New Zealand


  • Service: Audit, Advisory, Accounting Advisory Services
  • Type: Business and industry issue
  • Date: 13/02/2012

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Simon Lee

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Reporting news - 12RN02 

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


FMA issues proposed guidance note on effective disclosures


The FMA is seeking to improve disclosures in registered prospectuses and investment statements and has issued for comment a proposed guidance note - “Effective Disclosure”. The proposed guidance note sets out the FMA’s expectations on how to prepare and present prospectuses and investment statements – it will not change the underlying legal requirements.


This Reporting Update summarises the key features of the proposed guidance note and sets out some of the potential impacts.



In the Headlines


No In the Headlines this issue.


Other KPMG Publications


New on the Horizon: Revenue recognition for telecoms


Telecommunication companies said ... that the 2010 revenue recognition proposals ‘did not fit’ their business. This publication looks at the potential impact of the revised proposals on telecommunications companies, discusses whether previous concerns have been addressed, and highlights new issues relevant to companies in the telecommunications sector.


Among the areas that could be of interest for telecommunication companies, this publication discusses accounting for:


  • portfolios of contracts or performance obligations
  • handsets
  • contract modifications
  • subscriber acquisition costs.


It also provides some useful hints that will help you to prepare to implement the new revenue standard once it is finalised.



Impact of IFRS: Mining


This publication will serve as a useful resource for mining companies considering, or in the process of, IFRS conversion. It also gives an interesting overview of sector accounting issues for existing IFRS mining companies.




  • Gives an overview of the IFRS conversion process.
  • Looks at the impact of conversion on IT systems, people and business processes.
  • Considers the main accounting and reporting issues faced by mining companies.
  • Discusses elements of the IASB Discussion Paper Extractive Activities.




AAS seminar series – Revenue recognition and financial reporting update


As part of our continuing series of breakfast seminars, KPMG recently held seminars in Auckland and Wellington covering the recent Exposure draft Revenue from Contracts with Customers together with an update on the recent developments in financial reporting. We would be particularly interested in receiving your feedback on the proposed revenue standard and how it will impact your organisation.


If you have any comments or questions, or need any help in applying the proposals to your business, please contact us or your regular KPMG contact and we will be more than happy to discuss.



Insurance contracts update


The IASB staff have recently released two documents relating to the Insurance Contracts project:


  • An updated document which provides a high level summary of the progress to date on the Insurance Contracts project.
  • An updated document which presents the changes to the proposals in the exposure draft Insurance Contracts as a result of the IASB and FASB’s tentative decisions.



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