New Zealand


  • Service: Audit, Advisory, Accounting Advisory Services
  • Type: Business and industry issue
  • Date: 23/02/2012

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Reporting news - 12RN03 

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 issue.


In the Headlines


Issue 2012/01 - ESMA consultation paper: Considerations of materiality in financial reporting


This In the Headlines provides a summary of the European Securities and Markets Authority (ESMA) consultation paper, Considerations of materiality in financial reporting.



Issue 2012/02 - IASB governance reports

The Monitoring Board and the Trustees of the IFRS Foundation jointly announced the conclusions of their reviews of the IFRS Foundation’s governance and strategy.


This In the Headlines summarises the key conclusions in their reports, including those on:

  • monitoring Board membership criteria
  • composition of the Trustees and the IASB
  • independence of the IASB
  • oversight responsibilities of the Trustees.


Other KPMG Publications


No other KPMG publications this issue.




External Reporting Board Communiqué 2012-2

The XRB Board held their first meeting of the year on 15 February 2012. The majority of the meeting was taken up with the consideration of submissions on the two Accounting Standards Framework Consultation Papers.


The board's deliberations were mostly focused on matters relating to the Tier Strategy, i.e. the number of tiers, criteria for those tiers, and the accounting standards that will apply to each tier.


NZ Accounting Standards Board Communiqué 2012-1


The NZASB held their first meeting of the year on 16 February 2012.  The main matters considered at the meeting related to:

  • the new Accounting Standards Framework
  • approval of New Zealand versions of the IASB's recent amendments to the financial instruments standards
  • tentatively approved drafts of certain PBE standards
  • proposed amendments to XRB A1 Application of Accounting Standards for certain entities
  • comments on international consultation documents. 



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