New Zealand

Details

  • Service: Audit, Advisory, Accounting Advisory Services
  • Type: Business and industry issue
  • Date: 15/08/2011

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Simon Lee

Simon Lee

Technical Director - Accounting Advisory Services

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Accounting Advisory Services

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Reporting news - 11RN01  

Welcome to the first issue of KPMGs Reporting news, which aims to keep you informed about financial reporting developments. 

  • Reporting updates (formerly Flash reports) published by KPMG New Zealand, which focus on the application of IFRS in the New Zealand financial reporting environment, legislative and regulatory changes, and other New Zealand-specific reporting topics.

 

  • In the headlines published by the KPMG International Standards Group, which provide timely updates on developments concerning IFRS.

Accounting considerations related to natural disasters

The earthquakes in Christchurch and other recent natural disasters have resulted in loss of life and have caused wide-spread damage to and destruction of property.  Many entities have been directly impacted by these events and many others have been indirectly impacted through business relationships they have.  There are a number of difficult financial reporting issues that have arisen as a result of these events.  This paper highlights some of the key financial reporting considerations.

 

Anti money laundering and countering financing of terrorism act

The Anti Money Laundering and Countering Financing of Terrorism Act (“AML/CFT Act”) was first introduced to New Zealand in 2009 in order to improve New Zealand’s response to money laundering and terrorism financing, and increase compliance with international recommended best practice. The race to comply starts now.

 

In the headlines – new cycle of improvements to IFRS

The amended version of IAS 19 Employee Benefits (the amended standard) is final product of a limited project to revise the current IAS 19.  It was issued by the IASB on 16 June 2011

 

In the headlines – employee benefit accounting revised

The amended version of IAS 19 Employee Benefits (the amended standard) is final product of a limited project to revise the current IAS 19.  It was issued by the IASB on 16 June 2011

 

In the headlines –  items of other comprehensive income; amendments

Presentation of Items of Other Comprehensive Income (Amendments to IAS 1 Presentation of Financial Statements) introduces changes to the presentation of items of other comprehensive income. It was issued by the IASB¹ on 16 June 2011. The amendments have been made jointly with the FASB; however, they published their amendments separately.

In the headlines – International valuation standards

On 19 July 2011 the International Valuation Standards Council (IVSC), a global body that develops valuation standards, published the ninth edition of the International Valuation Standards (IVS). They replace existing IVS with significant changes in appearance, layout and structure. The standards are intended to apply to valuations performed for a number of purposes, including financial reporting. While the IVS are not endorsed by the IASB1 or otherwise authoritative, they include references to valuations performed for financial reporting under IFRSs.

In the headlines – IASB June 2011 meetings

This summary combines the outcomes of the individual sessions from the IASB’s1 meetings held on 13–15 June 2011. In a number of sessions the IASB held joint discussions with the FASB2. The projects discussed were:

 

  • financial asset and financial liability offsetting
  • financial instruments: impairment
  • insurance contracts
  • leases
  • revenue recognition.


 
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