New Zealand to adopt investment entities amendments

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10 Dec 2012

The New Zealand Accounting Standards Board (NZASB) has agreed, in principle, to approve for issue in New Zealand the 'Investment Entities' amendments for application by for-profit entities.

The in-principle decision was made at a recent NZASB meeting in Wellington held on 5 December 2012.

Consistent with its initial consideration of the issue and the Australia-New Zealand harmonisation objective, the NZASB will consider at its next meeting the proposed additional disclosures that are to be considered by the Australian Accounting Standards Board (AASB) at its meeting on 12-13 December 2012.

The NZASB also agreed that the investment entity amendments would not be made available for application by public benefit entities (PBEs, essentially not-for-profit entities), because the issue addressed in the amendments was unlikely to be relevant to the PBE sector.

Click for NZASB communiqué (link to New Zealand External Reporting Board [XRB] website).

Note: The NZASB subsequently announced the publication of the amendments in a further email communiqué dated 20 December 2012.  The amendments are available on the XRB website.

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