Eye on Reporting | Issue 3/2022

Welcome to EY Eye on Reporting Newsletter, providing you with the latest insights in financial reporting. 

The current issue includes information on the following:

  • The XRB has issued three exposure drafts detailing its proposed climate-related disclosure framework. EY has produced a short publication – New Zealand climate-related disclosure framework, outlining the key proposals for climate reporting entities.
  • EY has published Quality City Council (June 2022), the Public Benefit Entity (PBE) model financial statements, which illustrate disclosure requirements in accordance with PBE Standards and PBE Standards Reduced Disclosure Regime. This version includes additional disclosures on climate risk and the COVID-19 pandemic impacts.
  • EY has also released its new accounting standards and interpretations publications issued as of 30 June 2022.


New Zealand climate-related disclosure framework

This new publication provides entities with an overview of the Exposure Drafts of Aotearoa New Zealand Climate Standards and also outlines the key disclosure requirements for climate reporting entities.

Accounting for Climate Change

The focus on measurement and disclosure of climate-related matters is intensifying. This may require significant effort and judgment. The updated publication helps entities to assess and report on the effects of climate change in their financial statements. The publication includes consideration of the impacts of climate change on impairment testing, provisions, fair value measurement and financial instruments among other things.

New Accounting Standards and Interpretations

This publication provides an overview of the upcoming changes in standards and interpretations (pronouncements) to be applied for for-profit entities the first time for 30 June 2022 year ends and those mandatory in future periods. It also summarises the latest IFRIC agenda decisions which should be considered for 30 June 2022 year ends.

The Public Benefit Entity equivalent publication can be found here.

FMA insights

The FMA has issued the following publications:

IASB Update June 2022

A summary of matters discussed during the June 2022 IASB meeting is now available. A podcast for the July IASB meeting is also available.

A podcast for matters discussed by IFRIC during the second quarter of 2022 is available. Further, the IFRIC Update June 2022 is also available.