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Eye on Reporting

May 2013

Welcome to the May edition of Eye on Reporting.

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have recently re-exposed the accounting treatment of leases for both lessees and lessors, including the recognition of most leases on the balance sheets of lessees. Our publication below summarises key aspects of the revised exposure draft.

This month we have also issued our IASB Projects: A Pocketbook Guide. This publication assists users in tracking the key features of active projects and tentative decisions made by the IASB, as well as highlighting potential implications for businesses to consider.

Finally we wish to highlight our IFRS Resources: Essential resources for effective application of IFRS document, which describes EY's IFRS publications, their frequency and how to access them.

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

  • Boards issue revised proposal to put most leases on the balance sheet
    The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued a revised exposure draft on 16 May 2013 which outlines the proposed changes to the accounting for leases. Comments on the exposure draft are due by 13 September 2013. EY’s publication summarises key aspects of this exposure draft.


  • IASB Projects: A Pocketbook Guide
    EY’s pocketbook guide summarises key features of the active projects and tentative decisions made by the IASB up to 31 March 2013. This publication also includes potential financial and business implications of the proposed standards, along with our views on certain projects.


  • Reporting magazine: Issue 5 - March 2013
    Reporting magazine brings together insights and ideas which we believe will interest and inform business executives who are involved in reporting in its broadest sense.
     

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IFRS news and updates

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Industry in Focus

Insurance

  • Boards discuss allocation of insurance contracts revenue and consider changes
    In January and February 2013, the IASB and the US Financial Accounting Standards Board (US FASB) re-deliberated the decisions made in the IASB’s ED Insurance Contracts.

    The latest edition of Insurance Accounting Alert summarises these discussions.
     

    Oil and gas, mining and metals

  • IFRS Developments: Acquisitions of interests in joint operations that are businesses
    Entities in the mining and metals and oil and gas sectors may be affected by the proposed amendment to IFRS 11 Joint Arrangements. The proposed amendment would require an entity to apply the principles of business combinations accounting to transactions involving the acquisition of an interest in a joint operation that is a business.

    Our publications summarise the proposed changes and explore some of the potential implications for mining and metals and oil and gas entities.

    Access the publication for Mining and Metals here.

    Access the publication for Oil and Gas here.

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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/2013/5 IASB’s Request for Information on Rate Regulation

13 May

30 May
 

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

14 June
5 July
 
Exposure Draft ED/2013/4 Defined Benefit Plans: Employee Contributions 5 July 25 July
 
Exposure Draft ED/2013/5 Regulatory Deferral Accounts 16 August 4 September  
Exposure Draft ED/2013/6 Leases   13 September  

IPSASB Public Sector Conceptual Framework Exposure Draft – Presentation

12 July   15 August

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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.

Applying IFRS in New Zealand

The time for companies to ensure their financial reporting systems comply with NZ equivalents of International Reporting Standards is now. EY provides you with the tools and resources to help you with the task ahead.

Stay up-to-date with the shifting world of IFRS with EY's Eye on Reporting

Local IFRS resources

Please see our Local IFRS site for extensive international resources, thought leadership and web based learning modules.