New Zealand

Details

  • Service: Audit, Advisory, Accounting Advisory Services
  • Type: Business and industry issue
  • Date: 14/09/2011

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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 - 11RN03 

Welcome to KPMG's Reporting news, a regular summary of publications on reporting matters from KPMG - keeping you informed about financial reporting developments.

Reporting news includes the following principal newsletters.

 

  • 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.

 

Reporting updates

 

No Reporting Updates this week

 

In the headlines

 

No In the Headlines this week

 

Other KPMG publications:

 

New on the Horizon: Investment entities

This issue of New on the Horizon focuses on proposals to amend IFRS 10 Consolidated Financial Statements. The amendments would require qualifying investment entities to account for subsidiaries at fair value through profit or loss.

 

The proposals respond to the concerns of constituents who expressed support for a consolidation exception for investment funds in comment letters during the development of IFRS 10. But not all investment funds would qualify. The private equity sector and real estate funds in particular should pay attention to the criteria.

 

Lease accounting seminar presentations

The IASB project to revise its leasing standard has been underway now for some time. In August 2010 an exposure draft was issued proposing changes that will have a significant impacts on accounting for leases by both lessees and lessors.

 

As a result of its consultation the IASB has announced a number of further revisions, particularly in relation to lessor accounting. These proposals are to be re-exposed later in 2011.

 

A recent KPMG presentation on the revised lease proposals and the results of a KPMG survey on perceptions about the impact of the lease proposals care available on KPMG’s website.

 

Changes to joint venture accounting: oil and gas companies

The financial statements of many oil and gas companies could look very different in the future as a result of changes to the accounting for joint arrangement (formerly joint ventures). This could affect key performance measures and ratios for companies in the sector, which raises the question of how such changes should be communicated to investors and stakeholders.

 

Assessing the effect of the new requirements for your company may take significant time and judgement. The number and variety of joint arrangement in the oil and gas sector means that planning for transition in advance of the 1 January 2013 effective date is of particular importance.

 

Impact of IFRS: Power and utilities (September 2011)

A replacement version of the Impact of IFRS: Power and Utilities publication has been issued. This includes updated text under IFRS 1 to clarify the deemed cost exemption in relation to rate regulated activities.

 

This publication provides assistance to companies in the power and utilities sector who are considering converting to IFRS. It gives an overview of the IFRS conversion process and looks at the impact of conversion on IT systems, people and business processes. It also considers the top ten accounting and reporting issues faced by power and utilities companies.

 

Impact of IFRS: Oil and Gas (September 2011)

This publication provides assistance to companies in the oil and gas sector who are considering converting to IFRS. It gives an overview of the IFRS conversion process and looks at the impact of conversion on IT systems, people and business processes. It also considers the main accounting and reporting issues faced by oil and gas companies, and discusses the related elements of the IASB Discussion Paper Extractive Activities.

 

Integrated reporting

The challenge of providing better business reporting is an area of increasing focus. In Integrated Reporting: Performance Insight through Better Business Reporting, we introduce the concept of Integrated Reporting, and explore the implications of the International Integrated Reporting Committee's Discussion Paper. KPMG member firms have been championing this cause for some time.

 

 

Other: 

External Reporting Board: Communiqué XRB 2011-4: 1 September 2011

This communiqué is to advise that the External Reporting Board has today issued the following five standards.

 

  • Amended XRB A1 Application of Accounting Standards.
  • Amended XRB Au1 Application of Auditing and Assurance Standards.
  • International Standard on Assurance Engagements (New Zealand) (ISAE (NZ)) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
  • International Standard on Assurance Engagements (New Zealand) (ISAE (NZ)) 3402, Assurance Reports on Controls at a Service Organisation.
  • Standard on Assurance Engagements (SAE) 3100, Compliance Engagements.

 

IASB – effect analysis for IFRS 10 and IFRS 11

The IASB recently issued an effect analysis for IFRS 10 Consolidated Financial Statements, which also includes the effect analysis for IFRS 12 Disclosure of Interests in Other Entities, and the effect analysis IFRS 11 Joint Arrangements are now available for download on the project pages.

 

The effect analyses provide detailed insights into the potential impacts of the new requirements using case studies and other quantitative and qualitative material, as appropriate.

 

 
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