IFRS 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.
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.