Expired exposure drafts

Exposure drafts for financial reporting standards for which the comment period has closed.

Domestic exposure drafts

Due date

Related documents

ED 120 Proposed Amendments to NZ IAS 26 Accounting and Reporting by Retirement Benefit Plans

30 April 2010

Request for comment

Exposure draft 

ED 119 Proposed Amendment to NZ IFRS 3—Scope exemption

23 December 2009

Request for comment

Exposure draft

FRSB/AASB Exposure Draft on Income from Non-Exchange Transactions

30 November 2009

Exposure draft
ED 117 Proposed Amendment to NZ IAS 34 Interim Financial Reporting - Scope

31 July 2009

Request for comment

Exposure draft

ED 116 Operating Segments – Amendment to NZ IFRS 8

31 July 2009

Request for comment

Exposure draft

Process for Modifying, or Introducing Additional Requirements to, IFRSs for PBE/NFP

30 June 2009

Invitation to comment

Exposure draft

Request for Comment on Exposure Draft Relationships with the State (Proposed Amendments to NZ IAS 24 Related Party Disclosures)

13 March 2009

Request for comment

Exposure draft

Exposure Draft 115 Omnibus Exposure Draft [2008-2]

28 March 2009

Request for comment

Exposure draft

Review of FRS-42

20 August 2008

Download details
ED 114 Omnibus Exposure Draft [2008-1]

11 August 2008

Request for comment

Exposure draft

Withdrawn - ED 113 Proposed Amendment to Appendix C of NZ IFRS 4-Deferred Tax and Policyholder Liabilities

28 September 2007

Request for comment and exposure draft

Withdrawn - ED 112 Proposed Application Guidance for NZ IAS 27 Consolidated and Separate Financial Statements to assist in Determining Whether a Public Benefit Entity Controls Another Entity

28 September 2007

Request for comment

Exposure draft

ED 111 Omnibus Exposure Draft [2007-1]

14 August 2007

Request for comment

Exposure draft

Not-For-Profit Financial Reporting Guide (draft)

22 November 2006

Covering letter

Draft guide

ED 107 Summary Financial Statements

10 November 2006

Request for comment

Exposure draft 

ED 108 Omnibus Amendments 

2 October 2006

Request for comment

Exposure draft

ED 106 Proposed Additional Disclosure Requirements for Financial Institutions Applying New Zealand Equivalent to IFRS 7 Financial Instruments: Disclosures

10 March 2006

Request for comment

Exposure draft

ED-105 Proposed Amendments to New Zealand Equivalent to IAS 19 Employee Benefits: Actuarial Assumptions—Allowance for Taxes in Defined Benefit Plans

22 November 2005

Request for comment

Exposure draft

ED-104 Proposed Differential Reporting Concessions for the forthcoming New Zealand Equivalent to IFRS 7 Financial Instruments: Disclosures and Amendments to New Zealand Equivalent to IAS 1 Presentation of Financial Statements—Capital Disclosures

30 November 2005

Request for comment

Exposure draft

Control and Public Benefit Entities that have Autonomy and Independence

5 November 2005

Discussion paper
Request for Comment on Exposure Draft of Proposed Amendments to New Zealand Equivalent to IAS 37 Non-Financial liabilities (formerly known as Provisions, Contingent Liabilities and Contingent Assets and New Zealand Equivalent to IAS 19 Employee Benefits

30 September 2005

Request for comment

Exposure draft

Proposed Amendments to Appendix C Life Insurance Entities and Appendix D Financial Reporting of Insurance Activities of the New Zealand Equivalent to IFRS 4 Insurance Contracts

8 July 2005

Request for comment

ED-102 Proposed Amendments to Appendix D Financial Reporting of Insurance Activities of the New Zealand Equivalent to IFRS 4 Insurance Contracts – Liability Adequacy Test 13 June 2005

Request for comment

Exposure draft

ED-103 Prospective Financial Information

16 August 2005

Request for comment

Exposure draft

ED-100 Proposed Amendments to New Zealand Equivalent to IAS 1 Presentation of Financial Statements

15 June 2005

Request for comment

Exposure draft

ED-101 New Zealand Application Guidance: When is an Entity a Public Benefit Entity?

15 June 2005

Request for comment

Exposure draft

ED-99 Impairment of Non-Cash Generating Assets by Public Benefit Entities: A Proposed Amendment to NZ IAS 36 Impairment of Assets

28 February 2005

Request for comment

Exposure draft

ED-98 Framework for Differential Reporting for Entities Applying the New Zealand Equivalents to IFRSs Reporting Regime

25 February 2005

Request for comment

Exposure draft

ED-97: Proposal to Amend the Scope of NZ IAS 14 Segment Reporting

31 January 2005

Request for comment

Exposure draft

ED-96 Disclosing the Impact of Adopting New Zealand Equivalents to International Financial Reporting Standards

15 December 2004

Request for comment

Exposure draft

ED-94 Transitional Arrangements for the Early Adoption of the New Zealand equivalent to IAS 19 Employee Benefits

30 November 2004

Request for comment

Exposure draft

ED-95 Application of NZ IFRS 2 Share-based Payment prior to the Adoption of NZ IFRS 1 First Time Adoption of New Zealand Equivalents to International Financial Reporting Standards

30 November 2004

Request for comment

Exposure draft

ED New Zealand Preface

31 July 2004

Request for comment

Exposure draft

ED NZ Framework

31 July 2004

Request for comment

Exposure draft

ED NZ IAS 30: Disclosures in Financial Statements of Banks and Similar Financial Institutions

21 July 2004

Request for comment

Exposure draft

ED NZ IAS 31: Financial Reporting of Interests in Joint Ventures and NZ SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers

10 July 2004

Request for comment

Exposure draft

NZ SIC-13

ED NZ IAS 20: Accounting for Government Grants and Disclosure of Government Assistance

15 June 2004

Request for comment

Exposure draft

NZ SIC-10

ED NZ IAS 27: Consolidated and Separate Financial Statements

15 June 2004

Request for comment

Exposure draft

NZ SIC-12

ED NZ IAS 26 Accounting and Reporting by Retirement Benefit Plans

31 May 2004 

Request for comment

Exposure draft

Invitation to Comment — Proposed NZ IAS 41: Agriculture

 31 May 2004

Invitation to comment

Exposure draft

ED NZ IAS 24 Related Party Disclosures

 1 May 2004

Request for comment

Exposure draft

ED NZ IAS 32: Financial Instruments: Disclosure and Presentation

 30 April 2004

Request for comment

Exposure draft

ED NZ IAS 39: Financial Instruments: Recognition and Measurement

 30 April 2004

Request for comment

Exposure draft

ED NZ IAS 28: Investments in Associates

 30 April 2004

Request for comment

Exposure draft

ED NZ IAS 12: Income Taxes

 20 April 2004

Request for comment

Exposure draft

NZ-SIC-21

NZ-SIC-25

ED NZ IAS 21: The Effects of Changes in Foreign Exchange Rates and
NZ SIC-7 Introduction of the Euro

28 February 2004 

Request for comment

Exposure draft

NZ-SIC-7

ED NZ IAS 29: Financial Reporting in Hyperinflationary Economies

28 February 2004 

Request for comment

Exposure draft

ED NZ IAS 18: Revenue

28 February 2004 

Request for comment

Exposure draft

NZ-SIC-31

ED NZ IAS 38: Intangible Assets

28 February 2004 

Request for comment

Exposure draft

NZ-SIC-32

ED NZ IAS 36: Impairment of Assets

 28 February 2004

Request for comment

Exposure draft

ED NZ IAS 34: Interim Financial Reporting

28 February 2004 

Request for comment

Exposure draft

ED NZ IAS 16: Property, Plant & Equipment

 28 February 2004

Request for comment

Exposure draft

ED NZ IAS 19: Employee Benefits/ED-95: Employee Benefits

 28 February 2004

Request for comment

Exposure draft

ED NZ IAS 11: Construction Contracts

 28 February 2004

Request for comment

Exposure draft

ED NZ IAS 14: Segment Reporting

31 January 2004 

Request for comment

Exposure draft

ED NZ IFRS 1: First-time Adoption of International Financial Reporting Standards

31 January 2004 

Request for comment

Exposure draft

ED FRS-35A: Financial Reporting of Insurance Activities

 31 January 2004

Request for comment

Exposure draft

ED FRS-34A: Life Insurance Activities

 31 January 2004

Request for comment

Exposure draft

ED NZ IAS 17 Leases, ED NZ SIC-15 Operating Leases — Incentives, and ED NZ SIC-27 Evaluating the Substance of Transactions in the Legal Form of a Lease

15 December 2003 

Request for comment

Exposure draft

NZ-SIC-15

NZ-SIC-27

ED NZ IAS 40: Investment Property

15 December 2003 

Request for comment

Exposure draft

ED NZ IAS 33: Earnings Per Share

 30 November 2003

Request for comment

Exposure draft

ED NZ IAS 1: Presentation of Financial Statements and ED NZ SIC-29 Disclosure Service Concession Arrangements

31 October 2003 

Request for comment

Exposure draft

NZ-SIC-29

ED NZ IAS 23: Borrowing Costs

31 October 2003 

Request for comment

Exposure draft

ED NZ IAS 37: Provisions, Contingent Liabilities and Contingent Assets

 31 October 2003

Request for comment

Exposure draft

ED NZ IAS 2: Inventories

30 September 2003 

Request for comment

Exposure draft

ED NZ IAS 7: Cash Flow Statements

30 September 2003 

Request for comment

Exposure draft

ED NZ IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors

 30 September 2003

Request for comment

Exposure draft

ED NZ IAS 10: Events After the Balance Sheet Date

30 September 2003 

Request for comment

Exposure draft

ED-91: Related Party Disclosures

31 July 2002

Exposure draft

Summary

ED-90: Agriculture

 31 August 2002

Exposure draft

Summary

Preliminary Exposure Draft of the Draft Standard on Financial Instruments

 30 June 2001

Exposure draft

Foreword

Summary

Draft standard

Application supplement

Basis for conclusions

Appendices

IASB and Interpretations Committee exposure drafts

IASB ED/2010/7 Measurement Uncertainty Analysis Disclosure for Fair Value Measurements

7 September 2010 

Request for comment

Exposure draft

ED 107 Summary Financial Statements

10 November 2006

Request for comment

Exposure draft

IASB ED/2010/1 Measurement of Liabilities

19 May 2010 

Request for comment

Exposure draft

Working draft

Staff paper

IASB Exposure Draft ED/2009/13 Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Proposed amendment to IFRS 1)

29 December 2009 

Request for comment

Exposure draft

IASB ED/2009/12 Financial Instruments: Amortised Cost and Impairment

 30 June 2010

Request for comment

Exposure draft

Basis for conclusions

IASB Exposure Draft ED/2009/11 Improvements to IFRSs

24 November 2009 

Request for comment

Exposure draft

IASB ED 2009/6 Management Commentary (Guidance)

1 March 2010 

Request for comment

Exposure draft

IASB ED/2009/8 Rate-regulated Activities

 20 November 2009

Request for comment

Exposure draft

IASB ED 2009/10 Discount Rate For Employee Benefits (proposed amendments to IAS 19)

 30 September 2009

Request for comment

Exposure draft

Briefing note

IASB update

IASB ED 2009/9 Classification of Rights Issues Proposed Amendments to IAS 32 Financial Instruments: Presentation

 7 September 2009

Request for comment

Exposure draft

IFRIC D25 Extinguishing Financial Liabilities with Equity

5 October 2009 

Request for comment

Exposure draft

IASB ED Financial Instruments: Classification and Measurement

 14 September 2009

Request for comment

Exposure draft

Basis for conclusions

Guidance

IASB Request for Information (“Expected Loss Model”) Impairment of Financial Assets: Expected Cash Flow Approach

1 September 2009

Please make comments to the IASB and FRSB
Credit Risk in Liability Measurement

1 September 2009 

Discussion paper

Staff paper

IASB Exposure Draft Fair Value Measurement

 26 September 2009

Request for comment

Exposure draft

Basis for conclusions

Illustrative examples

IASB Exposure Draft Prepayments of a Minimum Funding Requirement (proposed amendments to IFRIC 14)

27 July 2009 

Exposure draft

IFRIC Tentative Agenda Decision Relating to Impairments

 22 June 2009

IFRIC update

Message from IFRIC

IASB Exposure Draft Derecognition (Proposed amendments to IAS 39 and IFRS 7)

31 July 2009 

Request for comment

Exposure draft

Draft process

IASB Exposure Draft of proposed International Financial Reporting Standard on Income Taxes

31 July 2009 

Request for comment

Exposure draft

Basis for conclusions

Illustrative examples

FRSB draft submission

IASB Discussion Paper Leases - Preliminary Views

17 July 2009 

Discussion paper
Proposed Amendments to IFRIC 9 Reassessment of Embedded Derivatives and IFRIC 16 Hedges of a Net Investment in a Foreign Operation

 2 March 2009

Request for comment

Exposure draft

Exposure Draft Embedded Derivatives (Proposed amendments to IFRIC 9 Reassessment of Embedded Derivatives and IAS 39 Financial Instruments: Recognition and Measurement)

21 January 2009 

Request for comment

Exposure draft

IASB Exposure Draft Investments in Debt Instruments (Proposed amendments to IFRS 7 Financial Instruments: Disclosures)

 15 January 2009

Request for comment

Exposure draft

IASB Discussion Paper: Preliminary Views on Revenue Recognition in Contracts with Customers

 19 June 2009

Discussion paper

Consolidated Financial Statements

20 March 2009 

Request for comment

Exposure draft

Basis for conclusions

Illustrative examples

Discussion Paper: Initial Accounting for Internally Generated Intangible Assets

15 May 2009 

Discussion paper
Financial Statement Presentation

 14 April 2009

Discussion paper

Article

Amendments to permit reclassification of certain financial assets

24 October 2008 

Request for comment

IASBs amendments

Exposure Draft on Improving Disclosures about Financial Instruments

5 December 2008 

Request for comment

Exposure draft

ED Discontinued Operations – Proposed amendment to IFRS 5

23 January 2009 

Request for comment

Exposure draft

Exposure Draft of amendments to NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards

 23 January 2009

Request for comment

Exposure draft

Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities

31 March 2009 

Consultation paper

Exposure Draft of Improvements to NZ IFRSs

 7 November 2008

Request for comment

Exposure draft

Exposure Draft of amendments to NZ IAS 33 Earnings per Share

 5 December 2008

Request for comment

Exposure draft

IASB/FASB Conceptual Framework Project - Phase A and Phase D

29 September 2008 

Request for comment

Exposure draft

Discussion Paper - Reporting Entity

29 September 2008 

Discussion paper
Preliminary Views on Amendments to IAS 19 Employee Benefits

26 September 2008 

Discussion paper
Discussion Paper Reducing Complexity in Reporting Financial Instruments

 19 September 2008

Discussion paper
Discussion Paper Financial Instruments with Characteristics of Equity

5 September 2008 

Discussion paper

NZ IFRIC D23 Distributions of Non-cash Assets to Owners

25 April 2008 

Request for comment

Exposure draft

NZ IFRIC D24 Customer Contributions

25 April 2008 

Request for comment

Exposure draft

Exposure Draft of Proposed Amendments to NZ IFRS 2 and NZ IFRIC 11-Group Cash-settled Share-based Payment Transactions

 17 March 2008

Request for comment

Exposure draft

IASB Exposure Draft of Proposed Amendments to IFRS 1 and IAS 27

 8 February 2008

Request for comment

Exposure draft

Puttable Financial Instruments and Obligations Arising from Liquidation

 June 2006

Staff draft
NZ IFRIC D22 Hedges of a Net Investment in a Foreign Operation

19 October 2007

Request for comment

IFRIC D22

NZ IFRIC Draft Interpretation D21 Real Estate Sales

 5 October 2007

Request for comment

IFRIC D21

IASB DP Preliminary Views on Insurance Contracts

 16 November 2007

Discussion paper - Part 1

Discussion paper - Part 2

IASB Exposure Draft of a Proposed International Financial Reporting Standard for Small and Medium-sized Entities

 1 October 2007

Request for comment

Summary comparison

Exposure draft

Implementation guidance

Basis for conclusions

SME overview

Request for Comment on Exposure Draft of Proposed Amendments to NZ IAS 24 Related Party Disclosures

 25 May 2007

Request for comment

Exposure draft

IASB DP Fair Value Measurements

4 May 2007 

FRSB Discussion paper

Discussion paper - Part 1

Discussion paper - Part 2

ED 110 Credit Rating Disclosures and the Scope of Requirements for Insurance Contracts

23 February 2007 

Discussion paper

Exposure draft

IASB DP Preliminary Views on an improved Conceptual Framework for Financial Reporting

3 November 2006 

Discussion paper

Request for Comment on the IASB’s Exposure Draft of Proposed Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements—Financial Instruments Puttable at Fair Value and Obligations Arising on Liquidation

2 October 2006 

Request for comment

Exposure draft

Draft Due Process Handbook for the IFRIC

30 September 2006 

Draft due process handbook
ED Proposed Amendments to NZ IAS 23 Borrowing Costs

29 September 2006 

Request for comment

Exposure draft

Exposure Draft of Proposed Amendments to IAS 1 Presentation of Financial Statements

17 July 2006 

Request for comment

Exposure draft

Request for information from users of financial statements about information on financial instruments

 14 April 2006

Cover note

Questionnaire

Background

Amendments to IFRS 2 Share Based Payment: Vesting Conditions and Cancellations

2 June 2006 

Request for comment

Exposure draft

NZ ED 8 Operating Segments

 19 May 2006

Request for comment

Exposure draft

Basis for conclusions

Implementation guidance

NZ IFRIC Draft Interpretation D18 Interim Financial Reporting and Impairment

17 March 2006 

Request for comment

Draft interpretation

IASB DP Measurement Bases for Financial Accounting - Measurement on Initial Recognition

19 May 2006 

Discussion paper
IASB ED Management Commentary

28 April 2006 

Discussion paper
IASB issues draft technical correction

 31 October 2005

Draft technical correction
Update on IFRS 7 Financial Instruments: Disclosures and Amendments to IAS 1—Capital Disclosures

 30 September 2005

 
IASB Invitation to Comment: Policy for Technical Corrections

 27 October 2005

Request for comment

Exposure draft

Basis for conclusions

Request for Comment on Exposure Draft of Proposed Amendments to New Zealand Equivalent to IAS 27 Consolidated and Separate Financial Statements

27 October 2005 

Request for comment

Exposure draft

ED 7 Financial Instruments: Disclosures - Day 1 profit disclosures

1 June 2005 

Request for comment

Exposure draft

IFRIC Draft Interpretation D17 IFRS 2 Group and Treasury Share Transactions

1 July 2005 

Request for comment

Exposure draft

Amendments to IFRS 6 and IFRS 1

30 June 2005 

Request for comment

Exposure draft

IFRIC Draft Interpretation D15 Reassessment of Embedded Derivatives

13 May 2005 

Request for comment

Exposure draft

 

 
 

 

 

 

Domestic exposure drafts

ED 120 Proposed Amendments to NZ IAS 26 Accounting and Reporting by Retirement Benefit Plans

ED 120 Proposed Amendments to NZ IAS 26 Accounting and Reporting by Retirement Benefit Plans proposes amendments to NZ IAS 26 Accounting and Reporting by Retirement Benefit Plans. The main change proposed is to align the scope of NZ IAS 26 with the scope of IAS 26 Accounting and Reporting by Retirement Benefit Plans. This is intended to clarify the scope of NZ IAS 26 and remove the potential for inconsistency between the scope of NZ IAS 26 and IAS 26. The exposure draft also proposes to remove the NZ specific definitions and some NZ specific requirements.

Comments are due by 30 April 2010.

Download the Request for Comment (PDF, 46KB)

Download the Exposure Draft (PDF, 131KB)

ED 119 Proposed Amendment to NZ IFRS 3—Scope exemption

The FRSB has issued Exposure Draft 119 (ED 119) which proposes to amend the scope of NZ IFRS 3 Business Combinations to provide a scope exemption for a local authority reorganisation where the assets and liabilities are transferred to a local authority from another local authority at no cost, or for nominal consideration, pursuant to legislation, ministerial directive or other externally imposed requirement.
Comments are due to the FRSB no later than 23 December 2009.

Download the Request for Comment (PDF, 36KB)

Download the Exposure Draft (PDF, 46KB)

FRSB/AASB Exposure Draft on Income from Non-Exchange Transactions

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants and the Australian Accounting Standards Board (AASB) have developed an Exposure Draft ED 180/ED 118 Income from Non-Exchange Transactions (Taxes and Transfers). Non-exchange transactions are especially common for entities in the not-for-profit and public sectors and include the receipt of donations, gifts and grants and the receipt by government of tax income. The Exposure Draft proposes recognition, measurement and disclosure requirements for income from non-exchange transactions for those public benefit entities that apply New Zealand equivalents to International Financial Reporting Standards.
Submissions are due to the FRSB or AASB by 30 November 2009.

Download the Exposure Draft (PDF, 931KB)

ED 117 Proposed Amendment to NZ IAS 34 Interim Financial Reporting - Scope

ED 117 proposes to amend the scope of NZ IAS 34 Interim Financial Reporting. The proposed amendment will align the scope of NZ IAS 34 with the scope of IAS 34 Interim Financial Reporting and remove the current scope exclusion, which states that NZ IAS 34 does not apply where the interim financial statements are included in a registered prospectus.
Comments are due to the FRSB by 31 July 2009.

Download the Request for Comment (PDF, 33KB)

Download the Exposure Draft (PDF, 33KB)

ED 116 Operating Segments – Amendment to NZ IFRS 8

This Exposure Draft proposes to align the scope of NZ IFRS 8 Operating Segments with the scope of IFRS 8 Operating Segments. This would result in fewer New Zealand entities being required to comply with NZ IFRS 8.
Comments are due to the FRSB by 31 July 2009.

Download the Request for Comment (PDF, 23KB)

Download the Exposure Draft (PDF, 35KB)

Process for Modifying, or Introducing Additional Requirements to, IFRSs for PBE/NFP

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants and the Australian Accounting Standards Board (AASB) have developed a proposed Process for considering when to modify International Financial Reporting Standards (IFRSs) for not-for profit entities and public benefit entities.

Submissions are due to the FRSB or AASB by 30 June 2009.

Concurrently with the exposure of the draft Process, the Accounting Standards Review Board (ASRB) is exposing proposed revisions to Release 8 The Role of the Accounting Standards Review Board and the Nature of Approved Accounting Standards. Constituents are encouraged to consider the documents issued by both the FRSB and ASRB in formulating their responses to the two bodies.

Download the Invitation to Comment (PDF, 605KB)

Download the Draft Process (PDF, 74KB)

Request for Comment on Exposure Draft Relationships with the State (Proposed Amendments to NZ IAS 24 Related Party Disclosures)

The IASB's Exposure Draft proposes amendments to IAS 24 Related Party Disclosures that would exempt an entity from disclosing transactions with the state as well as other state-controlled entities, regardless of whether influence actually exists in such relationships.
The FRSB has issued a Request for Comment on Exposure Draft Relationships with the State (Proposed Amendments to NZ IAS 24 Related Party Disclosures), to incorporate the IASB proposed amendments into NZ IAS 24. In addition, the FRSB is proposing to:

  • remove the existing exemption in NZ IAS 24 that applies to some public benefit entities; and
  • provide an exemption for Crown reporting entities, where a Crown reporting entity is exempt from disclosing transactions with the key management personnel of the parent entity, where that person is not also a member of the key management personnel of that entity on a standalone basis, provided that specified disclosures are made, and an exemption to apply to some public benefit entities in respect of transactions with key management personnel, provided specified criteria are met.

Comments are due to the FRSB by 1 March 2009 and to the IASB by 13 March 2009.

Download the FRSB's Request for Comment (PDF, 82KB)

Download the IASB's Exposure Draft (PDF, 419KB)

Exposure Draft 115 Omnibus Exposure Draft [2008-2]

ED 115 proposes amendments to:
• create an additional differential reporting concession in NZ IAS 1 Presentation of Financial Statements (2007) for consistency with an existing concession;
• relax the requirements for parent entities that qualify for differential reporting concessions to present consolidated financial statements. Parents that qualify for differential reporting concessions would not be required to comply with paragraph 10(d) of NZ IAS 27 Consolidated and Separate Financial Statements (2008) or paragraph 10(d) of NZ IAS 27 Consolidated and Separate Financial Statements (2004). Similar amendments are also proposed in respect of NZ IAS 28 Investments in Associates and NZ IAS 31 Interests in Joint Ventures;
• require that entities reporting in accordance with NZ IFRS 4 Insurance Contracts, Appendix C Life Insurance Entities, disclose whether the amount of solvency reserves disclosed has been determined in accordance with the standards and guidelines of the New Zealand Society of Actuaries (Inc); and
• clarify the assertions of compliance that are permitted in prospective financial statements prepared in accordance with FRS-42 Prospective Financial Statements.

Comments are due to the FRSB by 28 March 2009.

Download the Request for Comment (PDF, 92KB)

Download the Exposure Draft (PDF, 82KB)

Review of FRS-42

The Financial Reporting Standards Board (FRSB) is seeking feedback on FRS-42 Prospective Financial Statements (2005).

At the time of developing FRS-42 the FRSB acknowledged that the standard would lead to some changes in existing practice and agreed to review the standard following implementation of its requirements.

Comments are due to the FRSB by 20 August 2008.

Download further details (PDF, 32KB)

ED 114 Omnibus Exposure Draft [2008-1]

The FRSB has issued Exposure Draft 114 Omnibus Exposure Draft [2008-1].

ED 114 proposes amendments to financial reporting standards to:
• clarify some existing differential reporting concessions (NZ IAS 12 paragraph NZ 4.1, the Introduction to NZ IFRS 8, and the Framework for Differential Reporting (2005));
• update the additional PBE guidance on materiality in NZ IFRSs (NZ IAS 1 (2007), NZ IAS 1(2004), NZ IAS 8, and the NZ Framework);
• update the paragraph references to IPSAS 6 in NZ IAS 27 (2004) paragraph NZ 12.1; and
• specify, in the NZ Preface, which financial reporting standards are relevant for entities that have adopted NZ IFRSs.

Comments are due to the FRSB by 11 August 2008.

Download the Discussion Paper (PDF, 81KB)

Download the Exposure Draft (PDF, 103KB)

Withdrawn - ED 113 Proposed Amendment to Appendix C of NZ IFRS 4-Deferred Tax and Policyholder Liabilities

The proposed amendment clarifies the interaction for life insurers between Appendix C Life Insurance Entities, NZ IFRS 4 Insurance Contracts, and NZ IAS 1 Presentation of Financial Statements (and NZ IAS 12 Income Taxes) on the disclosure of deferred tax embedded in policyholder liabilities.

Comments are due to the FRSB by 28 September 2007.

Download the Request for Comment and the Exposure Draft (PDF, 63 KB)

Withdrawn - ED 112 Proposed Application Guidance for NZ IAS 27 Consolidated and Separate Financial Statements to assist in Determining Whether a Public Benefit Entity Controls Another Entity

The FRSB has issued Exposure Draft 112 Proposed Application Guidance for NZ IAS 27 Consolidated and Separate Financial Statements to assist in Determining Whether a Public Benefit Entity Controls Another Entity.

The proposals include commentary and guidance on the following matters to be considered by a public benefit entity when determining whether it controls another entity:

• Ownership form of control
• Power element
• Benefit element
• Indicators of control

Comments are due to the FRSB by 28 September 2007.

Download the Discussion Paper (PDF, 83KB)

Download the Exposure Draft (PDF, 108KB)

ED 111 Omnibus Exposure Draft [2007-1]

The FRSB has issued Exposure Draft 111 Omnibus Exposure Draft [2007-1].

ED 111 proposes amendments to financial reporting standards to:
• provide additional differential reporting concessions
• simplify the assertions required by NZ IAS 1 and reduce the potential for confusion between IFRSs and NZ IFRSs
• require that inventories held for distribution by public benefit entities be measured at cost, adjusted when applicable for any loss of service potential
• explain the meaning of compliance with GAAP in relation to section 209(6) of the Companies Act 1993 (as amended 2006) in the context of summary financial statements
• align the wording of some New Zealand financial reporting standards with that of the equivalent International standards
• delete a New Zealand specific paragraph which is no longer relevant; and
• incorporate editorial amendments made by the International Accounting Standards Board (IASB) into the relevant New Zealand standards.

Comments are due to the FRSB by 14 August 2007.

Download the Request for Comment (PDF, 128KB)

Download the Exposure Draft (PDF, 196KB)

Not-For-Profit Financial Reporting Guide (draft)

The Public Benefit Entity (PBE) Working Group of the Financial Reporting Standards Board has released, for comment, a draft Guide on financial reporting by not-for-profit entities. Feedback is sought by the 22 November 2006.

Download covering letter: (PDF, 61 Kb)

Download the Draft Guide: (PDF, 428 Kb)

ED 107 Summary Financial Statements

ED 107, which is based on FRS-39: Summary Financial Reports (FRS-39), proposes requirements for the preparation of summary financial statements for entities applying New Zealand equivalents to IFRSs. FRS-39 will continue to apply to entities that have not adopted New Zealand equivalents to IFRSs.

Comments are due to the FRSB by 10 November 2006.

Download the Request for Comment: (PDF, 70 Kb)

Download the Exposure Draft: (PDF, 91 Kb)

ED 108 Omnibus Amendments

Since the development of the of New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) in November 2004 a number of minor matters of clarification and other inconsistencies concerning the New Zealand paragraphs relating to these standards have been brought to the attention of the FRSB. Individually, the proposed amendments to resolve these matters do not require extensive changes to the relevant standards and a separate exposure draft for each is not an efficient due process. In order to address these minor matters of clarification and other inconsistencies and facilitate an efficient process for inviting comment on the proposed changes the FRSB decided to group these issues together in an omnibus exposure draft (Omnibus ED).
Amendments to the following standards are included in the Omnibus ED-108:
• NZ IAS 1 Presentation of Financial Statements
• NZ IAS 2 Inventories
• NZ IAS 24 Related Party Disclosures
• NZ IAS 34 Interim Financial Reporting
• NZ IAS 36 Impairment of Assets
• NZ IAS 40 Investment Property.

Comments are due to the FRSB by 2 October 2006.

Download the Request for Comment: (PDF, 79 Kb)

Download the Exposure Draft: (PDF, 136 Kb)

ED 106 Proposed Additional Disclosure Requirements for Financial Institutions Applying New Zealand Equivalent to IFRS 7 Financial Instruments: Disclosures

ED 106 was issued in December 2005 with a due date for comments to the FRSB of 10 March 2006.

Download theRequest for Comment: (PDF, 58Kb)

Download the Exposure Draft: (PDF, 221Kb)

ED-105 Proposed Amendments to New Zealand Equivalent to IAS 19 Employee Benefits: Actuarial Assumptions—Allowance for Taxes in Defined Benefit Plans

The FRSB has issued Exposure Draft 105 Proposed Amendments to New Zealand Equivalent to IAS 19Employee Benefits: Actuarial Assumptions—Allowance for Taxes in Defined Benefit Plans (ED-105). ED-105 proposes to amend NZ IAS 19 by deleting paragraphs NZ 55.1 and NZ 55.2. This change is proposed for consistency with recently approved changes to AASB 119 Employee Benefits, approved as AASB 2005-3. Comments are due to the FRSB by 22 November 2005.

Download the Discussion Paper (PDF, 30kb)

Download the Exposure Draft (PDF, 27kb)

ED-104 Proposed Differential Reporting Concessions for the forthcoming New Zealand Equivalent to IFRS 7 Financial Instruments: Disclosures and Amendments to New Zealand Equivalent to IAS 1 Presentation of Financial Statements—Capital Disclosures

The FRSB has issued Exposure Draft 104 Proposed Differential Reporting Concessions for the forthcoming New Zealand Equivalent to IFRS 7 Financial Instruments: Disclosures and Amendments to New Zealand Equivalent to IAS 1 Presentation of Financial Statements—Capital Disclosures (ED-104).

Comments are due to the FRSB by 30 November 2005.

Download the Discussion Paper (PDF, 64kb)

Download the Exposure Draft (PDF, 235kb)

Control and Public Benefit Entities that have Autonomy and Independence

The DP on Control and Public Benefit Entities that have Autonomy and Independence was issued in August 2005 with a due date for comments to the FRSB of 5 November 2005.

Download the Discussion Paper (PDF, 77kb)

Request for Comment on Exposure Draft of Proposed Amendments to New Zealand Equivalent to IAS 37 Non-Financial liabilities (formerly known as Provisions, Contingent Liabilities and Contingent Assets and New Zealand Equivalent to IAS 19 Employee Benefits

The Request for Comment and Exposure draft were issued in July 2005 with a due date for comments to the FRSB of 30 September 2005.

Download the Request for Comment (PDF, 31kb)

Download the Exposure Draft (PDF, 547kb)

Proposed Amendments to Appendix C Life Insurance Entities and Appendix D Financial Reporting of Insurance Activities of the New Zealand Equivalent to IFRS 4 Insurance Contracts

Amendments to Appendices C and D of NZ IFRS 4 were issued in June 2005 with a closing date for comments to the FRSB of 8 July 2005.

Download the Request for Comment: (PDF, 51kb)

ED-102 Proposed Amendments to Appendix D Financial Reporting of Insurance Activities of the New Zealand Equivalent to IFRS 4 Insurance Contracts – Liability Adequacy Test

ED-102 was issued in May 2005 with a closing date for comments to the FRSB of 13 June 2005.

Download the Discussion Paper: (PDF, 67kb)

Download the Exposure Draft: (PDF, 88kb)

ED-103 Prospective Financial Information

ED-103 was issued in May 2005 with a closing date for comments to the FRSB of 16 August 2005.

Download the Discussion Paper: PDF (42kb) / Word (202kb)

Download the Exposure Paper: PDF (112kb) / Word (290kb)

ED-100 Proposed Amendments to New Zealand Equivalent to IAS 1 Presentation of Financial Statements

ED-100 was issued in March 2005 with a due date for comments to the FRSB of 15 June 2005

Download the Discussion Paper: (PDF, 28kb)

Download the Exposure Paper: (PDF, 96kb)

ED-101 New Zealand Application Guidance: When is an Entity a Public Benefit Entity?

ED-101 was issued in March 2005 with a due date for comments to the FRSB of 15 June 2005

Download the Discussion Paper: (PDF, 32kb)

Download the Exposure Paper: (PDF, 72kb)

ED-99 Impairment of Non-Cash Generating Assets by Public Benefit Entities: A Proposed Amendment to NZ IAS 36 Impairment of Assets

ED-99 was issued in December 2004 with a closing date for comments to the FRSB of 28 February 2005.

Download the Discussion Paper: (PDF, 47kb)

Download the Exposure Draft: (PDF, 47kb)

ED-98 Framework for Differential Reporting for Entities Applying the New Zealand Equivalents to IFRSs Reporting Regime

ED-98 was issued in December 2004 with a closing date for comments to the FRSB of 25 February 2005.

Download the Discussion Paper: (PDF, 133kb)

Download the Exposure Draft: (PDF, 248kb)

ED-97: Proposal to Amend the Scope of NZ IAS 14 Segment Reporting

ED-97 was issued in October 2004 with a due date for comments of 31 January 2005.

Download the Discussion Paper: (PDF, 44kb)

Download the Exposure Draft: (PDF, 34kb)

ED-96 Disclosing the Impact of Adopting New Zealand Equivalents to International Financial Reporting Standards

ED-96 was issued in October 2004 with a due date for comments of 15 December 2004.

Download the Discussion Paper: (PDF, 42kb)

Download the Exposure Draft: (PDF, 69kb)

ED-94 Transitional Arrangements for the Early Adoption of the New Zealand equivalent to IAS 19 Employee Benefits

ED-94 was issued in August 2004 with a due date for comments to the FRSB of 30 November 2004

Download the Discussion Paper: (PDF, 33kb)

Download the Exposure Draft: (PDF, 40kb)

ED-95 Application of NZ IFRS 2 Share-based Payment prior to the Adoption of NZ IFRS 1 First Time Adoption of New Zealand Equivalents to International Financial Reporting Standards

ED-95 was issued in August 2004 with a due date for comments to the FRSB of 30 November 2004

Download the Discussion Paper: (PDF, 33kb)

Download the Exposure Draft: (PDF, 40kb)

ED New Zealand Preface

ED NZ Preface was issued in May 2004 with a due date for comments to the FRSB of 31 July 2004.

Download the Discussion Paper: (PDF, 43kb)

Download the Exposure Draft: (PDF, 178kb)

ED NZ Framework

ED NZ Framework was issued in May 2004 with a due date for comments to the FRSB of 31 July 2004.

Download the Discussion Paper: (PDF, 54kb)

Download the Exposure Draft: (PDF, 410kb)

ED NZ IAS 30: Disclosures in Financial Statements of Banks and Similar Financial Institutions

ED NZ IAS 30 was issued in May 2003 with a due date for comments to the FRSB of 21 July 2004.

Download the Discussion Paper: (PDF, 91kb)

Download the Exposure Draft: (PDF, 222kb)

ED NZ IAS 31: Financial Reporting of Interests in Joint Ventures and NZ SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers

ED NZ IAS 31 was issued in April 2004 with a due date for comments to the FRSB of 10 July 2004.

Download the Discussion Paper: (PDF, 58kb)

Download the Exposure Draft: (PDF, 144kb)

Download the NZ SIC-13: (PDF, 53kb)

ED NZ IAS 20: Accounting for Government Grants and Disclosure of Government Assistance

ED NZ IAS 20 was issued in April 2004 with a due date for comments of 15 June 2004.

Download the Discussion Paper: (PDF, 72kb)

Download the Exposure Draft: (PDF, 106kb)

Download the ED NZ SIC-10: (PDF, 37kb)

ED NZ IAS 27: Consolidated and Separate Financial Statements

ED NZ IAS 27 was issued in April 2004 with a due date for comments of 15 June 2004.

Download the Discussion Paper: (PDF, 85kb)

Download the Exposure Draft: (PDF, 175kb)

Download the ED NZ SIC-12: (PDF, 74kb)

ED NZ IAS 26 Accounting and Reporting by Retirement Benefit Plans

ED NZ IAS 26 was issued in March 2004 with a due date for comments of 31 May 2004.

Download the Discussion Paper: (PDF, 158kb)

Download the Exposure Draft: (PDF, 173kb)

Invitation to Comment — Proposed NZ IAS 41: Agriculture

The proposed NZ IAS 41 was issued in March 2004 with a due date for comments of 31 May 2004.

Download the Invitation to Comment: (PDF, 70kb)

Download the proposed NZ IAS 41: (PDF, 139kb)

ED NZ IAS 24 Related Party Disclosures

ED NZ IAS 24 was issued in March 2004 with a due date for comments of 1 May 2004.

Download the Discussion Paper: (PDF, 92kb)

Download the Exposure Draft: (PDF, 147kb)

ED NZ IAS 32: Financial Instruments: Disclosure and Presentation

ED NZ IAS 32 was issued in February 2004 with a due date for comments of 30 April 2004.

Download the Discussion Paper: (PDF, 45kb)

Download the Exposure Draft: (PDF, 193kb)

ED NZ IAS 39: Financial Instruments: Recognition and Measurement

ED NZ IAS 39 was issued in February 2004 with a due date for comments of 30 April 2004.

Download the Discussion Paper: PDF (105kb) / Word (275kb)
Download the Exposure Draft: PDF (361kb) / Word (380kb)

ED NZ IAS 28: Investments in Associates

ED NZ IAS 28 was issued in February 2004 with a due date for comments of 30 April 2004.

Download the Discussion Paper: PDF (47kb) / Word (108kb)
Download the Exposure Draft: PDF (71kb) / Word (94kb)

ED NZ IAS 12: Income Taxes

ED NZ IAS 12 was issued in February 2004 with a due date for comments of 20 April 2004.

Download the Discussion Paper: PDF (61kb) / Word (112kb)
Download the Exposure Draft: PDF (608kb) / Word (475kb)
Download the ED NZ SIC-21: PDF (34kb) / Word (41kb)
Download the ED NZ SIC-25: PDF (37kb) / Word (41kb)

ED NZ IAS 21: The Effects of Changes in Foreign Exchange Rates and
NZ SIC-7Introduction of the Euro

ED NZ IAS 21 and NZ SIC-7 were issued in December 2003 with a due date for comments of 28 February 2004.

Download the Discussion Paper: PDF (108kb) / Word (117kb)
Download the Exposure Draft: PDF (112kb) / Word (304kb)
Download the NZ SIC-7: PDF (40kb) / Word (36kb)

ED NZ IAS 29: Financial Reporting in Hyperinflationary Economies

ED NZ IAS 29 was issued in December 2003 with a due date for comments of 28 February 2004.

Download the Discussion Paper: PDF (143kb) / Word (44kb)
Download the Exposure Draft: PDF (98kb) / Word (63kb)

ED NZ IAS 18: Revenue

ED NZ IAS 18 was issued in December 2003 with a due date for comments of 28 February 2004.

Download the Discussion Paper: PDF (52kb) / Word (171kb)
Download the Exposure Draft: PDF (112kb) / Word (92kb)
Download the ED NZ SIC-31: PDF (21kb) / Word (47kb)

ED NZ IAS 38: Intangible Assets

ED NZ IAS 38 and ED NZ SIC 32 were issued in December 2003 with a due date for comments of 28 February 2004.

Download the Discussion Paper: PDF (64kb) / Word (172kb)
Download the Exposure Draft: PDF (162kb) / Word (372kb)
Download the ED NZ SIC-32: PDF (46kb) / Word (98kb)

ED NZ IAS 36: Impairment of Assets

ED NZ IAS 36 was issued in December 2003 with a due date for comments of 28 February 2004.

Download the Discussion Paper: PDF (73kb) / Word (186kb)
Download the Exposure Draft: PDF (308kb) / Word (810kb)

ED NZ IAS 34: Interim Financial Reporting

ED NZ IAS 34 was issued in December 2003 with a due date for comments of 28 February 2004.

Download the Discussion Paper: PDF (50kb) / Word (186kb)
Download the Exposure Draft: PDF (151kb) / Word (127kb)

ED NZ IAS 16: Property, Plant & Equipment

ED NZ IAS 16 was issued in December 2003 with a due date for comments of 28 February 2004.

Download the Discussion Paper: PDF (65kb) / Word (188kb)
Download the Exposure Draft: PDF (93kb) / Word (309kb)

ED NZ IAS 19: Employee Benefits/ED-95: Employee Benefits

ED NZ IAS 19/ED-95 was issued in November 2003 with a due date for comments of the 28 February 2004.

Download the Discussion Paper: PDF (57kb) / Word (145kb)
Download the Exposure Draft: PDF (437kb) / Word (282kb)

ED NZ IAS 11: Construction Contracts

ED NZ IAS 11 was issued in November 2003 with a due date for comments of 28 February 2004.

Download the Discussion Paper: PDF (53kb) / Word (169kb)
Download the Exposure Draft: PDF (90kb) / Word (136kb)

ED NZ IAS 14: Segment Reporting

ED NZ IAS 14 was issued in November 2003 with a due date for comments of 31 January 2004.

Download the Discussion Paper: PDF (48kb) / Word (162kb)
Download the Exposure Draft: PDF (301kb) / Word (497kb)

ED NZ IFRS 1: First-time Adoption of International Financial Reporting Standards

ED NZ IFRS 1 was issued in October 2003 with a due date for comments of 31 January 2004.

Download the Discussion Paper: PDF (39kb) / Word (76kb)
Download the Exposure Draft: PDF (88kb) / Word (86kb)

ED FRS-35A: Financial Reporting of Insurance Activities

ED FRS-35A was issued in October 2003 with a due date for comments of 31 January 2004.

Download the Discussion Paper: PDF (55kb) / Word (512kb)
Download the Exposure Draft (in marked-up form): PDF (104kb) / Word (175kb)
Download the Exposure Draft (clean copy): PDF (65kb) / Word (123kb)
Download comparison tables of the NZ and Australian EDs: PDF (670kb) / Word (298kb)

ED FRS-34A: Life Insurance Activities

ED FRS-34A was issued in October 2003 with a due date for comments of 31 January 2004.

Download the Discussion Paper: PDF (54kb) / Word (511kb)
Download the Exposure Draft (in marked-up form): PDF (141kb) / Word (207kb)
Download the Exposure Draft (clean copy): PDF (69kb) / Word (132kb)
Download comparison tables of the NZ and Australian EDs: PDF (122kb) / Word (139kb)

ED NZ IAS 17 Leases, ED NZ SIC-15 Operating Leases — Incentives, and ED NZ SIC-27Evaluating the Substance of Transactions in the Legal Form of a Lease

ED NZ IAS 17, ED NZ SIC-15, and ED NZ SIC-27 were issued in October 2003 with a due date for comments to the FRSB of 15 December 2003.

Download the Discussion Paper: PDF (41kb) / Word (160kb)
Download the Exposure Draft NZ IAS 17: PDF (80kb) / Word (123kb)
Download the Exposure Draft NZ SIC-15: PDF (16kb) / Word (50kb)
Download the Exposure Draft NZ SIC-27: PDF (28kb) / Word (75kb)

ED NZ IAS 40: Investment Property

ED NZ IAS 40 was issued in October 2003 with a due date for comments to the FRSB of 15 December 2003.

Download the Exposure Draft: PDF (113kb) / Word (294kb)
Download the Discussion Paper: PDF (63kb) / Word (159kb)

ED NZ IAS 33: Earnings Per Share

ED NZ IAS 33 was issued in September 2003 with a due date for comments to the FRSB of 30 November 2003.

Download the Exposure Draft: PDF (147kb) / Word (341kb)
Download the Discussion Paper: PDF (19kb) / Word (124kb)

ED NZ IAS 1: Presentation of Financial Statements and ED NZ SIC-29 Disclosure Service Concession Arrangements

ED NZ IAS 1 and ED NZ SIC-29 were issued in August 2003 with a due date for responses to the FRSB of 31 October 2003.

Download the Discussion Paper: PDF (81kb) / Word (216kb)
Download the Exposure Draft NZ IAS 1: PDF (173kb) / Word (183kb)
Download the Exposure Draft NZ SIC-29: PDF (24kb) / Word (53kb)

ED NZ IAS 23: Borrowing Costs

ED NZ IAS 23 was issued in August 2003 with a due date for responses to the FRSB of 31 October 2003.

Download the Discussion Paper: PDF (25kb) / Word (140kb)
Download the Exposure Draft: PDF (41kb) / Word (70kb)

ED NZ IAS 37: Provisions, Contingent Liabilities and Contingent Assets

ED NZ IAS 37 was issued in August 2003 with a due date for responses to the FRSB of 31 October 2003.

Download the Discussion Paper: PDF (56kb) / Word (176kb)
Download the Exposure Draft: PDF (165kb) / Word (209kb)

ED NZ IAS 2: Inventories

ED NZ IAS 2 was issued in July 2003 with a due date for responses to the FRSB of 30 September 2003.

Download the Exposure Draft: PDF (54kb) / Word (70kb)
Download the Discussion Paper: PDF (36kb) / Word (131kb)

ED NZ IAS 7: Cash Flow Statements

NZ IAS 7 was issued in July 2003 with a due date for responses to the FRSB of 30 September 2003.

Download the Exposure Draft: PDF (73kb) / Word (258kb)
Download the Discussion Paper: PDF (44kb) / Word (154kb)

ED NZ IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors

NZ IAS 8 was issued in July 2003 with a due date for responses to the FRSB of 30 September 2003.

Download the Exposure Draft: PDF (44kb) / Word (62kb)
Download the Discussion Paper: PDF (29kb) / Word (114kb)

ED NZ IAS 10: Events After the Balance Sheet Date

NZ IAS 10 was issued in July 2003 with a due date for responses to the FRSB of 30 September 2003.

Download the Exposure Draft: PDF (45kb) / Word (68kb)
Download the Discussion Paper: PDF (29kb) / Word (111kb)

ED-92: Preface To Financial Reporting Standards

This exposure draft was withdrawn by the FRSB at their meeting of 14 May 2003.

ED-91: Related Party Disclosures

ED-91 was issued in April 2002 with a due date for responses of 31 July 2002.

Download the exposure draft: PDF (182kb) / Word (187kb)
Download the summary: PDF (14kb) / Word (36kb)

ED-90: Agriculture

ED-90 was issued in April 2002 with a due date for responses of 31 August 2002 (please note the due date has been extended).

Download this document: PDF (180kb) / Word (165kb)
Download the summary: PDF (12kb) / Word (26kb)

Preliminary Exposure Draft of the Draft Standard on Financial Instruments

The Preliminary Exposure Draft was issued in December 2000 and has a comment deadline of 30 June 2001
• Download the complete Exposure Draft (1.2mb)
• Download a section of the Exposure Draft:
Foreword (61kb)
Summary (23kb)
Content, Preface and Request for Comments (50kb)
Draft Standard (185kb)
Application Supplement (270kb)
Basis for Conclusions (545kb)
Appendices (A: Dissenting Views; B: Consequential Amendments; C: Glossary of Terms; D: Members of the Financial Instruments Joint Working Group of standard setters (58kb)

ED-87: Accounting For Intangible Assets

ED-87 was issued in April 1999 with a due date for responses of 30 November 2000.
Download this document (199kb)
Download the discussion paper (166kb)

IASB and Interpretations Committee exposure drafts

IASB ED/2010/7 Measurement Uncertainty Analysis Disclosure for Fair Value Measurements

The International Accounting Standards Board has issued ED/2010/7 Measurement Uncertainty Analysis Disclosure for Fair Value Measurements which proposes that an entity should take into account the effect of correlation between observable inputs if such correlation is relevant when estimating the effect on a fair value measurement of a change in more than one observable input.

Comments are due to the FRSB by August 13, 2010 and to the IASB by September 7, 2010.

Read IASB Exposure Draft 2010/7 (PDF, XX KB)

Read the Request for Comment on IASB Exposure Draft 2010/7 (PDF, XX KB)

IASB user survey on 'own credit' in financial liability measurement

As part of its comprehensive review of accounting for financial instruments, the International Accounting Standards Board (IASB) is conducting a short survey to obtain input from users. Interested parties should email owncreditsurvey@iasb.org to participate in the survey. The deadline for submission of surveys is 28 January 2010.

ED 107 Summary Financial Statements

ED 107, which is based on FRS-39: Summary Financial Reports (FRS-39), proposes requirements for the preparation of summary financial statements for entities applying New Zealand equivalents to IFRSs. FRS-39 will continue to apply to entities that have not adopted New Zealand equivalents to IFRSs. Comments are due to the FRSB by 10 November 2006.
Download the Request for Comment: PDF (70 Kb)
Download the Exposure Draft: PDF (91 Kb)

IASB ED/2010/1 Measurement of Liabilities

In 2005 the International Accounting Standards Board (IASB) issued an exposure draft proposing amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets (as well as IAS 19 Employee Benefits). Some respondents to that exposure draft thought that the proposed requirements were still unclear. In response to those concerns the IASB now proposes to add guidance specifying more precisely what entities should be aiming to measure, and how they should achieve this. The IASB has issued Exposure Draft ED/2010/1 Measurement of Liabilities inviting comments on the proposed new guidance.

Comments are due to the FRSB no later than 19 March 2010 and the IASB no later than 19 May 2010.

Download the Request for Comment (20KB)

Download the Exposure Draft (243KB)

Download the IASB's Working Draft International Financial Reporting Standards X Liabilities (242KB)

Download the IASB Staff Paper explaining how the new recognition criteria would apply to lawsuits(60KB)

IASB Exposure Draft ED/2009/13 Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters (Proposed amendment to IFRS 1)

The International Accounting Standards Board (IASB) has issued an exposure draft proposing an amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards to allow first-time adopters of International Financial Reporting Standards a short-term exemption from retrospective application of amendments made to IFRS 7 Financial Instruments: Disclosures in March 2009.

Comments are due to the FRSB no later than 15 December 2009 and the IASB no later than 29 December 2009.

Download the Request for Comment (20KB)

Download the Exposure Draft (122KB)

IASB ED/2009/12 Financial Instruments: Amortised Cost and Impairment

The IASB’s project plan for the replacement of IAS 39 Financial Instruments: Recognition and Measurement consists of three main phases.

The objective of this second phase of the project is to establish principles for the measurement at amortised cost of financial assets and financial liabilities that will present useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of future cash flows.

The IASB has issued an Exposure Draft, accompanied by Draft Amendments to other IFRSs and guidance, and a Basis for Conclusions.

Comments are due to the FRSB by 1 June 2010 and to the IASB by 30 June 2010.

Download the Request for Comment (22KB)

Download the Exposure Draft (285KB)

Download the Basis for Conclusions (200KB)

Note that the IASB Draft Amendments to other IFRS and guidance are appended to the Exposure Draft document as Appendix C.

IASB Exposure Draft ED/2009/11 Improvements to IFRSs

The International Accounting Standards Board (IASB) has issued Exposure Draft ED/2009/11 Improvements to IFRSs. ED/2009/11 proposes a number of small and non-urgent amendments to a number of International Financial Reporting Standards (IFRSs).

Comments are due to the FRSB by 28 October 2009 and to the IASB by 24 November 2009.

Download the Request for Comment (29KB)

Download the Exposure Draft (308KB)

IASB ED 2009/6 Management Commentary (Guidance)

The International Accounting Standards Board (IASB) has issued Exposure Draft ED/2009/6 Management Commentary, which proposes a framework (in the form of guidance) for the preparation and presentation of management commentary by publicly listed entities.

Comments are due to the FRSB by 29 January 2010 and to the IASB by 1 March 2010.

Download the Request for Comment (28KB)

Download the Exposure Draft (227KB)

IASB ED/2009/8 Rate-regulated Activities

The objective of the Exposure Draft is to establish criteria for the recognition of assets and liabilities arising from rate regulation and to require disclosures to enable users to understand the nature and financial effects of rate regulation on an entity’s activities.

It is possible that the proposals may have a significant impact on some regulated entities in New Zealand.

Comments are due to the FRSB by 1 November 2009 and to the IASB by 20 November 2009.

Download the Request for Comment (22KB)

Download the Exposure Draft (232KB)

Download the Basis for Conclusions (216KB)

Download the Illustrative Examples (186KB)

IASB ED 2009/10 Discount Rate For Employee Benefits (proposed amendments to IAS 19)

The proposed amendments are intended to eliminate the requirement to use government bond rates to determine the discount rate for employee benefit obligations for defined benefit plans and other long-term employee benefits when there is no deep market in high-quality corporate bonds. Instead, entities would use the guidance in IAS 39 Financial Instruments: Recognition and Measurement, on determining fair value, to determine the appropriate discount rate.

Comments are due to the FRSB by 21 September 2009 and to the IASB by 30 September 2009.

Download the Request for Comment (22KB)

Download the Exposure Draft (156KB)

Download the IASB Briefing Note (76KB)

Update October 2009: The IASB decided not to proceed with the proposed amendments. Refer to the October 2009 IASB Update.

Download the IASB Update October 2009 (51KB)

IASB ED 2009/9 Classification of Rights Issues Proposed Amendments to IAS 32 Financial Instruments: Presentation

The proposals seek to clarify the accounting treatment when rights issues are denominated in a currency other than the functional currency of the issuer. Current practice appears to require such issues to be accounted for as derivative liabilities. The proposals state that if such rights are issued pro rata to an entity’s existing shareholders for a fixed amount of currency, they should be classified as equity regardless of the currency in which the exercise price is denominated.

Comments are due to the FRSB by 31 August 2009 and to the IASB by 7 September 2009.

Download the Request for Comment (20KB)

Download the Exposure Draft (146KB)

IFRIC D25 Extinguishing Financial Liabilities with Equity

In the current environment, some entities are renegotiating the terms of financial liabilities with their creditors and the creditor agrees to accept the entity’s shares or other equity instruments in full or partial settlement of the financial liability. IFRIC D25 proposes that the entity’s equity instruments are part of any ‘consideration paid’ to extinguish the financial liability, with the equity instruments measured at either their fair value or the fair value of the financial liability extinguished with any difference between the carrying amount of the financial liability extinguished and the initial measurement of these equity instruments being recognised in the entity’s profit or loss.

Comments are due to the FRSB by 25 September 2009 and to the IFRIC by 5 October 2009.

Download the Request for Comment (30KB)

Download the Exposure Draft (347KB)

IASB ED Financial Instruments: Classification and Measurement

The IASB’s project plan for the replacement of IAS 39 Financial Instruments: Recognition and Measurement consists of three main phases.

The objective of this first phase of the project is to improve the decision-usefulness of financial statements for users by simplifying the classification and measurement requirements for financial instruments. The IASB expects to finalise this phase in time to allow, but not require, early application for 2009 year end financial statements.

The IASB has issued an Exposure Draft, accompanied by Draft Amendments to other IFRSs and guidance, and a Basis for Conclusions.

Comments are due to the FRSB by 31 August 2009 and to the IASB by 14 September 2009.

Download the Request for Comment (32KB)

Download the Exposure Draft (261KB)

Download the IASB Basis for Conclusions (212KB)

Download the IASB Draft Amendments to other IFRSs and guidance (392KB)

IASB Request for Information (“Expected Loss Model”) Impairment of Financial Assets: Expected Cash Flow Approach

The International Accounting Standards Board (IASB) has published a Request for Information on the feasibility of an expected loss model for the impairment of financial assets. Impairment is one of the issues that the IASB is addressing in the second phase of its comprehensive review of IAS 39 Financial Instruments: Recognition and Measurement.

The Request seeks input on the practical issues that would arise, if an expected loss model was required. The input will assist the IASB in developing formal proposals that it plans to publish in an exposure draft in October 2009.

The expected loss model requires an entity to make an ongoing assessment of expected credit losses, which may require earlier recognition of credit losses. This would better reflect the way that financial assets are priced and the way some companies manage their business.

Comments are due to the FRSB by 10 August 2009 and to the IASB by 1 September 2009.

Please copy any comments sent to the IASB to the FRSB.

Credit Risk in Liability Measurement

Credit risk in liability measurement is often referred to as ‘own credit risk’. Credit risk is one component of fair value and, as a result, changes in ‘own credit risk’ are recognised when an entity’s debt is fair valued. Some see the outcome as counter-intuitive and recent developments in the financial markets have led to increased concerns about the gains that result from reductions in the fair value of an entity’s liabilities.

The IASB has issued a discussion paper and an accompanying IASB staff paper analysing the issue, which extends beyond financial instruments to other projects including insurance, liabilities and fair value measurement.

Comments are due to the FRSB by 12 August 2009 and to the IASB by 1 September 2009.

A copy of the Discussion Paper can be downloaded from the IASB's website (www.iasb.org).

A copy of the paper prepared by the IASB staff can be downloaded from the IASB's website(www.iasb.org).

IASB Exposure Draft Fair Value Measurement

The International Accounting Standards Board (IASB) has published Exposure Draft 2009/5 Fair Value Measurement that proposes to establish a framework for measuring fair value and expand the disclosures about fair value measurement. The IASB’s intention is to simplify and codify fair value guidance across IFRSs, not to change the circumstances in which fair value is to be used or disclosed.

The core principle is that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly market transaction between market participants at the measurement date. The ED includes a ‘fair value hierarchy’ based on SFAS 157 Fair Value Measurements. It is proposed that entities categorise and disclose inputs of valuation techniques into three levels to increase consistency and comparability in fair value measurements.

Comments are due to the FRSB by 4 September 2009 and to the IASB by 26 September 2009.

Download the Request for Comment (34KB)

Download the Exposure Draft (342KB)

Download the IASB Basis for Conclusions (224KB)

Download the IASB Illustrative Examples (189KB)

IASB Exposure Draft Prepayments of a Minimum Funding Requirement (proposed amendments to IFRIC 14)

The International Accounting Standards Board (IASB) is proposing to amend IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction to eliminate an unintended consequence arising from the treatment of prepayments in some circumstances when there is a minimum funding requirement. The proposed amendments will allow an entity to recognise an asset for a prepayment that will reduce future contributions by the entity.

Comments are due to the FRSB by 13 July 2009 and to the IASB by 27 July 2009.

Download the Request for Comment (31KB)

Download the Exposure Draft (143KB)

IFRIC Tentative Agenda Decision Relating to Impairments

The tentative agenda decision by the International Financial Reporting Interpretations Committee (IFRIC) regarding the meaning of ‘significant or prolonged’ in recognising impairment on available-for-sale equity instruments in accordance with IAS 39 Financial Instruments: Recognition and Measurement is open for comment until 22 June 2009.

Comments should be submitted via email to: ifric@iasb.org

Download the IFRIC Update May 2009 (96KB)

Download the Message from IFRIC: Tentative agenda decision relating to impairments (40KB)

IASB Exposure Draft Derecognition (Proposed amendments to IAS 39 and IFRS 7)

The International Accounting Standards Board (IASB) is proposing amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures. The proposed amendments seek to improve and reduce the complexity of the derecognition requirements of IAS 39. In addition, the proposed amendments seek to converge the derecognition requirements of IAS 39 with the equivalent US requirements.

The FRSB is seeking constituents’ feedback on the IASB’s proposed amendments to assist in the finalisation of equivalent amendments to the New Zealand equivalents to IAS 39 and IFRS 7.

Submissions are due to the FRSB by no later than 10 July 2009 and are due to the IASB by 31 July 2009.

Download the Request for Comment (21KB)

Download the Exposure Draft (561KB)

Download the Draft Process (121KB)

IASB request for views on FASB proposals: - Determining Whether a Market Is Not Active and a Transaction Is Not Distressed - Recognition and Presentation of Other-Than-Temporary Impairments

The International Accounting Standards Board (IASB) seeks views from interested parties on proposals from the US Financial Accounting Standards Board (FASB) that deal with guidance on fair value measurement and impairments of financial instruments.

Feedback from interested parties will be considered by the IASB before deciding whether to publish formal proposals for public comment. Any proposed changes in International Financial Reporting Standards (IFRSs) will be subject to due process.

Both of the FASB’s proposals are in the form of draft Staff Positions (FSPs) and are intended to provide additional application guidance on fair value measurement and to amend the impairment requirements for certain investments in debt and equity securities. The proposals are:

• Proposed FSP FAS 157-e (61KB) Determining Whether a Market Is Not Active and a Transaction Is Not Distressed
• Proposed FSP FAS 115-a FAS 124-a, and EITF 99-20-b (78KB) Recognition and Presentation of Other-Than-Temporary Impairments

Though the proposed FSPs are a direct response to US-specific requests, the IASB believes that (in the light of its commitment to work jointly with the FASB to address issues arising from the financial crisis) it would be useful to seek the views of interested parties on the FASB's proposed FSPs before deciding whether to publish formal proposals for public comment. Any proposed changes in IFRSs will be subject to due process. You can download the IASB Request for Views (60KB) from the IASB website.

The IASB would like to receive any views by 20 April 2009 by email to iasb@iasb.org. The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants requests that constituents commenting to the IASB also provide the FRSB with copies of their comments. Copies of comments to the IASB can be sent to:

Director – Accounting Standards
New Zealand Institute of Chartered Accountants
PO Box 11 342
Wellington
E-mail: ASD@nzica.com

IASB Exposure Draft of proposed International Financial Reporting Standard on Income Taxes

The International Accounting Standards Board (IASB) has published an Exposure Draft of a proposed standard to replace IAS 12 Income Taxes (IAS 12).

The Exposure Draft has been published as part of the IASB’s Short-term Convergence Project with the US Financial Accounting Standards Board (FASB).

The FRSB has significant concerns with the following aspects of the proposals as drafted in the Exposure Draft as to how they will impact current New Zealand practice.

• Firstly, the Exposure Draft is not clear concerning the approach to the recognition of deferred tax on the revaluation of an item of property, plant and equipment or investment property.
• Secondly, the Exposure Draft is not clear on the issue of whether to recognise deferred tax on indefinite-life intangible assets (that are also non-deductible for tax purposes) acquired in a business combination.

Submissions are due to the FRSB by no later than 10 July 2009 and are due to the IASB by 31 July 2009.

Download the Request for Comment (104KB)

Download the Exposure Draft (304KB)

Download the IASB Basis for Conclusions (272KB)

Download the Draft flow chart and illustrative examples (199KB)

Download the FRSB's draft submission on the IASB's Exposure Draft (1068KB)

IASB Discussion Paper Leases - Preliminary Views

The International Accounting Standards Board (IASB) has issued the discussion paper Leases - Preliminary Views. This discussion paper presents the preliminary views of the IASB and the US Financial Accounting Standards Board (FASB) on significant components of an accounting model for lessees. It also includes a discussion of some of the issues that will need to be addressed in any new standard on lessor accounting.

The FRSB is seeking constituents’ feedback on the IASB’s discussion paper. Submissions are due to the FRSB by no later than 3 July 2009 and are due to the IASB by 17 July 2009.

Download the Discussion Paper (605KB)

Exposure Draft ED/2009/1 Post-implementation revisions of IFRIC interpretations

Proposed Amendments to IFRIC 9 Reassessment of Embedded Derivatives and IFRIC 16 Hedges of a Net Investment in a Foreign Operation

On 30 January 2009 the International Accounting Standards Board (IASB) issued ED/2009/1 a proposal to amend IFRIC Interpretation 9 Reassessment of Embedded Derivatives and IFRIC Interpretation 16 Hedges of a Net Investment in a Foreign Operation.

The proposed amendment to IFRIC 9 is a consequential amendment to clarify that embedded derivatives acquired in a business combination between entities under common control or in the formation of a joint venture are not within the scope of the Interpretation.

The proposed amendments to IFRIC 16 are to permit the hedging instrument in a hedge of a net investment in a foreign operation to be held by the foreign operation. The FRSB is seeking constituents’ feedback on the IASB’s proposed amendments to assist in the finalisation of equivalent amendments to the New Zealand equivalents to IFRIC 9 and IFRIC 16.

Submissions are due to the FRSB by no later than 12 noon, Thursday 26 February 2009 and are due to the IASB by 2 March 2009.

Download the New Zealand Request for Comment (83KB)

Download the IASB Exposure Draft (141KB)

Exposure Draft Embedded Derivatives (Proposed amendments to IFRIC 9 Reassessment of Embedded Derivatives and IAS 39 Financial Instruments: Recognition and Measurement)

In October 2008, the International Accounting Standards Board (IASB) issued amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures that permit the reclassification of certain financial assets out of the ‘fair value through profit or loss’ category. Those amendments were issued to address the current market conditions and, due to their urgency, were issued without following the normal due process. Constituents have now alerted the IASB to a possible unintended consequence of those amendments related to the interaction between those amendments and IFRIC 9 Reassessment of Embedded Derivatives. As a result the IASB is proposing to make further amendments to prevent any practice developing whereby, following the reclassification of a financial asset, embedded derivatives that should be separately accounted for are not.

The FRSB is seeking constituents’ feedback on the IASB’s proposed amendments to assist in the finalisation of equivalent amendments to the New Zealand equivalents to IAS 39 and IFRIC 9.

Submissions are due to the FRSB by no later than 12 noon, Tuesday 20 January 2009 and are due to the IASB by 21 January 2009.

Download the New Zealand Request for Comment (70KB)

Download the IASB Exposure Draft (360KB)

IASB Exposure Draft Investments in Debt Instruments (Proposed amendments to IFRS 7 Financial Instruments: Disclosures)

The IASB has issued the Exposure Draft Investments in Debt Instruments (Proposed amendments to IFRS 7 Financial Instruments: Disclosures) (ED). The proposals in the ED would require disclosures about investments in debt instruments that facilitate a comparison between such investments that are classified in different categories. Those taking part in the public round-table meetings held by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board in November and December 2008 in response to the global financial crises advised the IASB that disaggregated information about impairment losses on available-for-sale debt instruments would be useful. Most suggested that disaggregating of the impairment loss should identify the incurred loss portion, i.e. the loss amount under the impairment model for debt instruments measured at amortised cost (‘incurred loss model’).

The IASB is proposing that an entity shall apply the proposed amendments for annual periods ending on or after 15 December 2008 (comparative information relating to periods before the date of initial adoption is not required). The proposed effective date is concerning because the proposed amendments cannot become mandatory in New Zealand until approval by the Accounting Standards Review Board and subsequent gazettal. Therefore, until these proposed amendments become a mandatory requirement of New Zealand equivalents to International Financial Reporting Standards (NZ IFRSs), entities complying NZ IFRSs will not necessarily be able to also claim compliance with International Financial Reporting Standards (IFRSs). In order to claim full compliance with IFRSs, New Zealand entities will need to comply with the proposed amendments voluntarily. The FRSB is seeking constituents’ feedback on the IASB’s proposed amendments to assist in the finalisation of equivalent amendments to the New Zealand equivalent to IFRS 7.

Submissions are due to the FRSB by no later than 12 noon, Wednesday 14 January 2009 and are due to the IASB by 15 January 2009.

Download the New Zealand Request for Comment (70KB)

Download the IASB Exposure Draft (387KB)

IASB Discussion Paper: Preliminary Views on Revenue Recognition in Contracts with Customers

In December 2008 the International Accounting Standards Board (IASB) published for comment Discussion Paper Preliminary Views on Revenue Recognition in Contracts with Customers (DP).

The IASB and the U.S. Financial Accounting Standards Board (the Boards) have undertaken a joint project on revenue recognition primarily to clarify the principles on which revenue is recognised. The DP invites comments on the Board’s preliminary views on a single, comprehensive, contract-based revenue recognition model. The model is being developed to improve financial reporting by providing clearer guidance on when an entity should recognise revenue. It is hoped that this model will result in revenue being reported more consistently, leading to improved decision-usefulness of reported revenues for users of financial statements.

The DP proposes that an entity recognises the combination of rights and obligations arising from a contract with a customer as either a contract asset or a contract liability. An entity recognises revenue when a contract asset increases and/or a contract liability decreases which can occur when an entity enters into a contract with its customer and when an entity satisfies its obligations to its customer.

The DP considers the following primary approaches for the recognition and measurement of revenue:

• The transaction price approach: Under this approach, an entity would measure the amount of revenue recognised at the amount of consideration paid or payable by its customer and would recognise revenue as the entity satisfied its obligations to its customer. Remeasurement of a customer contract would be required only if the contract were deemed to be onerous.
• The current exit price approach: Under this approach, an entity would measure and recognise revenue by reference to the current exit price of the entity’s remaining obligations within its customer contracts. At each reporting date, obligations to customers within an entity’s customer contracts would need to be remeasured to their current exit price.

The Financial Reporting Standards Board (FRSB) invites constituents’ views on the proposals in the DP. The FRSB encourages constituents to provide feedback to both the FRSB and IASB.

Comments are due to the FRSB by 4 June 2009 and to the IASB by 19 June 2009. Comments should be addressed to:

Download the IASB Discussion Paper (815KB)

Consolidated Financial Statements

On 18 December the International Accounting Standards Board (IASB) published for comment Exposure Draft 10 Consolidated Financial Statements.

The ED:
• Requires a reporting entity to present financial statements that consolidate its assets, liabilities, equity, revenues and expenses with those of the entities that it controls
• Explains that a reporting entity controls another entity when the reporting entity has the power to direct the activities of that other entity to generate returns for the reporting entity
• Provides guidance to aid a reporting entity in determining whether or not it controls another entity
• Includes accounting requirements for the preparation of consolidated financial statements.
• Requires specific disclosures in the consolidated financial statements
• Includes transitional requirements when application of the proposed standard results in a reporting entity:
• consolidating an entity that was not previously consolidated in accordance with IAS 27 Consolidated and Separate Financial Statements; or
• no longer consolidating an entity that was consolidated in accordance with IAS 27.

The FRSB is currently considering the need for additional material for public benefit entities (PBEs). The FRSB is also considering appropriate differential reporting concessions, which will be issued for comment when the proposed PBE modifications are issued for comment.

The FRSB invites constituents’ views on the proposals in IASB ED 10. The FRSB encourages constituents to provide feedback to both the FRSB and IASB.

Comments are due to the FRSB by 27 February 2009 and to the IASB by 20 March 2009.

Download the New Zealand Request for Comment (81KB)

Download the IASB ED 10 (401KB)

Download the IASB Basis for Conclusions on ED 10 (360KB)

Download the draft IASB Illustrative Examples (412KB)

Discussion Paper: Initial Accounting for Internally Generated Intangible Assets

On behalf of the International Accounting Standards Board (IASB), the Australian Accounting Standards Board (AASB) undertook research on accounting for intangible assets culminating in the publication of the Discussion Paper: Initial Accounting for Internally Generated Intangible Assets. This Discussion Paper is intended to be the first in a series of papers relating to intangible assets that will be authored by individual members of the National Standard Setters (NSS). Comments on this Discussion Paper will be collated and provided as input to any future work that the IASB might initiate.

Some of the conclusions drawn in the Discussion Paper include:
• The manner by which an intangible item comes into existence is not relevant to the determination of whether the item can be identified as an asset
• Internally generated intangible assets should be required to be initially measured at fair value
• If a valuation-based model were adopted, internally generated intangible assets are capable of being reliably measured at fair value
• Under a valuation-based model, internally generated intangible should be subject to the same recognition requirements as for intangible assets acquired in a business combination
• Under a pure cost-based accounting model, only planned internally generated intangible assets should be contemplated for recognition
• Cost is not a suitable basis for measuring unplanned internally generated intangible assets
• If an internally generated intangible asset does not meet the relevant recognition criteria, entities should be required to disclose a description of the asset and the reason why the asset fails to meet the relevant recognition criteria.

The FRSB encourages constituents’ to comment on the proposals in the Discussion Paper. Comments are requested by 15 May 2009 and can be emailed to either of the following:

• The NSS secretariat, at the United Kingdom Accounting Standards Board: asbcommentletters@frc-asb.org.uk
• Staff of the Australian Accounting Standards Board: standard@aasb.gov.au

Download the Discussion Paper (661KB)

NB: The National Standard Setters (NSS) is a global group of representatives of national accounting standard-setters and related organisations whose main role is to assist the IASB, primarily through research and commenting on project priorities.

Financial Statement Presentation

On 16 October the International Accounting Standards Board (IASB) published for comment a Discussion Paper Preliminary Views on Financial Statement Presentation.

Key proposals include:
• the use of common classifications across the statement of comprehensive income, the statement of financial position (balance sheet) and the statement of cash flows. The classifications are: operating, investing and financing. The operating and investing categories are collectively referred to as the "business" section
• a single statement of comprehensive income
• excluding "cash equivalents" from the cash line in the statement of financial position and statement of cash flows
• a new schedule that reconciles cash flows to comprehensive income
• more detail on the face of the statements.

The FRSB will be considering the implications of these proposals for a range of New Zealand entities. However the eventual application of these proposals to smaller entities and PBEs may be affected by (i) the review of the financial reporting framework being carried out by the Ministry of Economic Development and (ii) a review of ASRB Release 8 The Role of the Accounting Standards Review Board and the Nature of Approved Financial Reporting Standards (the factors that may be considered in modifying an IFRS for application by PBEs are under review).

Because this is a large project it may take some time before these proposals result in changes to standards. However, it is critical that those with views on the proposals comment now. Once the IASB moves on from this stage it is unlikely to reconsider the principles and objectives of financial statement presentation.

The FRSB invites constituents’ views on the proposals in the Discussion Paper. The FRSB encourages constituents to provide feedback to both the FRSB and IASB.

Comments are due to the FRSB by 20 March 2009 and to the IASB by 14 April 2009.

Download the Discussion Paper (1792KB)

Download an article discussing the proposals (79KB)

Amendments to permit reclassification of certain financial assets

On Monday 13 October 2008, the International Accounting Standards Board (IASB) issued amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures that permit the reclassification of some financial instruments and require consequential additional disclosures in respect of any reclassification made. These amendments were issued to address the current market conditions and, due to its urgency, were issued without the normal due process.

The Financial Reporting Standards Board (FRSB) is seeking constituents’ feedback on the IASB’s amendments to assist in the finalisation of amendments to New Zealand equivalent to IAS 39 and New Zealand equivalent to IFRS 7.

Submissions must be received by the FRSB by no later than 12 noon, Friday 24 October 2008. The truncated submission time is to allow for incorporation of the IASB amendments to NZ IAS 39 and NZ IFRS 7 into the NZ IFRSs as soon as possible.

Download the NZ Request for Comment (73KB)

Download the IASB's Amendments (424KB)

Exposure Draft on Improving Disclosures about Financial Instruments

In light of market conditions, the International Accounting Standards Board (IASB) has published an Exposure Draft to propose urgent amendments to IFRS 7 Financial Instruments: Disclosures (IFRS 7). The ED proposes requiring:

• disclosure of the fair value of financial instruments using a fair value hierarchy;
• expanded disclosures about the fair value of financial instruments measured and not measured at fair value in the statement of financial position;
• expanded disclosures on liquidity risk; and
• amending the definition of liquidity risk.

When finalised, the amendments made by the IASB to IFRS 7 as a result of the Exposure Draft will be incorporated into the New Zealand Equivalent to IFRS 7 (NZ IFRS 7).

As a consequence of the IASB’s proposed amendments, the FRSB proposes differential reporting concessions and consequential amendments to Appendix E New Zealand Specific Additional Disclosure Requirements Applicable to Financial Institutions, NZ IFRS 7.

The FRSB are requesting comments by 5 December 2008.

Download the NZ Request for Comment (95KB)

Download the Exposure Draft (422KB)

ED Discontinued Operations – Proposed amendment to IFRS 5

In September 2008 the International Accounting Standards Board (IASB) published for comment Exposure Draft (ED) Discontinued Operations – Proposed amendments to IFRS 5.

The IASB proposes to revise the definition of a discontinued operation to align it with the definition of an operating segment. The IASB also proposes to require additional disclosures for all components of an entity that have been disposed of or are classified as held for sale, except for businesses that meet the criteria to be classified as held for sale on acquisition.

The FRSB encourages constituents to respond to the IASB on the proposals in the IASB ED and to the FRSB on any issues that would affect the adoption of these requirements in NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

In addition the FRSB is seeking feedback on its proposals for additional public benefit entities guidance and differential reporting concessions as a consequence of the proposals in the IASB ED.

Comments are due to the FRSB by 16 January 2009 and to the IASB by 23 January 2009

Download the Request for Comment (82KB)

Download the IASB Exposure Draft (368KB)

Exposure Draft of amendments to NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards

The International Accounting Standards Board (IASB) has published an Exposure Draft to propose amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards (IFRS 1) in respect of:

• oil and gas assets;
• operations subject to rate regulation; and
• assessment of whether an arrangement contains a lease.

Comments are due to the FRSB by 1 December 2008 and to the IASB by 23 January 2009.

Download the NZ Request for Comment (71KB)
Download the Exposure Draft (435KB)

Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities

The Objectives of Financial Reporting

The Scope of Financial Reporting

The Qualitative Characteristics of Information Included in General Purpose Financial Reports

The Reporting Entity

On 1 October 2008, the International Public Sector Accounting Standards Board (IPSASB) released a Consultation Paper: Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. This Consultation Paper is the first in a series of consultation papers focused on the development of an international public sector conceptual framework. It identifies the IPSASB’s preliminary views on the objectives and scope of financial reporting, the qualitative characteristics of information included in general purpose financial reports and the characteristics of public sector reporting entities.

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on the IPSASB Consultation Paper.

Feedback received by the FRSB on the IPSASB Consultation Paper will assist the FRSB in formulating its response to the IPSASB.

Comments are due to the FRSB by 27 February 2009 and to the IPSASB by 31 March 2009.

Copies of the Consultation Paper can also be downloaded from the IPSASB website (www.ipsasb.org).

Download the Consultation Paper (324KB)

Exposure Draft of Improvements to NZ IFRSs

The International Accounting Standards Board (IASB) is proposing a number of small and non-urgent amendments to International Financial Reporting Standards (IFRSs) as part of its annual improvements process, by way of an omnibus exposure draft.

For some entities in certain circumstances the proposed amendments will result in accounting changes for presentation, recognition or measurement purposes. The proposals range from guidance added to the Appendix of IAS 18 Revenue on how to determine whether an entity is acting as a principal or as an agent, to changes of wording to clarify the meaning or to remove unintended inconsistencies between IFRSs.

The FRSB is not proposing any differential reporting concessions or guidance for public benefit entities as consequence of the proposed amendments.

Comments are due to the FRSB by 24 October 2008 and to the IASB by 7 November 2008.

Download the Request for Comment (79KB)

Download the IASB Exposure Draft (503KB)

Exposure Draft of amendments to NZ IAS 33 Earnings per Share

The International Accounting Standards Board (IASB) proposed amendments to IAS 33 Earnings per Share.

The Exposure Draft has been published as part of the IASB’s Short-term Convergence Project with the US Financial Accounting Standards Board (FASB) and US generally accepted accounting principles (US GAAP).

The proposed amendments seek to achieve convergence with US GAAP and seek to clarify and simplify the calculation of earnings per share.

Comments are due to the FRSB by 17 November 2008 and to the IASB by 5 December 2008.

Download the Request for Comment (60KB)

Download the IASB Exposure Draft (1078KB)

IASB/FASB Conceptual Framework Project - Phase A and Phase D

On 29 May 2008, the International Accounting Standards Board (IASB) published for comment two consultation documents relating to two phases of its joint conceptual framework project with the US Financial Accounting Standards Board:
• Exposure Draft for Phase A - The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information
• Discussion Paper for Phase D - The Reporting Entity.

Exposure Draft - Objective and Qualitative Characteristics
The Exposure Draft proposes that the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to present to potential equity investors, lenders and other creditors in making decisions in their capacity as capital providers.

The Exposure Draft also proposes that there are two fundamental qualitative characteristics of decision-useful information—relevance and faithful representation. In addition, it proposes that there are four enhancing qualitative characteristics—comparability, verifiability, timeliness and understandability. Furthermore, financial reporting information is limited by two pervasive constraints—materiality and cost.

The FRSB invites constituents’ views on the proposals in the Exposure Draft. The FRSB encourages constituents to provide feedback to both the FRSB and IASB.

Comments are due to the FRSB by 8 September 2008 and to the IASB by 29 September 2008.

Download the NZ Request for Comment (72KB)
Download the IASB Exposure Draft (639KB)

Discussion Paper - Reporting Entity

The Discussion Paper sets out the two boards’ preliminary views on issues relating to the reporting entity concept. It describes a reporting entity as a circumscribed area of business activity of interest to present to potential equity investors, lenders and other capital providers. The Discussion Paper also considers how to circumscribe that area of business activity in the context of a group of entities. It discusses the following three approaches:
• The controlling entity model
• The common control model
• The risks and rewards model.

The Discussion Paper also considers issues relating to:
• the general purpose financial reports of a parent entity
• the meaning of control in the context of one entity having control over another.

Comments are due to the FRSB by 8 September 2008 and to the IASB by 29 September 2008.

Download the IASB Discussion Paper (582KB)

Preliminary Views on Amendments to IAS 19 Employee Benefits

On 27 March 2008, the International Accounting Standards Board (IASB) released a discussion paper on IAS 19 Employee Benefits. The paper sets out the IASB’s preliminary views on how the accounting for some post-employment benefits, including pensions, could be improved.

The discussion paper, developed in consultation with the IASB’s Employee Benefits Working Group, addresses the main concerns expressed by a wide range of interested parties that the accounting model set out in IAS 19 is inadequate and should be reviewed. Constituents have pointed out that:
• the deferral of the recognition of gains and losses leads to misleading figures in the statement of financial position;
• the multiple options for deferring recognition lead to poor comparability across companies;
• the lack of clarity in the definitions of benefit promises lead to inconsistencies and poor comparability for those benefit promises that include a promised return on contributions linked to an asset or an index;
• the required measurement method is inadequate for those benefit promises that include a promised return on contributions linked to an asset or an index.

The IASB’s preliminary views on how to address those main issues are:
• to remove the options for deferred recognition of gains and losses in defined benefit plans;
• to introduce a new classification of benefit promises into contribution-based promises and defined benefit promises, with a new measurement attribute for contribution-based promises.

The IASB plans to redeliberate the issues and publish an exposure draft of proposed amendments to IAS 19, with a view to issuing a revised standard by 2011.

The FRSB invites constituents’ views on the proposals in the discussion paper. The FRSB encourages constituents to provide feedback to both the FRSB and IASB.

Comments are due to the FRSB by 8 September 2008 and to the IASB by 26 September 2008.

Download the Discussion Paper (714KB)

Discussion Paper Reducing Complexity in Reporting Financial Instruments

The existing requirements for the reporting of financial instruments are widely regarded as difficult to understand, interpret and apply. Consequently, constituents have urged the International Accounting Standards Board (IASB) to develop standards that are principle-based and less complex. This discussion paper is the first stage in the IASB project which aims to replace IAS 39 Financial Instruments: Recognition and Measurement.

The discussion paper analyses the main causes of complexity in reporting financial instruments and proposes possible intermediate approaches to address some of them. Those approaches seek to improve and simplify measurement and hedge accounting by amending or replacing the existing requirements. Furthermore, the discussion paper sets out the arguments for and against a possible long-term approach that would use one measurement method for all types of financial instruments in the scope of a financial instruments standard. The proposals in the Discussion Paper, if adopted, will have significant implications for hedge accounting.

The FRSB invites constituents’ views on the proposals in the discussion paper. The FRSB strongly encourages constituents to provide feedback to both the FRSB and IASB. Feedback on the proposals is a vital part of the IASB’s project to improve and simplify the accounting for financial instruments.

Comments are due to the FRSB by 1 September 2008 and to the IASB by 19 September 2008.

Download the Discussion Paper (720KB)

Discussion Paper Financial Instruments with Characteristics of Equity

An important and useful distinction for users of financial statements is classifying instruments as either liabilities or equity instruments. The International Accounting Standards Board (IASB) has published for public comment a discussion paper on the distinction between equity financial instruments and other financial instruments (non-equity instruments).

The discussion paper is the first stage of the IASB’s project to improve and simplify the requirements in IAS 32 Financial Instruments: Presentation (IAS 32).

The FRSB invites constituents’ views on the proposals in the discussion paper. The FRSB strongly encourages constituents to provide feedback to both the FRSB and IASB. Feedback on the proposals is a vital part of the IASB’s project to improve and simplify the distinction between equity and non-equity instruments.

Comments are due to the FRSB by 18 August 2008 and to the IASB by 5 September 2008.

Download the IASB DP (Part 1) (459KB)
Download the IASB DP (Part 2) (505KB)

NZ IFRIC D23 Distributions of Non-cash Assets to Owners

This draft Interpretation is relevant for entities that distribute non-cash assets (eg items of property, plant and equipment) to their owners or distributions that give owners a choice of receiving either non-cash assets or a cash alternative. This draft Interpretation provides guidance on non-cash distributions to owners on:
• the measurement of the dividend payable; and
• the accounting for the difference between the carrying amount of the assets distributed and the carrying amount of the dividend payable, when an entity settles the dividend payable.

The FRSB are proposing differential reporting concessions for some of the proposed disclosures in the draft Interpretation and no additional guidance for public benefit entities.

Comments are due to the FRSB by 4 April 2008 and the IFRIC by 25 April 2008.

Download the Request for Comment (75 KB)
Download the IFRIC Draft Interpretation (230 KB)

NZ IFRIC D24 Customer Contributions

This draft Interpretation applies to all situations in which an entity receives from a customer, or another party, an item of property, plant and equipment or cash it is required to use to construct or acquire an item of property, plant and equipment that must be used to provide access to a supply of goods or services (ie a customer contribution).
This draft Interpretation provides guidance on the accounting for customer contributions received by an access provider on:
• determining whether an asset should be recognised and, if so, at what amount;
• the obligation to provide access to a supply of goods or services;
• determining whether the ongoing arrangement contains a lease; and
• the accounting for a cash contribution.

The FRSB are interested in feedback on the relevance, if any, of the draft Interpretation for public benefit entities.

Comments are due to the FRSB by 4 April 2008 and the IFRIC by 25 April 2008.

Download the Request for Comment (74 KB)
Download the IFRIC Draft Interpretation (202 KB)

Exposure Draft of Proposed Amendments to NZ IFRS 2 and NZ IFRIC 11-Group Cash-settled Share-based Payment Transactions

The IASB proposed amendments to IFRS 2 Share-based Payment and IFRIC 11 IFRS 2 - Group and Treasury Share Transactions specifying the accounting in the financial statements of an entity receiving goods or services from its suppliers (including employees), where its parent (or other entity in the group) pays for the goods or services by a share-based and cash-settled arrangement.

In this instance, an entity that receives goods or services from its suppliers (including employees), should apply IFRS 2 to group share-based payment arrangements that will be paid for by its parent (or another entity in the same group). This is regardless of whether these arrangements are equity-settled or cash-settled.

Comments are due to the FRSB by 25 February 2008 and to the IASB by 17 March 2008.

Download the Request for Comment (57 KB)
Download the Exposure Draft (324 KB)

IASB Exposure Draft of Proposed Amendments to IFRS 1 and IAS 27

The International Accounting Standards Board (IASB) has issued an Exposure Draft which proposes amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards and IAS 27Consolidated and Separate Financial Statements. The amendments to IFRS 1 are to provide relief from particular requirements of IAS 27 when using the cost method to account for an investment in a subsidiary in the parent’s separate financial statements, and to extend this relief to investments in jointly controlled entities and associates. The amendments to IAS 27 require that dividends received by a parent entity from a subsidiary, jointly controlled entity or associate be recognised as income, and that the related investment be tested for impairment. More specifically, the Exposure Draft proposes: to allow a parent to choose either fair value or the previous GAAP carrying amount of an investment in a subsidiary, jointly controlled entity or associate as its deemed cost at the parent entity’s date of transition to IFRS to account for such an investment in its separate financial statements; and delete the definition of the ‘cost method’ from IAS 27;

Amendments made by the IASB to IFRS 1 and IAS 27 as a result of the Exposure Draft will be incorporated into the New Zealand Equivalents to IFRS 1 and IAS 27 respectively.

Comments are due to the IASB by 26 February 2008 and to the FRSB by 8 February 2008.

Download the New Zealand Request for Comment (73 KB)
Download the Exposure Draft (358 KB)

Puttable Financial Instruments and Obligations Arising from Liquidation

The IASB are holding a roundtable on the following proposed amendments to IAS 32 Financial Instruments: Presentation. The amendments relate to proposals that were contained in an exposure draft of proposed amendments to IAS 32 and IAS 1 Presentation of Financial Statements—Financial Instruments Puttable at Fair Value and Obligations Arising on Liquidation published in June 2006.

The proposals impact on:
• Co-operatives, partnerships and private companies that issue shares, with certain features, that can be surrendered;
• Unit trusts and mutual funds that issue units redeemable from the issuer with certain features;
• Entities that have a limited life (for example, some trusts); and
• Partnerships where the partnership will have to liquidate on exit or death of a partner.

The FRSB will be attending the IASB roundtable discussing the proposals.

Download the Staff Draft (867 KB)

NZ IFRIC D22 Hedges of a Net Investment in a Foreign Operation

This draft Interpretation is relevant for entities with investments in foreign operations (eg subsidiaries, associates, joint ventures, branches). This draft Interpretation provides guidance, for the hedge of a net investment in a foreign operation, on:
• identifying the foreign currency risks that qualify as a hedged item; and
• where, within a group, hedging instruments may be held that qualify for hedge accounting.

Comments are due to the FRSB by 5 October 2007 and the IFRIC by 19 October 2007.

Download the Request for Comment (73 KB)
Download IFRIC D22 (252 KB)

NZ IFRIC Draft Interpretation D21 Real Estate Sales

This draft Interpretation is relevant for entities undertaking real estate development that enter into agreements to sell the real estate before they have completed its construction. The draft Interpretation proposes guidance to clarify whether these types of arrangements should be regarded as construction contracts within the scope of NZ IAS 11 or agreements for the sale of goods within the scope of NZ IAS 18 Revenue.

Comments are due to the FRSB by 21 September 2007 and the IFRIC by 5 October 2007.

Download the Discussion Paper (74KB)
Download IFRIC D21 (196KB)

IASB DP Preliminary Views on Insurance Contracts

The International Accounting Standards Board (IASB) has published for comment a Discussion Paper Preliminary Views on Insurance Contracts (DP). This DP presents the preliminary views of the IASB on the main components of an accounting model for insurance contracts.

The IASB has formed these views during phase II of its project on insurance contracts. Phase II will result in an insurance standard that addresses, for all insurance contracts, the:

(a) recognition
(b) measurement, and
(c) disclosure requirements.
In line with the New Zealand's policy of harmonisation with International Financial Reporting Standards (IFRSs), the new international standard for insurance contracts would form the basis for a New Zealand financial reporting standard that would replace the existing insurance standard NZ IFRS 4 Insurance Contracts.

Submissions on the IASB DP will aid:
• the FRSB in preparing its response to the IASB on the proposals in the DP; and
• the IASB in developing an exposure draft to be published towards the end of 2008.

Comments are due to the FRSB 19 October 2007 and to the IASB by 16 November 2007.

Download the Discussion Paper (Part 1 and Part 2):
Part 1 of Discussion Paper (876KB)
Part 2 of Discussion Paper (534KB)

Download the table of comparison of the DP and current life and general insurance requirements(108KB)

IASB Exposure Draft of a Proposed International Financial Reporting Standard for Small and Medium-sized Entities

The IASB's Exposure Draft proposes recognition, measurement and disclosure requirements for the general purpose financial statements of small and medium-sized entities (SMEs). The ED is accompanied by draft Implementation Guidance and the IASB's Basis for Conclusions.

The FRSB is taking this opportunity to undertake a comprehensive review of differential reporting in New Zealand. The FRSB has issued a Request for Comment on the proposed IFRS for SMEs and other issues regarding financial reporting by SMEs in New Zealand. The New Zealand Request for Comment is accompanied by a summary comparison of the differences between the proposed IFRS for SMEs and the New Zealand Framework for Differential Reporting for Entities Applying the New Zealand Equivalents to International Financial Reporting Standards Reporting Regime.

Comments are due to the FRSB by 24 August 2007 and to the IASB by 1 October 2007.

Download the FRSB's Request for Comment (108KB)
Download the Summary Comparison of Differences (175KB)
Download the IASB Exposure Draft (1.2MB)
Download the IASB draft Implementation Guidance (478KB)
Download the IASB Basis for Conclusions (454KB)
Download the SME Overview (271KB)

Request for Comment on Exposure Draft of Proposed Amendments to NZ IAS 24 Related Party Disclosures

The IASB's Exposure Draft proposes amendments to IAS 24 Related Party Disclosures, which would:
(a) provide an exemption from some of the requirements of IAS 24 for some entities that are controlled or significantly influenced by a state; and
(b) amend the definition of a related party.
The FRSB has issued a Request for Comment on an Exposure Draft of Proposed Amendments to NZ IAS 24, to incorporate the IASB proposed amendments into NZ IAS 24. In addition, the FRSB is proposing to:
(a) remove the existing exemption in NZ IAS 24 that applies to some public benefit entities; and
(b) add an exemption to apply to some public benefit entities in respect of transactions with key management personnel, provided specified criteria are met.
Comments are due to the FRSB by 11 May 2007 and to the IASB by 25 May 2007.
Download the FRSB's Request for Comment (76KB)
Download the IASB's Exposure Draft (531KB)

IASB ED Proposed Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards - Cost of an Investment Subsidiary

Request for comment on the IASB's Exposure Draft of Proposed Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards-Cost of an Investment in a Subsidiary.

The IASB Exposure Draft proposes amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards to provide relief from particular requirements of IAS 27 Consolidated and Separate Financial Statements when using the cost method to account for an investment in a subsidiary in the parent's separate financial statements. Amendments made by the IASB to IFRS 1 as a result of this Exposure Draft will be incorporated into the New Zealand Equivalent to IFRS 1. Comments are due to the FRSB by 20 April 2007 and to the IASB by 27 April 2007.
Download the Request for Comment (75KB)
Download the Exposure Draft (120KB)

IASB DP Fair Value Measurements

The International Accounting Standards Board (IASB) has published for public comment a discussion paper setting out its preliminary views on providing consistency in the measurement of fair value, when already prescribed under existing International Financial Reporting Standards (IFRSs).

The IASB has issued Discussion Paper Fair Value Measurements (IASB DP) in order to:
(a) develop a clearer definition of fair value;
(b) develop a single standard that provides guidance to entities on measuring the fair value of assets and liabilities when required by IFRSs; and
(c) increase convergence with US Generally Accepted Accounting Principles (GAAP).

This IASB DP is not meant to change when a fair value measurement is required in IFRSs nor will it address the timing or recognition of gains or losses resulting from changes in fair value.

IFRSs already require some assets, liabilities and equity instruments to be measured at fair value in some circumstances. However, guidance on measuring fair value is dispersed throughout IFRSs and is not always consistent. The IASB believes that establishing a concise definition of fair value and a single source of guidance for all fair value measurements required by IFRSs will both simplify IFRSs and improve the quality of fair value information included in financial reports. The IASB therefore has published this discussion paper.

The FRSB has published a discussion paper, to accompany the IASB DP, to highlight and seek feedback on fair value measurement issues that are significant to New Zealand.

Comments on the contents of the IASB Discussion Paper should be submitted in writing to the FRSB by5 April 2007 (and to the IASB by 4 May 2007). The FRSB and the IASB have extended their respective comment deadlines.

Download the FRSB's Discussion Paper (156 Kb)
Download the IASB DP (part 1) (1.8 Mb)
Download the IASB DP (part 2) (1.9 Mb)

ED 110 Credit Rating Disclosures and the Scope of Requirements for Insurance Contracts

The FRSB has issued Exposure Draft 110 Credit Rating Disclosures and the Scope of Requirements for Insurance Contracts. Comments are due to the FRSB by 23 February 2007.

ED-110 proposes that financial institutions that have general credit ratings be required to disclose information about those ratings. It also proposes that general insurers whose principal activity is insurance and life insurers make similar credit rating disclosures.

ED-110 also proposes amendments to NZ IFRS 4:
• to clarify the scope of Appendix D Financial Reporting of Insurance Activities of NZ IFRS 4; and
• to remove the differential reporting concessions available for NZ IFRS 4.

Download the Discussion Paper (97 Kb)
Download the Exposure Draft (125 Kb)

IASB DP Preliminary Views on an improved Conceptual Framework for Financial Reporting

The International Accounting Standards Board (IASB) has published for comment a Discussion PaperPreliminary Views on an improved Conceptual Framework for Financial Reporting—The Objective of Financial Reporting and Qualitative Characteristics of Decision-useful Financial Reporting. The Discussion Paper sets out preliminary views on:
• The objective of financial reporting (chapter 1), and
• The qualitative characteristics of decision-useful financial reporting information (chapter 2).
The Discussion Paper has been prepared as part of a joint project by the US Financial Accounting Standards Board and the IASB. The objective of the project is to converge and improve upon the existing frameworks of the two boards. The resulting common framework is intended to provide a sound foundation for the development of new or revised accounting standards, and will when finalised replace the current New Zealand equivalent to the IASB Framework for the Preparation and Presentation of Financial Statements.
The IASB-FASB Conceptual Framework Project is, for the time being, focusing exclusively on concepts for private sector businesses. However, there are a number of standard setters who have responsibility for more than just business entities. A group of chairs and senior staff members of the standard-setting bodies of Australia, Canada, New Zealand and the United Kingdom have been monitoring the IASB-FASB project and have prepared a report commenting on the applicability of the concepts proposed in the first Discussion Paper in the IASB-FASB Conceptual Framework Project to not-for-profit entities in the private and public sector. The objective in publishing this Report (copy below) is to highlight the key issues the group has identified:
• for the information of the IASB; and
• to inform the not-for-profit constituencies of the standard-setting bodies about issues that they may wish to consider and comment on.
Comments on the contents of the IASB Discussion Paper should be submitted in writing to the FRSB by3 October 2006 (and to the IASB by 3 November 2006).

Download a copy of the IASB Discussion Paper: PDF (590)

Download a copy of the report, Application to not-for-profit entities in the private and public sector:PDF (142kb)

Request for Comment on the IASB’s Exposure Draft of Proposed Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements—Financial Instruments Puttable at Fair Value and Obligations Arising on Liquidation

The proposals in the IASB Exposure Draft impact, in particular, the following New Zealand entities:
• co-operatives that issue shares surrenderable at fair value;
• unit trusts/mutual funds that issue units that are redeemable from the issuer at fair value;
• entities that have a limited life (for example, some trusts); and
• partnerships where the partnership will have to liquidate on exit or death of a partner.

This request for comment was issued in June 2006 with a closing date for comments to the FRSB of 2 October 2006.

Download the Request for Comment: PDF (42 Kb)

Download the IASB Exposure Draft: PDF (453 Kb)

Draft Due Process Handbook for the IFRIC

Constituents are invited to comment on the International Financial Reporting Interpretations Committee (IFRIC) draft due process handbook. The IFRIC’s role is to assist the IASB by considering issues on which there is divergence in practice and by developing Interpretations of International Financial Reporting Standards (IFRSs). Interpretations of IFRSs are developed through a formal system of due process and broad international consultation. The draft handbook sets out IFRIC’s policies and procedures related to its due process.
Closing date for comments on the draft handbook to the FRSB is 8 September 2006 and to the IASC Foundation is 30 September 2006.

Download the Draft Due Process Handbook: PDF (292 Kb)

ED Proposed Amendments to NZ IAS 23 Borrowing Costs

This ED was issued for comment in June 2006 with a due date for comments to the FRSB of 15 September 2006 (and the IASB of 29 September 2006).
The Exposure Draft proposes amendments to IAS 23 to eliminate the option of recognising borrowing costs immediately as an expense to the extent that borrowing costs are directly attributable to the acquisition, construction or production of a qualifying asset. Where borrowing costs are directly attributable to the acquisition, construction or production of a qualifying asset the amendments to IAS 23 would require borrowing costs to be capitalised as part of the cost of the asset. Amendments made by the IASB to IAS 23 as a result of this Exposure Draft will be incorporated into the New Zealand equivalent to IAS 23.

Download the Discussion Paper: PDF (36 KB)

Download the Exposure Draft: PDF (330 KB)

Exposure Draft of Proposed Amendments to IAS 1 Presentation of Financial Statements

This was issued for comment in March 2006 with a due date for comments to the FRSB of 3 July 2006 (and to the IASB by 17 July 2006).
The proposed amendment contains a number of changes to the presentation of financial statements. Key changes include the following:
• all income and expenses recognised in a period, including some items currently presented in a statement of changes in equity, to be presented separately from changes in equity due to contributions by, or distributions to, equity holders in their capacity as equity holders;
• income and expenses may be presented in one statement (statement of recognised income and expense) or in two statements (a statement displaying components of profit or loss and a second statement beginning with profit or loss and displaying components of other recognised income and expense);
• to require three statements of financial position (for the end of the current period, the end of the previous period and the beginning of the previous period). The FRSB is proposing that qualifying entities be permitted to prepare two, rather than three, statements of financial position.
Comments on both the IASB’s proposals and the differential reporting concession proposed by the FRSB are sought.
Download the Request for Comment: PDF (39 KB)
Download the Exposure Draft: PDF (463 KB)

Request for information from users of financial statements about information on financial instruments

IASB/FASB staff are seeking input from users of financial statements about information on financial instruments that is useful to those making investment or credit decisions or advising others on investment or credit decisions. The due date for comments to the IASB staff is the 14 April 2006.
Download the cover note: PDF (28kb)
Download the questionnaire: PDF (39kb)
Download the background document: PDF (37kb)

Amendments to IFRS 2 Share Based Payment: Vesting Conditions and Cancellations

Exposure Draft of proposals to amend IFRS 2 Share-based Payment was issued for comment in February 2006 with a due date for comments to the FRSB of 19 May 2006 (and to the IASB by 2 June 2006). The proposed amendment deals with two matters. It proposes that vesting conditions should be restricted to service conditions and performance conditions. Vesting conditions are the conditions that an individual or an organisation must satisfy to receive an entity’s shares under a share-based payment arrangement. The amendment also proposes that all cancellations, whether by the entity or by other parties, should receive the same accounting treatment.
Download the Discussion Paper PDF (29Kb)
Download the Exposure Draft PDF (355Kb)

NZ ED 8 Operating Segments

NZ ED 8 (and IASB ED 8) was issued for comment in January 2006 with a due date of comments to the FRSB of 5 May 2006( and the IASB of 19 May 2006).

Download the Discussion Paper: PDF (50 kb)
Download ED 8: PDF (434 kb)
Download the Basis for Conclusions for ED 8: PDF (482 kb)
Download the Implementation Guidance for ED 8: PDF (253 kb)

NZ IFRIC Draft Interpretation D18 Interim Financial Reporting and Impairment

NZ IFRIC D18 was issued in January 2006 with a due date for comments to the FRSB of 17 March 2006.
Download the Discussion Paper PDF (27kb)
Download IFRIC Draft Interpretation D18 PDF (75kb)

IASB DP Measurement Bases for Financial Accounting - Measurement on Initial Recognition

The International Accounting Standards Board (IASB) has published a Discussion Paper Measurement Bases for Financial Accounting - Measurement on Initial Recognition. The DP focuses on measurement on initial recognition of assets and liabilities. It represents the first stage of a project to address the measurement objective for assets and liabilities that are recognised in the financial statements.
The DP was prepared by staff of the Canadian Accounting Standards Board (AcSB) on behalf of the IASB and national standard setters.
Although the IASB has not yet deliberated the issues in the DP, it has published the paper for comment to stimulate debate on measurement objectives and to obtain feedback that will assist it in developing its views on the issues. Comments are due to the IASB by 19 May 2006.

Two versions of the DP have been made available - a full length version and a condensed version.

Copies can be downloaded here: full length version PDF (1.60Mb) / condensed version PDF (805kb)

IASB ED Management Commentary

The International Accounting Standards Board (IASB) has published a Discussion Paper Management Commentary that assesses the role the IASB could play in improving the quality of the management commentary that accompanies financial statements.
The Discussion Paper was prepared for the IASB by staff of its partner standard-setters from New Zealand, Germany and the United Kingdom and the Canadian Institute of Chartered Accountants.

Comments are due to the IASB by 28 April 2006.
Download a copy of the discussion paper here. PDF (862kb)

IASB issues draft technical correction

The IASB has published for public comment Draft Technical Correction (DTC) 1 Proposed Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates—Net Investment in a Foreign Operation.
If confirmed, these amendments would be the first to be issued under the proposed new policy on technical corrections that was published for comment on 28 July. The IASB expects to consider comments received on the policy and on DTC 1 at a meeting later this year.
The due date for comments to the FRSB is 21 October 2005. This deadline will enable the FRSB to consider New Zealand constituents’ comments in the context of the FRSB’s submission to the IASB, where appropriate. (Comments made direct to the IASB are due by 31 October 2005).
Download the Draft Technical Correction (DTC): PDF (106kb)

Update on IFRS 7 Financial Instruments: Disclosures and Amendments to IAS 1—Capital Disclosures

The IASB has recently approved IFRS 7 Financial Instruments: Disclosures and Amendments to IAS 1—Capital Disclosures. The FRSB resolved to seek ASRB approval of the proposed New Zealand equivalents to these pronouncements at the October ASRB meeting.
Differential Reporting Concessions
At this stage the proposed NZ IFRS 7 will not include differential reporting concessions or specific disclosures for financial institutions. The proposed differential reporting concessions in respect of NZ IFRS 7 were set out in ED-104 (issued August 2005). Following consideration of respondents’ comments differential reporting concessions will be included in NZ IFRS 7.
Proposed disclosures for financial institutions
The FRSB has decided to issue an exposure draft setting out proposed additional disclosures for financial institutions applying NZ IFRS 7. It is intended that such additional disclosures would be located in an appendix to NZ IFRS 7. The FRSB seeks expressions of interest from interested parties, particularly financial institutions, which wish to be involved in the development of this exposure draft. Expressions of interest can be lodged by emailing asd@nzica.com
In the interim, the FRSB proposes that any financial institution that wishes to early adopt NZ IFRS 7 shall also continue to apply NZ IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions. The FRSB is seeking feedback on this proposal, prior to the ASRB meeting scheduled for 7 October 2005. Comments on this proposal should be emailed to Simon Lee (simon.lee@nzica.com) as soon as possible before 30 September 2005.

IASB Invitation to Comment: Policy for Technical Corrections

The IASB has exposed for comment a proposed Policy for Technical Corrections to apply to issues for which it is clear that the words in a standard do not properly convey the IASB’s intention, even when considered with the basis for conclusions and any related guidance. The recent amendments to IFRS 6Exploration for and Evaluation of Mineral Resources and IFRS 1 First-time Adoption of International Financial Reporting Standards are cited as an example of a technical correction.
The IASB Invitation to Comment has a comment date of 30 September 2005 and can be found on the IASB’s website at http://www.iasb.org/current/invitation.asp

Request for Comment on Exposure Draft of Proposed Replacement of the New Zealand Equivalent to IFRS 3 Business Combinations
The Request for Comment on ED of Proposed Replacement of the New Zealand Equivalent to IFRS 3 Business Combinations was issued in July 2005 with a due date for comments to the FRSB of 30 September 2005 and to the IASB of 27 October 2005

Download the Request for Comment: PDF (41kb) / Word (77kb)
Download the Exposure Draft: PDF (515kb) / Word (582kb)
Download the Basis for Conclusions: PDF (454kb)

Request for Comment on Exposure Draft of Proposed Amendments to New Zealand Equivalent to IAS 27 Consolidated and Separate Financial Statements

The Request for Comment on Exposure Draft of Proposed Amendments to New Zealand Equivalent to IAS 27 Consolidated and Separate Financial Statements was issued in July 2005 with a due date for comments to the FRSB of 30 September 2005 and to the IASB of 27 October 2005

Download the Request for Comment: PDF (29kb) / Word (66kb)
Download the Exposure Draft: PDF (176kb) / Word (351kb)

ED 7 Financial Instruments: Disclosures - Day 1 profit disclosures

Interested parties are invited to comment on the revised drafting on the disclosures about Day 1 profits. Comments on the drafting set out in pages 19-21 of the IASB Observer notes for the IASB May meeting are also welcome. Any comments should be sent to apryde@iasb.org by 1 June 2005.

Link to website: www.iasb.org
Download the draft extract - Day 1 profit disclosures: PDF(46kb)

IFRIC Draft Interpretation D16 Scope of IFRS 2
IFRIC D16 was issued in May 2005 with a due date for comments to the FRSB of 1 July 2005.
Download the Discussion Paper: PDF (20kb) / Word (59kb)
Download the Exposure Paper: PDF (62kb)

IFRIC Draft Interpretation D17 IFRS 2 Group and Treasury Share Transactions

IFRIC D17 was issued in May 2005 with a due date for comments to the FRSB of 1 July 2005.
Download the Discussion Paper: PDF (20kb) / Word (58kb)
Download the Exposure Paper: PDF (118kb)

Amendments to IFRS 6 and IFRS 1

The IASB has exposed for comment proposed amendments to IFRS 6 Exploration for and Evaluation of Mineral Resources and paragraph 36B of IFRS 1 First-Time Adoption of International Financial Reporting Standards. Paragraph 36B of IFRS 1 grants first-time adopters of IFRSs relief from providing comparative disclosures in relation to IFRS 6. The proposed amendment is to provide a wider exemption and relief from having to restate comparative information.

The FRSB has decided not to issue an ED as it does not believe the proposed changes are likely to have a significant impact in New Zealand. As outlined above, the proposed amendments are simply allowing additional relief when an entity adopts IFRSs for the first time. The IASB ED has a comment date of 3 June 2005 and can be found on the IASB’s website at http://www.iasb.org/current/ed.asp

IASB Questionnaire on Possible Recognition and Measurement Modifications for Small and Medium-sized Entities (SMEs)
The IASB is seeking comment on possible recognition and measurement modifications to International Financial Reporting Standards for the development of IASB standards for SMEs.
Closing date for comments to the FRSB is 10 June 2005 and to the IASB is 30 June 2005
Download the Request for Comment: PDF (28kb) / Word (75kb)
Download the Questionnaire: PDF (80kb) / Word (96kb)

IFRIC Draft Interpretation D15 Reassessment of Embedded Derivatives

IFRIC D15 was issued in April 2005 with a due date for comments to the FRSB of 13 May 2005
Download the Discussion Paper: PDF (28kb) / Word (80kb)
Download the Exposure Paper: PDF (96kb)

Draft Memorandum of Understanding on the Role of Accounting Standard-Setters and Their Relationships with the IASB

The IASB and accounting standard-setting bodies around the world are seeking comments on a draft Memorandum of Understanding on the role of world accounting standard-setting bodies and their future relationship with the IASB.
Closing date for comments to the FRSB is 30 June 2005 and to the IASB is 29 July 2005.
Download the Discussion Paper: PDF (25kb) / Word (74kb)
Download the Draft Memorandum of Understanding: PDF (43kb)

Discussion Paper and IFRIC Draft Interpretations D12, D13, D14 Service Concession Arrangements

were issued in February 2005 with a due date for comments to the FRSB of 6 May 2005 and to the IASB of 31 May 2005
Download the Discussion Paper: PDF (79kb) / Word (115kb)
Download D12: PDF (131kb)
Download D13: PDF (98kb)
Download D14: PDF (107kb)

IFRIC Draft Interpretation D11 Changes in Contributions to Employee Share Purchase Plans

IFRIC Draft Interpretation D11 was issued in December 2004 with a closing date for comments to the FRSB of 13 February 2005, and to the IASB of 1 March 2005.
Download the Discussion Paper: PDF (49kb) / Word (85kb)
Download the Exposure Draft: PDF (70kb)

ED NZ IFRIC Interpretation 3 Emission Rights

ED NZ IFRIC Interpretation 3 Emission Rights was issued in December 2004 with a closing date for comments to the FRSB of 15 February 2005.

Download the Discussion Paper: PDF (67kb) / Word (98kb)
Download the Exposure Draft: PDF (169kb) / Word (190kb)

IFRIC Draft Interpretation D10 Liabilities Arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment

IFRIC draft interpretation D10 was issued in December 2004 with a closing date for comments to the FRSB of 24 January 2005 and to the IASB of 11 February 2005.

Download the Discussion Paper: PDF (46kb) / Word (68kb)
Download IFRIC D10: PDF (76kb)

Joint Venture Survey

As part of an IASB research project, the Australian Accounting Standards Board is conducting a survey of the accounting for interests in joint venture arrangements. The AASB has formed a Joint Ventures research project team, comprising staff from the standard-setters in Australia, China/Hong Kong, Malaysia and New Zealand.

One of the research methods being used by the research team is a survey. Participation in the survey by those entities involved in joint arrangements will provide valuable input into the project by helping the research team and the IASB better understand the ways in which joint arrangements are structured.

The survey can be completed online or downloaded at www.aasb.com.au
Responses should be submitted by 30 September 2004.

IASB Exposure Draft 7 Financial Instruments: Disclosures

IASB Exposure Draft 7 was issued in August 2004 with a due date for comments to the FRSB of 4 October 2004 and the IASB of 22 October 2004

Download the Discussion Paper: PDF (76kb) / Word (96kb)
Download the Exposure Draft: PDF (265kb) / Word (228kb)
Download the Implementation Guidance: PDF (114kb) / Word (99kb)
Download the Basis for Conclusions: PDF (123kb) / Word (108kb)
Link to the IASB ED freely available from www.iasb.org or at www.nzica.com

Table of Comparison - NZ IAS 30 and IASB ED 7

Download the summary table comparing IASB ED 7 with the proposed NZ IAS 30: PDF (60kb) / Word(70kb)
Download the Comprehensive table comparing IASB ED 7 with the proposed NZ IAS 30: PDF (1.198mb) / Word (573kb)

IFRIC Draft Amendment D7 Scope of SIC-12 Consolidation–Special Purpose Entities

IFRIC Draft D7 was issued in July 2004 with a due date for comments to the FRSB of 26 August 2004 and the IASB of 13 September 2004

Download the Discussion Paper: PDF (43kb) / Word (75kb)
Link to IFRIC D7 http://www.iasb.org/current/ifricdrafts.asp/

IFRIC Draft Interpretation D8 Members’ Shares in Co-operative Entities

IFRIC Draft D8 was issued in July 2004 with a due date for comments to the FRSB of 26 August 2004 and the IASB of 13 September 2004

Download the Discussion Paper: PDF (45kb) / Word (73kb)
Link to IFRIC D8 http://www.iasb.org/current/ifricdrafts.asp/

IFRIC Draft Interpretation D9 Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions

IFRIC Draft D9 was issued in July 2004 with a due date for comments to the FRSB of 1 September 2004 and the IASB of 21 September 2004

Download the Discussion Paper: PDF (45kb) / Word (74kb)
Link to IFRIC D9 http://www.iasb.org/current/ifricdrafts.asp/

Proposed Amendments to IAS 39 Financial Instruments: Recognition and Measurement-Cash Flow Hedge Accounting of Forecast Intra-group Transactions

IASB ED of proposed amendments to IAS 39 Cash Flow Hedge Accounting of Forecast of Intragroup Transactions was issued in July 2004 with a due date for comments to the FRSB of 24 September 2004 (and the IASB of 8 October 2004).

Download the Discussion Paper: PDF (50kb) / Word (85kb)
Link to the IASB ED freely available from the 19th of July http://www.iasb.org/current/ed.asp

Proposed Amendments to IAS 39 Financial Instruments: Recognition and Measurement – Transition and Initial Recognition of Financial Assets and Financial Liabilities

IASB ED of proposed amendments to IAS 39 Transition and Initial Recognition of Financial Assets and Financial Liabilities was issued in July 2004 with a due date for comments to the FRSB of 24 September 2004 (and the IASB of 8 October 2004).

Download the Discussion Paper: PDF (53kb) / Word (91kb)
Link to the IASB ED freely available from the 19th of July http://www.iasb.org/current/ed.asp

Proposed Amendments to IAS 39 Financial Instruments: Recognition and Measurement and IFRS 4 Insurance Contracts-Financial Guarantee Contracts and Credit Insurance

IASB ED of proposed amendments to IAS 39 and IFRS 4 Financial Guarantee Contracts and Credit Insurance was issued in July 2004 with a due date for comments to the FRSB of 24 September 2004 (and the IASB of 8 October 2004).

Download the Discussion Paper: PDF (52kb) / Word (103kb)
Link to the IASB ED freely available from the 19th of July http://www.iasb.org/current/ed.asp

IASB Discussion Paper: Preliminary Views on Accounting Standards for Small and Medium-sized Entities

Comments requested by 24 September 2004.
Download the Discussion Paper: PDF (114kb) / Word (139kb)
Click here for a copy of IASB Document

IASB Exposure Draft of Proposed Amendments to IFRS 3 Business Combinations – Combinations by Contract Alone or Involving Mutual Entities

IASB ED was issued in June 2004 with a due date for comments of 18 July 2004.
Download the Discussion Paper: PDF (58kb) / Word (75kb)
Link to the IASB ED http://www.iasb.org/current/ed.asp

IFRIC Draft Interpretation D6 — Multi employer Plans

IFRIC Draft Interpretation D6 was issued in May 2004 with a due date for comments to the FRSB of 26 June 2004 (and to the IASB of 9 July 2004).

Download the Discussion Paper: PDF (52kb) / Word (71kb)
Link to the IFRIC Draft Interpretation http://www.iasb.org/current/ifricdrafts.asp/.

IASB ED Proposed Amendments to IAS 19 Employee Benefits: Actuarial Gains and Losses, Group Plans and Disclosures

IASB ED Proposed Amendments to IAS 19 was issued in May 2004 with a due date for comments of 18 July 2004.

Download the Discussion Paper: PDF (51kb) / Word (78kb)
Download the Exposure Draft: PDF (148kb) / Word (139kb)

Discussion Paper and IASB Exposure Draft of Proposed Amendments to IAS 39 Financial Instruments: Recognition and Measurement The Fair Value Option

This IASB ED was issued in April 2004 with a due date for comments to the FRSB of 8 July 2004 (and to the IASB of 21 July 2004).

Download the Discussion Paper: PDF (57kb) / Word (91kb)
Link to Exposure Draft: http://www.iasb.org/current/ed.asp

IFRIC Draft Interpretation D5 Applying IAS 29 Financial Reporting in HyperinflationaryEconomies for the first time

IFRIC D5 was issued in March 2004 with a due date for comments to the FRSB of 28 April 2004.

Download the Discussion Paper: PDF (61kb) / Word (49kb)
Click here for a copy of IFRIC D5 http://www.iasb.org.uk/.

IASB Exposure Draft 6 Exploration for and Evaluation of Mineral Resources (IASB ED 6)

IASB ED 6 was issued in January 2004 with a due date for comments to the FRSB of 15 March 2004 (and to the IASB of 16 April 2004).

Download the Discussion Paper: PDF (44kb) / Word (105kb)
Click here for a copy of IASB ED 6 http://www.iasb.org.uk/.

IFRIC Draft Interpretation D4 Decommissioning, Restoration and Environmental Rehabilitation Funds

IFRIC Draft Interpretation D4 was issued in January 2004 with a due date for comments to the FRSB of 1 March 2004 (and to the IASB of 19 March 2004).

Download the Discussion Paper: PDF (34kb) / Word (59kb)
Click here for a copy of IFRIC Draft Interpretation D4, accompanying Illustrative Examples and Basis for Conclusions http://www.iasb.org.uk/.

IFRIC Draft Interpretation D3 Determining whether an Arrangement contains a Lease

IFRIC Draft Interpretation D3 was issued in January 2004 with a due date for comments to the FRSB of 1 March 2004 (and to the IASB of 19 March 2004)

Download the Discussion Paper: PDF (34kb) / Word (59kb)
Click here for a copy of IFRIC Draft Interpretation D3, accompanying Illustrative Examples and Basis for Conclusions http://www.iasb.org.uk/.

ED Proposed Amendments to IAS 39: Financial Instruments: Recognition and Measurement — Fair value hedge accounting for a portfolio hedge of interest rate risk

ED Proposed Amendments to IAS 39: Financial Instruments: Recognition and Measurement was issued in September 2003. The due date for comments to the FRSB is 31 October 2003 (and to the IASB by 14 November 2003).

Download the Discussion Paper: PDF (29kb) / Word (484kb)
Click here for a copy of Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk.

IFRIC Draft Interpretation D2 Changes in Decommissioning, Restoration and Similar Liabilities

IFRIC Draft Interpretation D2 Changes in Decommissioning, Restoration and Similar Liabilities was issued in September. The due date for comments to the FRSB is 15 October 2003 (and to the IASB is 3 November 2003).

Download the Discussion Paper: PDF (23kb) / Word (484kb)
Click here for a copy of IFRIC Draft Interpretation D2, accompanying Illustrative Examples and Basis for Conclusions.

NZ IASB ED 5: Insurance Contracts

NZ IASB ED5 was issued in September 2003. The due date for comments to the FRSB has been extended to the 30 October.
The FRSB have extended the deadline for comments to allow sufficient time for constituents to respond due to the delay in issuing the exposure drafts of the amended FRS-34 and
FRS-35. Due dates for comments to IASB is 31 October.

Download the Discussion Paper: PDF (53kb) / Word (528kb)
Click here for a copy of IASB ED 5, its Basis for Conclusions and Implementation Guidance.

IASB ED 4: Disposal of Non-current Assets and Presentation of Discontinued Operations

ED 4 was issued in July 2003 with a due date for responses to the FRSB of 30 September 2003.

Download the Discussion Paper: PDF (46kb) / Word (71kb)
Click for a copy of IASB ED 4, its Basis for Conclusions and Draft Illustrative Examples.

IASB ED-94/ED 3: Business Combinations

IASB ED-94/ED 3 was issued in December 2002 with a due date for responses to the FRSB of 16 February 2003, and to the IASB of 4 April 2003.

FRSB Foreword: PDF (48kb) / Word (86kb)
ED 3: PDF (202kb) / Word (284kb)
Basis for Conclusions: PDF (345kb) / Word (544kb)
Illustrative Examples: PDF (92kb) / Word (277kb)
Proposed Amendments to IASs 36 and 38: PDF (1177kb) / Word (1031kb)
Click here for a copy of IASB ED 3, its Basis for Conclusions and Draft Implementation Guidance

ED-93: Share-Based Payment

ED-93 was issued in November 2002 with a due date for responses of 31 January 2003.

Download Foreword and ED (summary included under the heading "Introduction"): PDF (245kb) / Word(214kb)
Download Basis for Conclusions: PDF (321kb) / Word (552kb)
Download Implementation Guidance: PDF (50kb) / Word (199kb)

IPSASB exposure drafts

IPSASB Exposure Draft 44 Improvements to IPSASs (April 2010)

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has published Exposure Draft 44.

The objective of Part I of ED 44 is to propose improvements to four IPSASs in order to maintain alignment with IFRSs that have been amended in the IASB’s “Improvements to IFRSs” (issued in April 2009) document. The IASB's 2009 Improvements have already been incorporated in NZ IFRSs.

Part II of ED 44 includes improvements to other IPSASs that relate to inconsistent references to standards, terminology and structure resulting from IPSASB’s ongoing review of existing IPSASs.

Comments are due to the IPSASB by 30 June 2010.

IPSASB Exposure Draft (PDF, 500KB)

IPSASB Exposure Draft 43 Proposed International Public Sector Accounting Standard Service Concession Arrangements: Grantor

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has published an Exposure Draft 43, Proposed International Public Sector Accounting Standard, Service Concession Arrangements: Grantor. This Exposure Draft sets out proposed accounting requirements of the grantor in a service concession arrangement. It is adapted from, and is intended to mirror, Interpretation 12 (IFRIC 12) of the International Financial Reporting Interpretations Committee, Service Concession Arrangements, which sets out the accounting requirements of the operator in a service concession arrangement.

With governments increasingly making use of arrangements involving private sector participation in the development, financing, operation and/or maintenance of assets used for public services, transactions within the scope of the Exposure Draft may become more prevalent. It is therefore important that New Zealand constituents are aware of and comment on the IPSASB’s Exposure Draft.

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on this Exposure Draft, as is the Australian Accounting Standards Board (AASB). Feedback received by the FRSB on the IPSASB Exposure Draft will assist the FRSB in formulating its response to the IPSASB.

Comments are due to the FRSB by 11 June 2010 and the IPSASB by 30 June 2010.

Download the IPSASB Exposure Draft (PDF, 500KB)

IPSASB Consultation Paper, Reporting on the Long-Term Fiscal Sustainability of Public Finances

The International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) has published a Consultation Paper, Reporting on the Long-Term Fiscal Sustainability of Public Finances. It seeks views on how information on the long-term sustainability of government programs, increasingly available in many jurisdictions, may complement information available in traditional financial statements, thereby increasing transparency and enhancing accountability and decision making.

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on this Consultation Paper. Feedback received by the FRSB on the IPSASB Consultation Paper will assist the FRSB in formulating its response to the IPSASB. At this stage the Consultation Paper would not lead to any changes in generally accepted accounting practice in New Zealand. If the IPSASB subsequently developed proposals for the disclosure of additional information on long-term fiscal sustainability in the financial statements of governments, these proposals would be consulted on separately.

Comments are due to the FRSB by 31 March 2010 and to the IPSASB by 30 April 2010.

Download the IPSASB Consultation Paper (PDF, 623KB)

IPSASB ED 42 Improvements to IPSASs

ED 42 proposes improvements to 12 International Public Sector Accounting Standards (IPSASs) in order to converge with amendments made by the International Accounting Standards Board (IASB) to International Financial Reporting Standards (IFRSs) in May 2008. The ED is accompanied by an explanation of the proposed improvements.

Submissions are due to the FRSB by 11 September 2009 and to the IPSASB by 30 September 2009.

Download the Exposure Draft (163KB)

Download the accompanying explanation (107KB)

IPSASB ED 40 Intangible Assets and IPSASB ED 41 Entity Combinations from Exchange Transactions

On 7 May 2009 the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) released two further exposure drafts (EDs): ED 40 Intangible Assets and ED 41 Entity Combinations from Exchange Transactions.

The issuance of the exposure drafts is part of the IPSASB's global convergence program that will substantially converge International Public Sector Accounting Standards (IPSASs) with International Financial Reporting Standards (IFRSs) approved at December 31, 2008 The project is scheduled for completion by December 31, 2009.

They are based on the equivalent International Accounting Standards Board's (IASB’s) standards IAS 38 Intangible Assets and IFRS 3 Business Combinations. ED 40 incorporates guidance on website costs set out in the Interpretation 32 of the IASB’s Standing Interpretations Committee,1 entitled Intangible Assets – Web Site Costs. It also includes guidance on intangible heritage assets.

ED 41 addresses only those entity combinations that are similar in nature to those in the private sector. Entity combinations that arise from non-exchange transactions are being addressed in a separate public sector-specific project.

The exposure drafts are being issued concurrently because ED 40 addresses issues related to intangible assets acquired in an entity combination arising from an exchange transaction. Both exposure drafts contain limited changes from the relevant IFRS; these changes are mainly to ensure consistency with other IPSASs and to address specific public sector issues.

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on EDs 40 and 41. Feedback received by the FRSB on the IPSASB EDs will assist the FRSB in considering its response to the EDs. If you respond directly to the IPSASB, please send a copy to the FRSB.

Comments are due to the FRSB by 31 July 2009 and to the IPSASB by 15 August 2009.

Download the Exposure Draft ED 40 Intangible Assets (Clean) (260KB)

Download the Exposure Draft ED 40 Intangible Assets (Mark-up from IAS 38) (334KB)

Download the Exposure Draft ED 41 Entity Combinations from Exchange Transactions (Clean) (433KB)

Download the Exposure Draft ED 41 Entity Combinations from Exchange Transactions (Mark-up from IFRS 3) (592KB)

IPSASB issues Financial Instrument EDs

On 23 April 2009 the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) proposed new financial reporting requirements to assist public sector entities in accounting for financial instruments, such as derivatives, bonds, and loans. These proposed requirements are contained in three newly released exposure drafts (EDs): ED 37, Financial Instruments: Presentation, ED 38, Financial Instruments: Recognition and Measurement, and ED 39, Financial Instruments: Disclosures.

“The unprecedented scale of governmental intervention in the financial sector makes it essential that global transparency and accountability is enhanced through consistent financial reporting of their exposures to financial instruments. Approval of these EDs is just the beginning of a process by which the IPSASB will develop guidance that addresses financial instruments for the public sector and, in doing so, to ultimately develop guidance that addresses further public sector-specific issues,” states Mike Hathorn, Chair of the IPSASB.

The EDs represent a significant step in the IPSASB’s global convergence program, scheduled for completion by 31 December 2009.

Additional application guidance has been included in each ED on two key public sector issues. These are provision by government of financial guarantees that are given at zero cost or below market price and, secondly, concessionary loans (loans at below market interest rates). Governments have been using financial guarantees, such as guaranteeing bank deposits and low interest rate loans to support private sector businesses during the current economic crisis. Similar arrangements were also used prior to the crisis, often to achieve social objectives, such as to provide housing assistance.

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on the IPSASB’s EDs. Feedback received by the FRSB will assist the FRSB in considering its response to these EDs. If you respond directly to the IPSASB, please send a copy to the FRSB.

Comments are due to the FRSB by 13 July 2009 and to the IPSASB by 31 July 2009.

Download the clean EDs
Download the Exposure Draft ED 37 Financial Instruments: Presentation (Clean) (303KB)

Download the Exposure Draft ED 38 Financial Instruments: Recognition and Measurement (Clean)(1075KB)

Download the Exposure Draft ED 39 Financial Instruments: Disclosure (Clean) (248KB)

Download the EDs (marked-up from the underlying IFRS)
Download the Exposure Draft ED 37 Financial Instruments: Presentation (Marked-up from IAS 32)(345KB)

Download the Exposure Draft ED 38 Financial Instruments: Recognition and Measurement (Marked-up from IAS 39) (1241KB)

Download the Exposure Draft ED 39 Financial Instruments: Disclosure (Marked-up from IFRS 7)(307KB)

IPSASB Moves Closer to Global Convergence of Financial Reporting Standards with New ED on Agriculture

On 31 March 2009 the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) published an exposure draft (ED), entitled ED 36, Agriculture. This ED is part of the IPSASB's global convergence program, scheduled for completion by December 31, 2009, that will substantially converge International Public Sector Accounting Standards (IPSASs) with IFRSs approved at December 31, 2008. It proposes an IPSAS that converges with IAS 41, Agriculture, with limited changes to ensure consistency with other IPSASs. These changes include an acknowledgement that, in some jurisdictions, biological assets may be sold or transferred for nominal amounts.

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on the IPSASB ED. Feedback received by the FRSB on the IPSASB ED will assist the FRSB in considering its response to this ED. If you respond directly to the IPSASB, please send a copy to the FRSB.

Comments are due to the FRSB by 15 June 2009 and to the IPSASB by 30 June 2009.

Download the Exposure Draft ED 36 Agriculture (Clean) (117KB)

Download the Exposure Draft ED 36 Agriculture (Marked-up from IAS 41) (150KB)

IPSASB ED 35 Borrowing Costs

On 3 September 2008, the International Public Sector Accounting Standards Board (IPSASB) issued for comment a proposed revision to International Public Sector Accounting Standard (IPSAS) 5 Borrowing Costs. ED 35 proposes that public sector entities recognise borrowing-related expenses, such as interest or loan origination fees, during the period in which they are incurred. ED 35 also proposes, however, that where entities borrow funds specifically to acquire, construct or produce a qualifying asset, the entity has the option to capitalize those costs as part of the cost of that asset. These proposals are a departure from both IPSAS 5 and the International Accounting Standards Board's (IASB) IAS 23 Borrowing Costs and have evolved from the IPSASB's consideration that, in many circumstances, the capitalisation of borrowing costs as part of the cost of an asset is not appropriate for public sector entities.

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on the IPSASB Exposure Draft.

Feedback received by the FRSB on the IPSASB Exposure Draft will:
• assist the FRSB in formulating its response to the IPSASB; and
• assist the FRSB in considering what, if any, changes should be considered in respect of NZ IAS 23 Borrowing Costs.

Comments are due to the FRSB by 1 December 2008 and to the IPSASB by 7 January 2009.

Copies of the Exposure Draft can also be downloaded from the IPSASB website www.ipsasb.org

Download the Exposure Draft (229KB)

Accounting and Financial Reporting for Service Concession Arrangements

On 10 March 2008, the International Public Sector Accounting Standards Board (IPSASB) released a Consultation Paper: Accounting and Financial Reporting for Service Concession Arrangements. This Consultation Paper explores financial reporting issues related to service concession arrangements from the perspective of the grantor (typically a public sector entity). It provides proposals to be considered by the IPSASB, along with comments received, in the development of any international public sector financial reporting requirements for service concession arrangements.

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on the IPSASB Consultation Paper.

Feedback received by the FRSB on the IPSASB Consultation Paper will:
• assist the FRSB in formulating its response to the IPSASB; and
• assist the FRSB in considering what, if any, changes or new requirements should be considered in respect of financial reporting for service concession arrangements by the grantor in New Zealand.

Comments are due to the FRSB by 4 July 2008 and to the IPSASB by 1 August 2008.

Copies of the Consultation Paper can also be downloaded from the IPSASB website (www.ipsasb.org).

Download the Consultation Paper (727KB)

Social Benefits: Issues in Recognition and Measurement

On 6 March 2008, the International Public Sector Accounting Standards Board (IPSASB) released a Consultation Paper: Social Benefits: Issues in Recognition and Measurement. This Consultation Paper sets out its strategy for developing approaches to address the issues involved in accounting for social benefits, including recognition and measurement.

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on the IPSASB Consultation Paper.

Feedback received by the FRSB on the IPSASB Consultation Paper will:
• assist the FRSB in formulating its response to the IPSASB; and
• assist the FRSB in considering what, if any, changes or new requirements should be considered in respect of the recognition and measurement of social benefits in New Zealand.

Comments are due to the FRSB by 10 June 2008 and to the IPSASB by 15 July 2008.

Copies of the Consultation Paper can also be downloaded from the IPSASB website (www.ipsasb.org).

Download the Consultation Paper (209KB)

IPSASB ED 34 Social Benefits: Disclosure of Cash Transfers to Individuals or Households

On 6 March 2008, the International Public Sector Accounting Standards Board (IPSASB) issued for comment a proposed International Public Sector Accounting Standard (IPSAS), ED 34 Social Benefits: Disclosure of Cash Transfers to Individuals or Households. The purpose of the proposed IPSAS is to prescribe the disclosure requirements for amounts to be paid to beneficiaries as part of social benefits programs, as well as information about those programs. ED 34 also proposes requirements for determining the amounts to be disclosed.

The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on the IPSASB Exposure Draft.

Feedback received by the FRSB on the IPSASB Exposure Draft will:
• assist the FRSB in formulating its response to the IPSASB; and
• assist the FRSB in considering what, if any, changes or new requirements should be considered in respect of disclosures of cash transfers to individuals or households for social benefits in New Zealand.

Comments are due to the FRSB by 10 June 2008 and to the IPSASB by 15 July 2008.

Copies of the Exposure Draft can also be downloaded from the IPSASB website (www.ipsasb.org).

Download the Exposure Draft (286KB)

Accounting for Heritage Assets

The International Public Sector Accounting Standards Board (IPSASB) recently released a Consultation Paper: Accounting for Heritage Assets Under the Accrual Basis of Accounting.
The Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants is seeking comment on the IPSASB Consultation Paper. Feedback received by the FRSB on the IPSASB Consultation Paper will:
• assist the FRSB in formulating its response to the IPSASB; and
• assist the FRSB in considering what, if any, changes should be considered in respect of accounting for heritage assets in New Zealand.
Comments are due to the FRSB by 31 May 2006 and to the IPSASB by 30 June 2006.
Copies of the Consultation Paper can also be downloaded from the IPSASB web site (www.ipsasb.org).
Download the Discussion Paper: PDF (27KB)
Download the Exposure Draft: PDF (573KB)

IPSASB ED 29 Revenue from Non-Exchange Transactions

In January 2006 the International Public Sector Accounting Standards Board (IPSASB) issued for comment a proposed International Public Sector Accounting Standard (IPSAS), ED 29 Revenue from Non-exchange Transactions (Including Taxes and Transfers). The purpose of the proposed IPSAS is to prescribe the financial reporting of revenue arising from non-exchange transactions. As a first step to developing financial reporting requirements for PBEs on accounting for non-exchange revenues, the Financial Reporting Standards Board (FRSB) of the New Zealand Institute of Chartered Accountants (NZICA) is seeking comment on the proposed IPSAS. Although the proposed IPSAS has been developed for application to public sector entities (other than government business enterprises), any New Zealand financial reporting requirements based on the proposed IPSAS will be applicable to all PBEs. Therefore, the FRSB is particularly interested in receiving comments from not-for-profit entities (such as charities) to help ensure any financial reporting requirements for PBEs in New Zealand address accounting for non-exchange revenues by these entities. Comments are due to the FRSB by 31 May 2006 and the IPSASB by 30 June 2006

Download the Discussion Paper: PDF (33kb)
Download the Exposure Draft: PDF (366kb)

International Public Sector Committee: Invitations to Comment:
– Accounting for Social Policies of Governments
– Revenue from Non-Exchange Transactions (Including Taxes and Transfers)

In January 2004 the IFAC Public Sector Committee issued for comment Invitations to Comment (ITCs) on:
• Accounting for Social Policies of Governments, and
• Revenue from Non-Exchange Transactions

Comments are due to IFAC by 30 June 2004.

The FRSB will be preparing submissions on the ITCs. New Zealand constituents are encouraged to consider the ITCs comment and to make submissions directly to the IFAC PSC (EDcomments@ifac.org)
and to copy any comments to the FRSB (asd@nzica.com).
The ITCs can be downloaded from:

 

Accounting for Social Policies of Governments

http://www.ifac.org/Guidance/EXD-Details.php?EDID=0031

Revenue from Non-Exchange Transactions

http://www.ifac.org/Guidance/EXD-Details.php?EDID=0030

Proposed International Public Sector Accounting Standard: ED 23 Impairment of Assets

In September 2003 the IFAC Public Sector Committee issued for comment ED 23 Impairment of Assets. Comments are due to IFAC by 31 January 2004.

The FRSB plans to adopt IAS 36 Impairment of Assets and will issue IAS 36 as an ED in New Zealand once the IASB has completed its revision of that standard. The FRSB will also consider ED 23 in developing guidance on impairment of assets for public benefit entities. New Zealand constituents are encouraged to consider the proposals in ED 23 and to comment directly to the IFAC PSC (EDcomments@ifac.org) and to copy any comments to the FRSB (asd@nzica.com).

ED 23 can be downloaded from http://www.ifac.org/Guidance/EXD-Details.php?EDID=0025.