PBE Standards Disclosure Checklist 2021
This publication incorporates a full disclosure checklist for all disclosure requirements under Tier 1 and Tier 2 PBE Standards. The checklist is applicable for periods beginning on or after 1 April 2020.
Full disclosure checklist
The disclosure checklist outlines the presentation and disclosures requirements of the PBE Standards issued up to 31 March 2021 and mandatory for annual periods beginning on or after 1 April 2020.
We hope you find this checklist useful in considering the presentation and disclosure requirements of PBE Standards.
Appendix A: Insurance contracts
Appendix A separates out those disclosure requirements for insurance entities reporting under PBE Standards.
Download: Appendix A: Insurance contracts
Format - structure and materiality
Regulators locally and globally are supporting the move towards more streamlined reports as they help investors see a company’s “bigger picture” allowing more informed decisions about where to invest. The IASB continues to have disclosure reform on its agenda, having recently announced that better communication will be the central theme of the board’s key priorities over the next five years. Our NZ IFRS RDR Limited publication has been restructured to demonstrate what companies can do to tell their story more effectively.
However, the structure used is only intended to provide you with possible ideas. There’s no “one size fits all” approach so companies should engage with the stakeholders who use their financial reports to determine what’s most relevant to them.
New content
As mentioned above, this year we have provided new appendices which illustrate the disclosures that will be required when an entity adopts NZ IFRS 9 and NZ IFRS 15. None of the standards that apply for the first time in 2016 required changes to the disclosures in this publications; however, we have made a number of minor improvements to existing disclosures. We have also early adopted the amendments made to NZ IAS 7 in relation to the Disclosure Initiative, including net debt disclosures.
Illustrative NZ IFRS consolidated financial statements for December 2016 year ends, including Reduced Disclosure Regime concessions
2017 is almost upon us, which means the mandatory date for adoption of NZ IFRS 9 Financial instruments and NZ IFRS 15 Revenue from contracts with customers (1 January 2018) is not far away. Many companies have yet to work through the impact these new standards may have on their financial reporting. Our NZ IFRS RDR Limited publication has incorporated additional appendices to demonstrate the increased disclosure requirements of these new standards.
This edition is modelled on our global IFRS 2016 publication and shows - using shading - the disclosures that can be removed if an entity is reporting under Tier 2.
Whether you are already reporting under NZ IFRS RDR or you are considering the transition to NZ IFRS 9 or NZ IFRS 15, we hope you find this publication useful.
Format - structure and materiality
Regulators locally and globally are supporting the move towards more streamlined reports as they help investors see a company’s “bigger picture” allowing more informed decisions about where to invest. The IASB continues to have disclosure reform on its agenda, having recently announced that better communication will be the central theme of the board’s key priorities over the next five years. Our NZ IFRS RDR Limited publication has been restructured to demonstrate what companies can do to tell their story more effectively.
However, the structure used is only intended to provide you with possible ideas. There’s no “one size fits all” approach so companies should engage with the stakeholders who use their financial reports to determine what’s most relevant to them.
New content
As mentioned above, this year we have provided new appendices which illustrate the disclosures that will be required when an entity adopts NZ IFRS 9 and NZ IFRS 15. None of the standards that apply for the first time in 2016 required changes to the disclosures in this publications; however, we have made a number of minor improvements to existing disclosures. We have also early adopted the amendments made to NZ IAS 7 in relation to the Disclosure Initiative, including net debt disclosures.
