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MEETING REPORT - XRB BOARD MEETING DECEMBER 2012

Source: XRB
Country: New Zealand
Date: 13/01/2013
Contributor: Andy Lymer
XRB New Zealand
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Related Media
* XRB New Zealand
* Web version of 'XRB New Zealand'

The XRB Board met on Monday 10 December 2012. The following summarises the main matters considered at the meeting.

Standard XRB Au1

The Board approved a revision to Standard XRB Au1 - the overarching auditing and assurance standard. The change is one of terminology (from assurance provider to assurance practitioner) to reflect a terminology change recommended by the NZAuASB following consideration of submissions on the Professional and Ethical Standards. The change will also enhance harmonisation with Australian auditing and assurance standards. A communiqué will be issued when the revised standard has been gazetted and issued.

Explanatory Guide XRB AG A1 (FP Entities Update)

The Board approved a new Explanatory Guide: XRB EG A1 (FP Entities Update). This new Guide explains the accounting standards framework as it currently exists i.e. since the "For-Profit Package" of standards was issued in November 2012. The new Guide reflects the requirements of Standard XRB A1 (FP Entities Update). It is available on the relevant parts of the XRB website here.

The Board intends to revise XRB EG A1 as the various revisions to Standard XRB A1 are issued during each stage of the roll-out of the new Accounting Standards Framework.

Submission to IASB

The Board agreed submission to the International Accounting Standards Board (IASB) on the IASB's proposal to establish an Accounting Standards Advisory Forum. The Board considers the Forum has the potential to enhance the technical quality of IASB documents and standards. However, it is concerned that the wider international constituency, including national standard setters from small jurisdictions such as New Zealand, still have ample opportunity to contribute to the IASB's deliberations.

The submission is in the process of being finalised and will be available on the XRB website here shortly.

Stakeholder Views and Feedback

The Board spent a portion of the meeting reflecting on the general nature of feedback received from the constituency during the year. As part of this process the Board met with Liz Hickey, Chair of the External Reporting Advisory Panel (XRAP). The discussion included feedback from XRAP on a number of specific matters on the XRB organisation's work programme including auditor reporting, mixed groups and simple format reporting.

Legislative Changes

The Board noted that the Financial Reporting Bill, 2012 has now had its first reading and has been referred to the Commerce Select Committee for its consideration. A call for submissions has been issued by the Select Committee, with the date for submissions being early in the New Year.

Achievements and Challenges

The Board spent a section of the meeting reflecting on what had been achieved in 2012 and some of the challenges for 2013 and future years. The Board's primary strategic goal continues to be ensuring that standards (both accounting and assurance) are focussed on user-needs, appropriately match benefits and costs, reflect international standards in the New Zealand context, and are harmonised with Australia where relevant.

The Board is very aware that these goals are not always mutually compatible, and that the variety of user-needs is not often easy to identify or balance. Nevertheless the Board intends to continue to pursue this goal and in light of what has been learned to date and developments in the international and domestic environment, plans to spend a good portion of 2013 considering in more depth some of the issues involved in better achieving it.

Christmas Greetings

The Board would like to wish all constituents a Merry Christmas and a Happy New Year. The Board greatly appreciates the support and interest that has been shown in the work of the XRB organisation during the year.

The Board would also particularly like to thank the members of the NZASB, the NZAuASB and the XRAP for their contribution to New Zealand standard setting in 2012. It has been a very busy and challenging year for the XRB and the Board expresses it's appreciation to each member for their efforts.

Next Meeting

The next meeting of the XRB Board will be on 13 February 2013 in Wellington. A key focus of that meeting will be the submissions on ED XRB A1 (FP Entities + PS PBEs Update).
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