brief: July 2013 - Revised exposure draft on insurance contracts
   

In brief: July 2013

Issue #4/2013

The IASB has issued a revised exposure draft (ED) on insurance contracts. The revised proposals aim to provide a consistent basis for accounting for insurance contracts and to make it easier for users of financial statements to understand how insurance contracts affect an entity’s financial position, financial performance and cash flows.

In this In brief we outline the key areas that have significantly changed since the previous ED.


In brief: May 2013 - Public sector PBE standards issued by the XRB and NZASB
   

In brief: May 2013

Issue #3/2013

On 23 May 2013 the External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) issued a package of new standards that will apply to public sector public benefit entities (PBEs).

In this In brief we outline the key features of the new public sector PBE Standards applicable to periods beginning on or after 1 July 2014 (with no early adoption permitted).


In brief: February 2013 - new for-profit tier structure and package of standards including RDR
   

In brief: February 2013

Issue #2/2013

In November 2012, the XRB and NZASB issued the new for-profit tier structure as well as a package of mainly for-profit standards that includes the Reduced Disclosure Regime (RDR).

In this In brief we outline the key features of the new for-profit tier structure and package of standards including RDR.


In brief: January 2013 - NZASB issued 'Investment Entities' amendments
   

In brief: January 2013

Issue #1/2013

In this issue:

  • At its December 2012 board meeting, the NZASB approved for issue Investment Entities (Amendments to NZ IFRS 10, NZ IFRS 12 and NZ IAS 27) without additional New Zealand specific disclosure requirements.
  • The NZASB will consider whether additional disclosures being proposed by the AASB should be issued for comment in New Zealand.


Please Contact
Chris Barber

Chris Barber

Partner | Wellington

Specialty

- Financial assurance
- Third party controls assurance
- Accounting advice

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Partner | Wellington
Tel: +64 4 462 7127
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Lyn Hunt

Lyn Hunt

Partner, Accounting Consulting Services | Auckland

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Partner, Accounting Consulting Services | Auckland
Tel: +64 9 355 8863
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Robert Harris

Robert Harris

Partner | Canterbury

Specialty

- IFRS

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Partner | Canterbury
Tel: +64 3 374 3139
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Stephen Hogg

Stephen Hogg

Executive Director, Accounting Consulting Services | Auckland

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Executive Director, Accounting Consulting Services | Auckland
Tel: +64 9 355 8234
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