Eye on Reporting

EY monthly financial reporting newsletter

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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.

Kind regards
Kimberley Crook and Graeme Bennett
Financial Accounting Advisory Services

Eye on Reporting headlines:


What’s new from EY?

EY - Applying IFRS: New IASB leases standard - Engineering and Construction

Applying IFRS: New IASB leases standard - Engineering and Construction

Applying IFRS: New IASB leases standard – Mining and Metals

Engineering and construction (E&C) entities will need to change certain lease accounting practices when implementing the new leases standard, IFRS 16 Leases, which significantly changes the accounting for leases by lessees and could have far-reaching implications for E&C entities’ finances and operations. 

Mining and metals entities will also need to change some accounting practices and, potentially, some business practices as a result of IFRS 16.

These publications summarise the new standard and describes some sector-specific issues E&C entities and mining and metals entities may wish to consider.

EY - Applying IFRS: New IASB leases standard – Mining and Metals  

EY - Good Bank (International) Limited (October 2016)

Good Bank (International) Limited (October 2016)

This edition contains the illustrative consolidated financial statements for Good Bank (International) Limited and its subsidiaries for the year ended 31 December 2016. The illustrative financial statements are prepared in accordance with IFRS in issue at 30 September 2016 and effective for annual periods beginning on or before 1 January 2016.

Please note that this publication is based on ‘pure’ IFRS, and does not cover New Zealand additional disclosure requirements.

EY - IFRS Update of standards and interpretations in issue at 30 September 2016

IFRS Update of standards and interpretations in issue at 30 September 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. It also summarises key features of selected IASB projects and recent IFRS IC agenda rejection notices.

Please note that the IFRS Update publication is based on ‘pure’ IFRS, and does not cover New Zealand additional disclosure requirements.

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Events and webcasts

EY - IFRS 16 leases: A closer look - Replay

IFRS 16 leases: A closer look - Replay

Join EY professionals as they discuss the IASB’s new standard on lease accounting, including:

  • Requirements for identifying and accounting for leases under the new standard
  • Areas of frequent questions, including illustrative examples
  • Transition, including practical expedients entities may want to consider using

Please join this interactive discussion and learn more about the accounting treatment and business implications of applying the new standard.

Archived recordings of all our previous webcasts are available here

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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

ED NZASB 2016-8 2016 Omnibus Amendments to PBE Standards

11 November 2016

 

 

IPSASB Consultation Paper Public Sector Specific Financial Instruments

2 December 2016

 

31 December 2016

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Contacts

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

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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.

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