New Zealand


  • Service: Audit, Advisory, Accounting Advisory Services
  • Type: Business and industry issue
  • Date: 10/10/2011

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Simon Lee

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Reporting news - 11RN05 

Reportingn news aims to keep you informed about financial reporting developments and 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


IFRSs issued but not yet effective


This publication lists newly effective standards and standards issued but not yet effective for interim and annual periods ending 30 September 2011 and will assist you in complying with the disclosure requirements of NZ IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, paragraph 30.



In the Headlines


Update on IASB’s work plan

This issue of In the Headlines focuses on the IASB’s projected targets as at 14 September 2011. The IASB is in the process of obtaining input on the broad strategic direction it should follow in setting its work plan, and the projects and areas that should be given priority.


While this consultation is ongoing, the IASB intends to continue to give the highest priority to progressing its work on the following projects.

  • Financial instruments.
  • Insurance contracts.
  • Leases.
  • Revenue recognition.


This publication summarises the status and expected timing of these and other projects.


Other KPMG publications


IFRS Illustrative Financial Statements – September 2011


The ISG has published Illustrative financial statements. The purpose of this publication is to assist preparers in preparing, and auditors in auditing, financial statements in accordance with IFRS.


This publication reflects IFRSs in issue at 1 September 2011 that are required to be applied by an entity with an annual period beginning on 1 January 2011 (‘currently effective’ requirements). IFRSs that are effective for annual periods beginning after 1 January 2011 (‘forthcoming’ requirements) have not been adopted early in preparing these illustrative financial statements.


However, example disclosures for the early adoption of certain new standards and amendments are included in the appendices to these illustrative financial statements.



IFRS Leases Newsletter: Issue 8, September 2011


This issue highlights the measurement of lessor lease receivables and residual assets at cost with no option for fair value measurements, as well as impairment and residual value guarantees.



New World for Insurance: Progress report on phase II


Following up on The New World for Insurance – Business perspectives on Phase II, which looked at the potential business impact on the insurance industry from the IASB’s and FASB’s insurance accounting proposals. This publication gives you an overview and update on how far the Boards have progressed in addressing technical concerns. It also helps to inform you about what you should be doing now to prepare for these changes as well as providing a view of what lies ahead.



External Reporting Board: Communiqué XRB 2011-5: 14 September 2011


The External Reporting Board has released three documents outlining proposals for a new Accounting Standards Framework. 

  • A Position Paper entitled: Accounting Standards Framework: A Multi Standards Approach;
  • A Consultation Paper entitled: Accounting Standards Framework for General Purpose Financial Reporting by For-Profit Entities; and
  • A Consultation Paper entitled: Accounting Standards Framework for General Purpose Financial Reporting by Public Benefit Entities.



Further details of these proposals was also included in the previous issue of KPMG’s Reporting News: Reporting News - 11RN04


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