Welcome to EY Eye on Reporting Newsletter, providing you with the latest insights in financial reporting.
This month's issue includes the following:
- International GAAP® 2022 is now available free of charge. In light of EY commitment to carbon neutrality, this will be published exclusively in a user-friendly, easy-to-browse and search, digital format.
- We have released a new publication providing entities with support in assessing and reporting the effects of climate-change in their financial statements.
- We have also released the new accounting standards and interpretations publications issued as of 31 December 2021.
Accounting for Climate Change
Climate-related matters could have a significant impact on your financial statements. Determining this impact may require significant effort and judgement. Our publication provides helpful observations and illustrations
New Zealand For-Profit Entities - New Accounting Standards and Interpretations
This publication provides an overview of the upcoming changes in standards and interpretations (pronouncements) to be applied for the first time for 31 December 2021 year ends and those mandatory in future periods.
The Public Benefit Entity equivalent publication can be found here.
IPSASB issues IPSAS 43 Leases
The IPSASB has issued IPSAS 43 which is based on IFRS 16 Leases. The NZASB is currently considering next steps for issuing an exposure draft based on IPSAS 43 for PBE’s in New Zealand. IPSAS 43 introduces a right-of-use model that replaces the risks and rewards incidental to ownership model in IPSAS 13 Leases. For lessors, IPSAS 43 substantially carries forward the risks and rewards incidental to ownership model in IPSAS 13. The NZASB are discussing this project at its February 2022 meeting.
IASB Update January 2022
A summary of matters discussed during the January 2022 meeting is now available. A podcast for the January IASB meeting is also available.
A podcast for matters discussed by IFRIC during the last quarter 2021 is available. Further, the IFRIC Update February 2022 is also available.
Illustrative financial statements in accordance with IFRS for specific industries
Applying IFRS - IBOR reform - Year-end considerations (updated December 2021)
IFRS adopted by the European Union 31 December 2021
- Read our publication
IASB’s webcasts on the Exposure Draft - Supplier Finance Arrangements
Webcast topics include:
- Understanding reverse factoring
- What is being proposed