New Zealand

Details

  • Service: Audit, Advisory, Accounting Advisory Services
  • Type: Business and industry issue
  • Date: 18/11/2011

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Simon Lee

Simon Lee

Technical Director, Accounting Advisory Services

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Reporting news - 11RN08 

Welcome to this week's Reporting news, a regular summary of publications on reporting matters to keep you informed about financial reporting developments.

Reporting Updates

No reporting updates this week.

In the headlines

Issue 2011/35 – Revenue from contracts with customers

 

This issue discusses the IASB's exposure draft on revenue from contracts with customers. It highlights the business impacts and what companies could start doing now.

 

Other KPMG Publications

IFRS for Investment Funds – Issue 1, November 2011

 

IFRS for Investment Funds is a new publication series which addresses practical application issues that investment funds may encounter when applying IFRS. It discusses the key requirements and includes interpretative guidance and illustrative examples. The series considers accounting issues from currently effective IFRS as well as forthcoming requirements. This issue covers the presentation and measurement of financial assets carried at fair value.

 

 

IFRS – Insurance Newsletter – Issue 20, November 2011

 

This edition of IFRS – Insurance Newsletter highlights the results of recent IASB and FASB discussions on the joint insurance contracts project. It also gives the current status of the project and anticipated timeline for completion.

 

Other publications

AAS seminar series – IFRS 10-12: The new consolidation standards

 

As part of our continuing series of breakfast seminars, KPMG recently presented seminars in Auckland and Wellington on the new consolidation suite of standards.

 

 

Our Accounting Advisory Services team is working through the changes necessary to implement IFRS 10, 11 & 12, and the issues arising from their adoption.

 

We would be particularly interested in receiving your feedback on these standards and how they will impact your organisation. If you have any comments or questions, please contact us and we will be more than happy to discuss.

 

IASB and FASB publish revised proposal for revenue recognition

 

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have issued for public comment a revised draft standard to improve and converge the financial reporting requirements of IFRS and US GAAP for revenue (and some related costs) from contracts with customers

The comment period of the exposure draft closes on 13 March 2012.

 

 

External Reporting Board Communiqué

 

The latest XRB communiqué provides details about how you can learn more about the XRB’s Consultation Papers on the proposed new accounting standards framework. Available resources include podcasts and seminar slides from the recent XRB seminars held in Auckland, Hamilton, Wellington and Christchurch plus details of their upcoming webinar.

 

 

NZ Accounting Standards Board Communiqué

 

The New Zealand Accounting Standards Board held its 4th meeting in Wellington on 2 November 2011.  The main matters considered at the meeting related to the new Accounting Standards Framework, the approval of an Omnibus Exposure Draft and approval of a comment letter to the IASB on its Agenda Consultation.

 

 

Results of Auditor-General’s survey on fraud awareness

 

The Auditor-General recently commissioned a survey of almost 1,500 staff within the public sector in order to gain insights into fraud awareness, prevention and detection in New Zealand’s public sector. The results are available on the OAG website and are published in two documents:

 

 
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