MEETING REPORT - NZASB MEETING 22 AUGUST 2012
|Country: ||New Zealand|
|Contributor: ||Andy Lymer|
| The New Zealand Accounting Standards Board held its most recent meeting in Wellington on 22 August 2012. The main matters considered at the meeting related to elements of the Accounting Standards Framework relating to mixed groups and simple format reporting for not-for-profit entities.
Click here to access the papers discussed at the meeting.
The Board continued its work on developing draft Standards to support the XRB Board's Accounting Standards Framework.
For-Profit Accounting Standards Package (issued April 2012)
The consultation period for the For-Profit Accounting Standards Package closed on 3 August 2012. Click here to access the documents exposed for comment.
The Board will be considering comments from constituents at its meeting in September. In preparation for the issuance of accounting standards arising from this consultation, the Board considered draft NZ IFRS PBE Standards that were proposed in Exposure Draft 2012-3 Framework: Public Benefit Entities as a technical separation of PBE Standards from NZ IFRS in the interim period until the new PBE Accounting Standard Framework becomes effective. These Standards will be finalised at a later meeting after taking account of comments received from constituents.
Public Sector PBE Standards (Tiers 1 and 2) - Mixed Groups
The Board considered draft Exposure Draft 2012-4 Framework: PBE Standards - Mixed Groups and the accompanying Invitation to Comment. This was foreshadowed in the Public Sector PBE Accounting Standards Package issued in June 2012.
The Exposure Draft is proposing:
- the release of an Explanatory Guide explaining the Board's policy on considering the implication for PBEs of new or amended standards issued by the IASB; and
- the addition of guidance to proposed PBE IPSAS 6 Consolidated and Separate Financial Statements.
The Board agreed amendments to the Invitation to Comment and Exposure Draft. ED 2012-4 will be issued for comment shortly with the same due date for comments as the Public Sector PBE Accounting Standards Package.
PBE Standards - Simple Format Reporting: Not for Profit (Tier 4)
The Board considered a working draft of the PBE Simple Format Reporting Standard - Cash (NFP). The Board noted that the Financial Reporting Bill was released in July 2012 and that a definition of "operating payments" would be required. The Board tentatively decided to propose that operating payments should encompass all payments other than payments for the acquisition of assets.
The Board made minor changes to the working draft, the most notable being requiring only two schedules in the proposed Statement of Resources and Commitments. The Board approved the release of the amended draft of the Tier 4 Standard for limited pre-consultation.
The Board anticipates that the Simple Format Reporting Standards for both not-for-profit and public sector entities will be released for comment in December 2012.
Editorial Amendments to NZ IFRSS
The Board agreed a process for incorporating minor editorial amendments into NZ IFRSs and plans to consider a draft standard at its meeting in September.
The Board agreed to include a link on the XRB's website to the IASB's IFRS Practice Statement Management Commentary for for-profit entities. The Practice Statement is a broad, non-binding framework for the presentation of management commentary for financial statements prepared in accordance with IFRSs. Entities are not required to comply with the Practice Statement in order to claim compliance with IFRSs.
IASB Exposure Draft: Due Process Consultation
The Board finalised a submission to the IASB on its Invitation to Comment on the IASB and IFRS Interpretations Committee Due Process Handbook addressing the impact of the IASB's due process on the New Zealand constituency.
The next meeting of the NZASB will be held in Wellington on 26 September 2012.