Skip to main navigation

Eye on Reporting - EY - New Zealand

  • Share

Eye on Reporting - September 2013

Welcome to the September edition of Eye on Reporting.

This month we highlight our August issue of Applying IFRS which takes a deeper look at the leasing proposals issued by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) back in May 2013. Our publication looks at the implications that the proposals may have for both lessors and lessees.

We also bring to your attention the recent exposure draft NZASB 2013-4 Statutory Funds (Amendments to Appendix C of NZ IFRS 4), issued by the New Zealand Accounting Standards Board. The exposure draft proposes amendments to Appendix C of NZ IFRS 4 Insurance Contracts to require disclosure of information about solvency margins for life insurance funds, aligning with the requirements of the Reserve Bank's solvency standards for life insurers.

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

+64 212 425 716

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

  • Applying IFRS: How the lease accounting proposal might affect your company
    Our Applying IFRS publication builds on our May 2013 Applying IFRS: A closer look at the revised lease accounting proposal, and provides additional examples of how companies might be affected by the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) joint proposal on leases. The proposal would require lessees to recognise assets and liabilities arising from their involvement in most leases. Lessees and lessors would still classify leases, but they would use different criteria and for a different purpose. Lease classification would be based primarily on the nature of the asset being leased and it would determine how entities recognise lease-related revenue and expense.
     

Return to top of page
 


Other IFRS news and updates

  • IFRS Developments Issue 66:  Boards continue to deliberate final revenue standard
    At their September joint meeting, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) (collectively, the Boards) decided to extend their discussions on how their joint revenue recognition standard will address collectability, the constraint on variable consideration and the accounting for revenue from licenses of intellectual property.

    This decision may result in a delay to the issuance of a final standard until late 2013, at the earliest.

    Our publication summarises the Boards’ recent decisions.

Return to top of page
   


Industry in focus

Insurance

  • Amendments to Appendix C of NZ IFRS 4 Insurance Contracts - Statutory Funds
    The New Zealand Accounting Standards Board (NZASB) has issued for comment Exposure Draft NZASB 2013-4 Statutory Funds (Amendments to Appendix C of NZ IFRS 4).

    The Exposure draft (ED) proposes amendments to Appendix C of NZ IFRS 4 Insurance Contracts to require disclosure of information about solvency margins for life insurance funds. The proposed amendments seek to align NZ IFRS 4 with the requirements of the Reserve Bank’s solvency standards for life insurers and as far as possible with the equivalent Australian requirements.

    The ED does not propose any amendments to the Standards for public benefit entities.
    The NZASB is seeking comments on the ED by 20 December 2013. The ED can be found on the XRB website (www,xrb.govt.nz).

Public Sector

  • IPSAS Outlook
    Our latest edition of IPSAS Outlook summaries the highlights from EY’s first global IPSAS update webcast in June. The webcast covered the International Public Sector Accounting Standards Board’s (IPSASB) major projects and the international adoption of International Public Sector Accounting Standards (IPSAS).

    This issue also included is a summary of the recent IPSASB discussions on key projects during its June 2013 meeting.

Return to top of page
   



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
NZASB Request for comments on Statutory Funds (Amendments to Appendix C of NZ IFRS 4)
20 December 2013
 
 
NZASB Request for comments on Amendments to NZ IFRS 4 Insurance Contracts

25 Septemeber 2013

 
 
Exposure Draft ED/2013/7 Insurance Contracts

25 Septemeber 2013

25 October 2013
 
Exposure Draft ED/2013/8 Agriculture: Bearer Plants 27 September 2013 28 October 2013
 
Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting 22 November 2013 14 January 2013  

 

Return to top of page
 


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.

Return to top of page
 


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

+64 212 425 716

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

EY  

 

Eye on Reporting

Eye on Reporting is our monthly update on financial reporting developments.

Please click here to read the current issue.

Back to top