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Eye on Reporting

April 2013

Welcome to the April edition of Eye on Reporting.

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have completed their substantive re-deliberations on a comprehensive new revenue recognition standard that they expect to issue in the coming months. Our publication below summarises the aspects of the revenue model that have changed during the re-deliberations.

This month we also bring you our quarterly New Accounting Standards and Interpretations publications for entities with a 31 March 2013 balance date. We have two separate publications, one for for-profit entities and another for public benefit entities, to address differences in the accounting standards framework applying to for-profit entities and public benefit entities.

If you would like any further information on any of these topics or the topics below, please get in touch with our Financial Accounting Advisory Services Team.



To find out more about the services we offer in this area please contact EY's Financial Accounting Advisory Services Team

 

Kimberley Crook

Partner, Auckland

+64 9 300 7094

Lara Truman

Executive Director, Wellington

+64 274 899 896

Ravi Kumar

Senior Manager, Auckland

+64 212 214 717

Jude Doliente

Senior Manager, Auckland

+64 212 417 481

David Bassett

Manager, Auckland

+64 274 899 883

 Kind regards
Kimberley Crook
Financial Accounting Advisory Services


Hot topics

  • Final revenue standard is taking shape
    The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have completed their substantive re-deliberations on a comprehensive new revenue recognition standard that they expect to issue in the coming months. The result will be a single revenue standard for all entities that follow IFRS or US GAAP.


  • New accounting standards and interpretations
    NZ IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors requires disclosure when an initial application of a standard has an effect on the current period, or any prior period, and disclosure of the possible impact of new and revised standards and interpretations that have been issued but are not yet effective.
    The attached publications indicate standards and interpretations which have become effective, and those on issue which are not yet effective, for 31 March 2013 year ends.
    It is important to note that there are two separate publications, one for for-profit entities and one for public benefit entities (PBEs). Differences in the accounting standards framework applying to for-profit entities and PBEs make it important to select the applicable publication.

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IFRS news and updates

  • The latest on the IFRS 9 classification and measurement project
    In November 2012, the International Accounting Standards Board (IASB) published exposure draft Classification and Measurement: Limited Amendments to IFRS 9 (Proposed amendments to IFRS 9 (2010)).

    The 2008 financial crisis led the G-20 and the Financial Stability Board to request that the IASB fast-track its project to replace IAS 39 Financial Instruments: Recognition and Measurement, with the objective of simplifying, improving and converging the accounting for financial instruments with US GAAP. Here we examine the key amendments proposed and their potential business implications.

  • Avoiding disclosure overload in financial statements − improving corporate communication through improved disclosures
    In IFRS financial statements, supplementary information disclosures to primary statements have become increasingly central to corporate reporting over the last two decades.
    Our publication considers the challenges arising from the significantly increased disclosure volumes that entities are experiencing.

  • IASB proposes new expected credit loss model
    On 7 March 2013 the IASB released exposure draft Financial Instruments: Expected Credit Losses proposing that entities should recognise and measure a credit loss allowance or provision based on an expected credit loss model.
    In our publication, we summarise the main proposals in the IASB’s ED.

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On the horizon

Below are recent Exposure Drafts which are currently open for comment to the New Zealand Accounting Standards Board (NZASB), IASB and/or International Public Sector Accounting Standards Board (IPSASB). Please refer to the current exposure draft section on the XRB website for more details (www.xrb.govt.nz).
 

 

Standard/Exposure Draft
Comments due to NZASB by
Comments due to IASB by
Comments due to IPSASB by

Package 3: NFP Simple Format Accounting Standards

28 June 2013
 
 
Exposure Draft ED/2012/6 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Proposed amendments to IFRS 10 and IAS 28) CLOSED 23 April 2013
 

Exposure Draft ED/2012/7 Acquisition of an Interest in a Joint Operation (Proposed amendment to IFRS 11)

CLOSED
23 April 2013
 
Exposure Draft ED/2013/5 IASB’s Request for Information on Rate Regulation 13 May 2013 30 May 2013
 

IASB ED/2013/3 Financial Instruments: Expected Credit Losses

14 June 2013 5 July 2013  
Exposure Draft ED/2013/4 Defined Benefit Plans: Employee Contributions 5 July 2013 25 July 2013  

IPSASB Conceptual Framework Exposure Drafts

CLOSED   30 April 2013

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Events and Webcasts

  • Click here to access a summary of all upcoming webcasts. If you missed any of the recent global webcasts you can now watch them here.

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Contacts

 For more information on any of the points raised in this newsletter, please contact a member of EY’s Financial Accounting Advisory Services Team.

To find out more about the services we offer in this area please contact EY's Financial Accounting Advisory Services Team

Kimberley Crook

Partner, Auckland

+64 9 300 7094

Lara Truman

Executive Director, Wellington

+64 274 899 896

Ravi Kumar

Senior Manager, Auckland

+64 212 214 717

Jude Doliente

Senior Manager, Auckland

+64 212 417 481

David Bassett

Manager, Auckland

+64 274 899 883

 

  


 

The information contained in this newsletter does not constitute advice and should not be relied upon as such.  Professional advice should be sought prior to action being taken on any of the information.

 

Contact us

Kimberley Crook
+64 9 300 7094

Graeme Bennett
+64 9 300 8191

Lara Truman
+64 274 899 896

David Pacey
+64 212 425 716

Asia Pacific Financial Accounting Advisory Services contacts.