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Eye on Reporting - October 2012

October 2012

Welcome to the October edition of Eye on Reporting.

The International Accounting Standards Board and the US Financial Accounting Standards Board (collectively, the Boards) are a step closer to completion of their joint project on lease accounting with a revised exposure draft expected in the first quarter of 2013. The revised proposals, consistent with the 2010 exposure draft, would still see most leases recognised on the balance sheet of lessees.  However, to address conceptual and operational concerns raised by constituents around the leases model proposed in 2010, the Boards have made significant revisions to the proposed model. Our Applying IFRS: Leases project on the brink of re-exposure publication discusses the tentative decisions made by the Boards.

This month we also bring you our quarterly publication of New Accounting Standards and Interpretations for entities with 30 September 2012 year ends. This publication is designed to assist preparers in identifying accounting standards and interpretations which have become effective for 30 September 2012 year ends, and those new accounting standards and interpretations which were issued but not yet effective for 30 September 2012 year ends.
 

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

David Pacey

Executive Director, Auckland

+64 274 899 049

Lara Truman

Executive Director, Wellington

+64 274 899 896

Ravi Kumar

Senior Manager, Auckland

+64 212 214 717

Jude Doliente

Manager, Auckland

+64 212 417 481

David Bassett

Senior Accountant, Auckland

+64 274 899 883

 

Kind regards
Kimberley Crook
Financial Accounting Advisory Services


Hot topics

  • Applying IFRS: Leases project on the brink of re-exposure 
    The Boards have almost finished their re-deliberations on a number of issues raised by constituents as a result of the first exposure draft issued in 2010. This issue of Applying IFRS discusses tentative decisions made during those re-deliberations.

  • 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.

    This includes pronouncements issued by the IASB and International Financial Reporting Standards Interpretations Committee (IFRSIC) for entities that are required to make a statement of compliance with IFRS. 
    The attached publication indicates standards and interpretations which have become effective, and those on issue which are not yet effective, for 30 September 2012 year ends.

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IFRS news and updates
 

  • IFRS Outlook – September 2012 
    The September edition of IFRS Outlook is now available. This publication provides insights on IFRS for executives and audit committees. This edition includes:
    • An update on the next wave of IFRS changes
    • Executive compensation and the debate over accounting for equity-settled share-based payment awards
    • IAASB suggested changes to improve the value of the auditor’s report 

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    Industry in focus

    Banking

    • IFRS changes impacting the banking industry: An update for the CFO  
      Financial institutions reporting under IFRS continue to face a steady flow of new standards and interpretations. The volume of changes will be substantial over the next three or four years and this publication for CFOs provides an overview of both finalised and forthcoming changes in standards that are of particular significance for financial institutions.

      Insurance

    • IASB decide on targeted re-exposure of insurance contracts proposal
      The IASB will re-expose its proposals for insurance contracts and will seek feedback on a limited range of questions.

      Access the paper 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
    IASB issues draft of the fourthcoming IFRS on general hedge accounting
    16 November 2012
     
     
     Package 2: Public Sector PBE Accounting Standards
    14 December 2012
     
     
     Exposure Draft ED 2012-4 Framework: PBE Standards - Mixed Groups
    21 December 2012
     
     
      IASB Request for Information Comprehensive Review of the IFRS for SMEs
    12 October 2012
     30 November 2012
     

    IASB’s Request for Information – Post-implementation Review: IFRS 8 Operating Segments

    19 October 2012

    16 November 2012

     
     IPSASB Consultation Paper - Public Sector Combinations
    CLOSED
     
    31 October 2012
     Consultation on IPSASB Work Programme 2012-2014
    15 October 2012
     
    31 October 2012

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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 via the webcast archive

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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

    David Pacey

    Executive Director, Auckland

    +64 274 899 049

    Lara Truman

    Executive Director, Wellington

    +64 274 899 896

    Ravi Kumar

    Senior Manager, Auckland

    +64 212 214 717

    Jude Doliente

    Manager, Auckland

    +64 212 417 481

    David Bassett

    Senior Accountant, 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.