Eye on Reporting
EY monthly financial reporting newsletter
Welcome to the November edition of Eye on Reporting.
The new leases standard marks a significant change from current requirements under NZ IFRS. Early preparation will be key to the successful implementation of the new standard. In this edition, we explore important aspects and practical implementation issues of IFRS 16 for entities from different industries – engineering and construction, and mining and metals. Also, please join EY’s webcast IFRS 16 leases: A closer look held in November 2016. During this webcast, EY professionals will discuss the accounting treatment and business implications of applying the new leases standard.
This month our IFRS Core Tools library was updated for the Good Bank (International) Limited and IFRS Update publications. Good Bank (International) Limited contains the illustrative consolidated financial statements for Good Bank (International) Limited and its subsidiaries for the year ended 31 December 2016. IFRS Update is an overview of upcoming changes in standards and interpretations issued by the International Accounting Standards Board (IASB) and the IFRS Interpretation Committee (IFRS IC) as at 30 September 2016 that will be effective for the first-time for reporting periods ended at that date or thereafter.
Kimberley Crook and Graeme Bennett
Financial Accounting Advisory Services
Eye on Reporting headlines:
What’s new from EY?
Events and webcasts
Archived recordings of all our previous webcasts are available here
On the horizon
Below are recent proposals that are currently open for comment to the NZASB, IASB and/or 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
11 November 2016
2 December 2016
31 December 2016
For more information on any of the points raised in this newsletter, please contact a member of EY Financial Accounting Advisory Services Team:
|Kimberley Crook – Partner, Auckland||+64 274 899 535|
|Graeme Bennett – Partner, Auckland||+64 274 899 943|
|David Pacey – Executive Director, Auckland||+64 212 425 716|
|Lara Truman – Executive Director, Wellington||+64 274 899 896|
|Alex Knyazev – Senior Manager, Auckland||+64 218 53 152|
|Yulia Bogatova – Manager, Auckland||+64 274 899 408|
|Gali Slyuzberg – Manager, Wellington||+64 274 899 565|
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.