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New Accounting Standards and Interpretations for Tier 1 For-profit Entities – 31 March 2017 EY ÷ 1

New Accounting Standardsand Interpretations forTier 1 For-profit Entities31 March 2017


IntroductionThis document is applicable for Tier 1 for-profit entities applying New Zealand Equivalents toInternational Financial Reporting Standards (NZ IFRS). It contains disclosure information onchanges in accounting policy on adoption of new and amended NZ IFRS and NZ IFRSs issued butnot yet effective. This publication lists all applicable NZ IFRSs issued as of 31 March 2017 andare applicable for Tier 1 for-profit entities applying NZ IFRS with 31 March 2017 year-ends.

This document has two parts:

Part A – Changes in accounting policy

This table lists all the applicable accounting standardswhich would have been adopted for the first time byTier 1 for-profit entities with a 31 March 2017 year-end.

Paragraph 28 of NZ IAS 8 Accounting Policies,Changes in Accounting Estimates and Errors (‘NZ IAS8’) states that when an initial application of a standardhas an effect on the current period, or any priorperiod, an entity shall disclose:

a) The title of the Standard

b) When applicable, that the change in accountingpolicy is made in accordance with thetransitional provisions

c) The nature of the change in accounting policy

d) When applicable, a description of thetransitional provisions

e) When applicable, the transitional provisions thatmight have an effect on future periods

f) For the current period and each prior periodpresented, to the extent practicable, the amountof the adjustment:

i. For each financial statement line itemaffected

ii. If NZ IAS 33 Earnings per Share applies tothe entity, for basic and diluted earnings pershare

g) The amount of the adjustment relating toperiods before those present, to the extentpracticable

h) If retrospective application is impracticable for aparticular prior period, or for the periods beforethose presented, the circumstances that led tothe existence of that condition and a descriptionof how and from when the change in accountingpolicy has been applied.

Part B – Accounting standards issued but notyet effective

This table lists all applicable NZ IFRSs issued but notyet effective for Tier 1 for-profit entities with 31March 2017 year-ends and assumes that the entity haselected not to “early adopt” any of theseStandards/Interpretations.

Paragraph 30 of NZ IAS 8 requires disclosure of thepossible impact of new and revised AccountingStandards that have been issued but are not yeteffective. This includes pronouncements issued by theInternational Accounting Standards Board (IASB) andInternational Financial Reporting StandardsInterpretations Committee (IFRS InterpretationsCommittee, previously known as IFRIC) for entitiesthat are required to make a statement of compliancewith IFRS.

The disclosure requirement in NZ IAS 8 applies only toentities reporting under “full” NZ IFRS. Therefore,this table does NOT address standards issued but noteffective for Tier 2 for-profit entities reporting underTier 2 for-profit accounting standards and applyingreduced disclosure requirements (RDR), as disclosureconcessions are provided for these entities providingrelief from disclosing information about standardsissued but not yet effective.

The table is complete as at 7 March 2017 and anyfurther Standards/Interpretations issued after thisdate will also need to be disclosed up until the date ofauthorisation of the financial report.

An entity does not need to refer to Standards/Interpretations that are not applicable to themprovided the entity confirms that theStandard/Interpretation is, in fact, not relevant.

If the effect of a particular Standard/ Interpretationhas not yet been determined, those details should bedisclosed.

The impact on the entity’s financial statements shouldbe added based on the entity’s specific circumstances.

The tables in Par A and B will be updated and releasedfor reporting periods ending 31 March, 30 June, 30September and 31 December.


Part A – Changes in accounting policy

The following Standards and Interpretations would have been applied for the first time for Tier 1 for-profit entities with years ending 31 March 2017 (unless early adopted):

Reference Title Summary Effective dateof Standard*

Applicationdate for theentity**

NZ IFRS 5NZ IFRS 7NZ IAS 19NZ IAS 34

AnnualImprovementsto NZ IFRSs2012-2014Cycle

The following standards are amended by this standard:NZ IFRS 5Changes in methods of disposal:

► Assets (or disposal groups) are generally disposed ofeither through sale or distribution to owners. Theamendment clarifies that changing from one of thesedisposal methods to the other would not beconsidered a new plan of disposal, rather it is acontinuation of the original plan. There is, therefore,no interruption of the application of the requirementsin NZ IFRS 5.

► The amendment must be applied prospectively.NZ IFRS 7Servicing contracts:

► The amendment clarifies that a servicing contractthat includes a fee can constitute continuinginvolvement in a financial asset. An entity mustassess the nature of the fee and the arrangementagainst the guidance for continuing involvement inNZ IFRS 7.B30 and NZ IFRS 7.42C in order to assesswhether the disclosures are required.

► The assessment of which servicing contractsconstitute continuing involvement must be doneretrospectively. However, the required disclosureswould not need to be provided for any periodbeginning before the annual period in which theentity first applies the amendments.

► The amendment need not be applied to periodsbeginning before the annual period for which theentity first applies this amendment.

Applicability of the offsetting disclosures to condensedinterim financial statements:

► The amendment clarifies that the offsettingdisclosure requirements do not apply to condensedinterim financial statements, unless such disclosuresprovide a significant update to the informationreported in the most recent annual report.

The amendment must be applied retrospectively.

1 January 2016 1 April 2016




NZ IFRS 5NZ IFRS 7NZ IAS 19NZ IAS 34

AnnualImprovementsto NZ IFRSs2012-2014Cycle(continued)

NZ IAS 19Discount rate: regional market issue:► The amendment clarifies that market depth of high

quality corporate bonds is assessed based on thecurrency in which the obligation is denominated,rather than the country where the obligation islocated. When there is no deep market for highquality corporate bonds in that currency, governmentbond rates must be used.

► The amendment must be applied prospectively fromthe beginning of the earliest period presented.

NZ IAS 34

Disclosure of information ‘elsewhere in the interimfinancial report’:► The amendment clarifies that the required interim

disclosures must either be in the interim financialstatements or incorporated by cross-referencebetween the interim financial statements andwherever they are included within the interimfinancial report (e.g., in the managementcommentary or risk report).

► The other information within the interim financialreport must be available to users on the same termsas the interim financial statements and at the sametime.

The amendment must be applied retrospectively.





NZ IFRS 1NZ IFRS 5NZ IFRS 9NZ IAS 1NZ IAS 8NZ IAS 34FRS-43FRS-44

Amendmentsto For-profitAccountingStandards as aConsequenceof XRB A1 andOtherAmendments

The following standards are amended by this standard:NZ IFRS 1:► Amendments more closely align the terminology with

IFRS 1 First-time Adoption of International FinancialReporting Standards.

► Clarify the application of the Standard for an entitywhose financial statements for its most recentprevious reporting period contained an explicit andunreserved statement of compliance with IFRSs orNZ IFRS.

► Amend the definition of New Zealand equivalents toInternational Financial Reporting Standards (NZIFRS) to include domestic Financial ReportingStandards.

NZ IFRS 5:► IASB editorial amendment to clarify that the income

tax expense as required by paragraph 81(h) of NZIAS 12 needs to be disclosed separately for

- the revenue, expenses and pre-tax profit or lossof discontinued operationsand

- the gain or loss recognised on the measurementof fair value less costs to sell or on the disposalof the assets or disposal group(s) constitutingthe discontinued operation.

NZ IFRS 9 (2014):

► IASB editorial amendments are made to NZ IFRS 9(2014). The amendment clarifies that on initialapplication of NZ IFRS 9 (2014), contracts alreadyexisting at that date for the purchase or sale of anon-financial item may be designated as measured atfair value through profit or loss, if NZ IFRS 9 (2014)would have allowed these contracts to be sodesignated upon inception. The resulting change innet assets is recognised in retained earnings at thedate of initial application of NZ IFRS 9 (2014). Thisamendment is applicable for periods beginning 1January 2018, with early application permitted.

NZ IAS 1:

► Amends the definition of NZ IFRS to be the same asthe amended definition of NZ IFRS in NZ IFRS 1.

NZ IAS 8:► Inserts a footnote to the definition of IFRSsNZ IAS 33:

► Align the scope paragraph with that of NZ IFRS 8Operating Segments.

NZ IAS 34:► Clarifies the statements of compliance with NZ IFRS.





NZ IFRS 1NZ IFRS 5NZ IFRS 9NZ IAS 1NZ IAS 8NZ IAS 34FRS-43FRS-44

Amendmentsto For-profitAccountingStandards as aConsequenceof XRB A1 andOtherAmendments(continued)

FRS-43:► Requires an entity to display which accounting

requirements the financial statements have beenprepared under.

FRS-44:

► Clarifies the statement of compliance with NZ IAS 34to be made by Tier 1 entities.


NZ IFRS 10NZ IFRS 12NZ IAS 27

InvestmentEntities:Applying theConsolidationException

The amendments clarify various aspects of the exemptionfrom consolidation of subsidiaries under NZ IFRS 10 thatmeet the definition of an investment entity.


NZ IFRS 11 Accounting forAcquisitions ofInterests inJointOperations(Amendmentsto NZ IFRS 11)

The amendments require the acquirer of an interest in ajoint operation in which the activity constitutes a business,as defined in NZ IFRS 3 Business Combinations, to applyall of the principles on business combinations accountingin NZ IFRS 3 and other NZ IFRSs except for thoseprinciples that conflict with the guidance in this NZ IFRS.In addition, the acquirer shall disclose the informationrequired by NZ IFRS 3 and other NZ IFRSs for businesscombinations.


NZ IFRS 14 RegulatoryDeferralAccounts

NZ IFRS 14 provides first-time adopters of NZ IFRS withrelief from derecognising rate regulated assets andliabilities until a comprehensive project on accounting forsuch assets and liabilities is completed by the InternationalAccounting Standards Board (IASB).


NZ IAS 1 DisclosureInitiative

The amendments clarify existing NZ IAS 1 requirementsthat relate to materiality, order of the notes, subtotals,accounting policies and disaggregation. Consequentialamendments have been made to NZ IFRS 7 and NZ IAS34.


NZ IAS 16NZ IAS 38

Clarification ofAcceptableMethods ofDepreciationandAmortisation(Amendmentsto NZ IAS 16and NZ IAS38)

NZ IAS 16 and NZ IAS 38 both establish the principle forthe basis of depreciation and amortisation as being theexpected pattern of consumption of the future economicbenefits of an asset.

The IASB has clarified that the use of revenue-basedmethods to calculate the depreciation of an asset is notappropriate because revenue generated by an activity thatincludes the use of an asset generally reflects factorsother than the consumption of the economic benefitsembodied in the asset.

The IASB also clarified that revenue is generally presumedto be an inappropriate basis for measuring theconsumption of the economic benefits embodied in anintangible asset. This presumption, however, can berebutted in certain limited circumstances.





NZ IAS 16NZ IAS 41

Agriculture:Bearer Plants–Amendmentsto NZ IAS 16andNZ IAS 41

The amendments to NZ IAS 16 Property Plant andEquipment and NZ IAS 41 Agriculture change the scopeof NZ IAS 16 to include biological assets that meet thedefinition of bearer plants (e.g., fruit trees). Agriculturalproduce growing on bearer plants (e.g., fruit growing ona tree) will remain within the scope of NZ IAS 41. As aresult of the amendments, bearer plants will be subject toall the recognition and measurement requirements inNZ IAS 16 including the choice between the cost modeland revaluation model.

In addition, government grants relating to bearer plantswill be accounted for in accordance with NZ IAS 20,instead of NZ IAS 41.

Entities may apply the amendments on a fullyretrospective basis. Alternatively, an entity may chooseto measure a bearer plant at its fair value at thebeginning of the earliest period presented. Anydifference between the fair value used as deemed cost atthat date and the previous carrying amount will berecognised in retained earnings. Earlier application ispermitted.

Consequential amendments derived from the amendmentsto NZ IAS 16 and NZ IAS 41 have been made to the scopeof NZ IAS 17, NZ IAS 23, NZ IAS 36 and NZ IAS 40.


NZ IAS 27 EquityMethod inSeparateFinancialStatements(Amendmentsto NZIAS 27)

The amendments require an entity preparing separatefinancial statements to account for investments insubsidiaries, joint ventures and associates either at cost,in accordance with NZ IFRS 9 Financial Instruments, orusing the equity method.


Part B – Accounting standards issued but not yet effective


The following standards and interpretations have been issued but are not yet effective for Tier 1 for-profitentities for the period ending 31 March 2017.

Reference Title SummaryEffectivedate ofStandard*


NZ IAS 7 DisclosureInitiative –Amendments toNZ IAS 7

The amendments to NZ IAS 7 Statement of Cash Flowsare part of the IASB’s Disclosure Initiative and require anentity to provide disclosures that enable users offinancial statements to evaluate changes in liabilitiesarising from financing activities, including both changesarising from cash flows and non-cash changes.

The amendments are intended to provide information tohelp investors better understand changes in a company’sdebt.

On initial application of the amendment, entities are notrequired to provide comparative information forpreceding periods. Early application is permitted.


NZ IAS 12 Recognition ofDeferred TaxAssets forUnrealised Losses– Amendments toNZ IAS 12

The amendments to NZ IAS 12 Income Taxes clarify theaccounting for deferred tax assets for unrealised losseson debt instruments measured at fair value.

The amendments clarify that an entity needs to considerwhether tax law restricts the sources of taxable profitsagainst which it may make deductions on the reversal ofthat deductible temporary difference. Furthermore, theamendments provide guidance on how an entity shoulddetermine future taxable profits and explains in whichcircumstances taxable profit may include the recovery ofsome assets for more than their carrying amount.

Entities are required to apply the amendmentsretrospectively. However, on initial application of theamendments, the change in the opening equity of theearliest comparative period may be recognised inopening retained earnings (or in another component ofequity, as appropriate), without allocating the changebetween opening retained earnings and othercomponents of equity. Entities applying this relief mustdisclose that fact.

Early application is permitted.






NZ IFRS 1NZ IFRS 12NZ IAS 28

AnnualImprovements toNZ IFRSs 2014–2016 Cycle

The following standards are amended by this standard:NZ IFRS 1Deletion of short-term exemptions for first-time adopters

► Deletes the short-term first-time adoptionexemptions in paragraphs E3 to E7 of NZ IFRS 1, asthe periods to which these exemptions applied havepassed.

NZ IFRS 12Clarification of the scope of the standard

► Clarifies that the disclosure requirements of NZIFRS 12, other than the requirement in paragraphsB10-B16 to disclose summary financial information,apply to interests in other entities that are classifiedas held for sale or discontinued operations underNZ IFRS 5

► This amendment must be applied retrospectively.

NZ IAS 28Measuring an associate or joint venture at fair value► Clarifies that for a venture capital organisation (and

similar entities), the election to measure investmentin an associate or joint venture at fair value throughprofit or loss should be made separately for eachassociate or joint venture, at the date of initialrecognition.

► Clarifies that for an entity that is not an investmententity, the election to retain fair valuemeasurement for the subsidiaries of an associate orjoint venture that is an investment entity should bemade separately for each associate or joint venture.This election should be made at the later of (a) thedate of the initial recognition of the associate orjoint venture; (b) the date when the associate orjoint venture becomes an investment entity, and;(c) the date when the associate or joint venturebecomes a parent.

► Early application is permitted.► This amendment must be applied retrospectively.

1 January 2018

1 January 2017

1 January 2018

1 April 2018

1 April 2017

1 April 2018

NZ IFRS 2 Classification andMeasurement ofShare-basedPaymentTransactions –Amendments toNZ IFRS 2

The amendments to NZ IFRS 2 Share-based Paymentrelate to the classification and measurement of sharebased payment transactions. The amendments clarifythe accounting requirements in the following three mainareas:

► The effects of vesting conditions on themeasurement of a cash-settled share basedpayment transaction;

► The classification of a share-based paymenttransaction with net settlement features forwithholding tax obligations

► The accounting where a modification to the termsand conditions of a share-based paymenttransaction changes its classification from cash-settled to equity-settled.

Entities are required to apply the amendments withoutrestating prior periods. However, retrospectiveapplication is permitted if elected for all threeamendments and if other criteria are met.







NZ IFRS 15 Revenue fromContracts withCustomers

NZ IFRS 15 establishes principles for reporting usefulinformation to users of financial statements about thenature, amount, timing and uncertainty of revenue andcash flows arising from an entity’s contracts withcustomers.NZ IFRS 15 supersedes:(a) NZ IAS 11 Construction Contracts(b) NZ IAS 18 Revenue(c) NZ IFRIC 13 Customer Loyalty Programmes(d) NZ IFRIC 15 Agreements for the Construction of RealEstate(e) NZ IFRIC 18 Transfers of Assets from Customers(f) NZ SIC-31 Revenue – Barter transactions InvolvingAdvertising Services

The core principle of NZ IFRS 15 is that an entityrecognises revenue to depict the transfer of promisedgoods or services to customers in an amount thatreflects the consideration to which the entity expects tobe entitled in exchange for those goods or services. Anentity recognises revenue in accordance with that coreprinciple by applying the following steps:(a) Step 1: Identify the contract(s) with a customer(b) Step 2: Identify the performance obligations in thecontract(c) Step 3: Determine the transaction price(d) Step 4: Allocate the transaction price to theperformance obligations in the contract

(e) Step 5: Recognise revenue when (or as) the entitysatisfies a performance obligation.


NZ IFRS 15 Clarifications toNZ IFRS 15Revenue fromContracts withCustomers

This amendment to NZ IFRS 15 was issued in May 2016.The amendment clarifies how to:

(a) Identify a performance obligation in a contract;

(b) Determine whether an entity is a principal or anagent, and;

(c) Determine whether revenue from granting a licenceshould be recognised at a point in time or over time.

The amendment also provides additional relief to reducecost and complexity for an entity when it first applies NZIFRS 15.

The amendment is effective for annual reporting periodsbeginning on or after 1 January 2018.

Earlier application is permitted (provided the entity earlyadopted NZ IFRS 15).






NZ IFRS 9(2014)

FinancialInstruments

The final version of NZ IFRS 9 Financial Instruments,brings together the classification and measurement,impairment and hedge accounting phases of theInternational Accounting Standards Board’s project. Thestandard will replace NZ IAS 39 Financial Instruments:Recognition and Measurement and all previous versionsof NZ IFRS 9.

An entity may elect to apply earlier versions of NZ IFRS9 if, and only if, the entity’s relevant date of initialapplication is before 1 February 2015. Otherwise, earlyapplication is only permitted if the complete version ofNZ IFRS 9 is adopted in its entirety for reportingperiods beginning after 4 September 2014.Thetransition to NZ IFRS 9 differs by requirements and ispartly retrospective and partly prospective. Despite therequirement to apply NZ IFRS 9 in its entirety, entitiesmay elect to early apply only the requirements for thepresentation of gains and losses on financial liabilitiesdesignated as at fair value through profit or losswithout applying the other requirements in thestandard. An entity that elects to do so is required todisclose that fact and provide the related disclosuresset out in paragraphs 10-11 of NZ IFRS 7 FinancialInstruments: Disclosures.


NZ IFRS 4 Applying NZ IFRS9 FinancialInstruments withNZ IFRS 4InsuranceContracts -Amendments toNZ IFRS 4

Please note: This amendment may only be applied byentities that issue insurance contracts and do notapply either Appendix C Life Insurance Entities orAppendix D Financial Reporting of Insurance Activitiesof NZ IFRS 4.

The amendments address concerns, including concernsaround temporary volatility in reported results, arisingfrom implementing NZ IFRS 9 (effective 1 January2018) before implementing the new insurance standardthat IASB is developing as a replacement for NZ IFRS 4(effective date to be decided, but will not be earlier than1 January 2020).

The amendments introduce the following twoapproaches for the adoption of NZ IFRS 9 by entitiesthat issue insurance contracts, other than those thatapply Appendix C or Appendix D of NZ IFRS 4:

(a) The overlay approach, which gives all entitiesto whom this amendment applies the optionto recognise in other comprehensive income,rather than profit or loss, the volatility thatcould arise when NZ IFRS 9 is applied beforethe new insurance contracts standard isissued; and

(b) The deferral approach, which give entitieswhose activities are predominantly connectedwith insurance an optional temporaryexemption from applying NZ IFRS 9 until2021. The entities that defer the applicationof NZ IFRS 9 will continue to apply theexisting financial instruments standard, NZIAS 39.

These two approaches are optional. Insurers that do notchoose to follow one of the above options will have toapply NZ IFRS 9 in periods beginning 1 January 2018.






NZ IFRIC 22 Foreign CurrencyTransactions andAdvanceConsideration

This interpretation addresses how to determine theexchange rate to use on the initial recognition of anasset, revenue or expense when an entity had paid orreceived advance consideration in foreign currency priorto recognising the asset, revenue or expense.

The interpretation clarifies that, for the purpose ofdetermining the exchange rate to use on initialrecognition of the asset, expense or income (or part ofit), the date of the transaction is the date on which theentity initially recognised the related non-monetaryasset or non-monetary liability arising from the paymentor receipt of advance consideration.


On initial application, this interpretation may be appliedprospectively to all assets, expenses and income withinthe scope of this interpretation that were initiallyrecognised:

► On or after the start of the reporting period inwhich the entity first applies the Interpretation, or;

► On or after the start of the comparative period.

Otherwise, this interpretation may be appliedretrospectively, applying NZ IAS 8 Accounting Policies,Changes in Accounting Estimates and Errors.


NZ IAS 40 Transfers ofInvestmentProperty –Amendments toNZ IAS 40

The amendments clarify when an entity should transferproperty, including property under construction ordevelopment into, or out of investment property. Theamendment clarifies that:► A change in use of a property occurs when the

property meets, or ceases to meet, the definition ofinvestment property and there is evidence of thechange in use;

► A change in management’s intentions for the use ofa property does not, by itself, provide evidence of achange in use;

► The list of examples of evidence of change in useprovided in the standard is not exhaustive.

This amendment must be applied prospectively fromstart of the reporting period when the amendment is firstapplied, unless retrospective application is possiblewithout hindsight, in which case it may be appliedretrospectively.







NZ IFRS 16 Leases NZ IFRS 16 is the new standard on the recognition,measurement, presentation and disclosure of leases.This standard will replace:

(a) NZ IAS 17 Leases;

(b) NZ IFRIC 4 Determining whether an Arrangementcontains a Lease;

(c) NZ SIC-15 Operating Leases—Incentives; and

(d) NZ SIC-27 Evaluating the Substance of TransactionsInvolving the Legal Form of a Lease.

The scope of the new standard includes leases of allassets, with certain exceptions. A lease is defined as acontract, or part of a contract, that conveys the right touse an asset (the underlying asset) for a period of time inexchange for consideration.

NZ IFRS 16 requires lessees to account for all leasesunder a single on-balance sheet model (subject to certainexemptions) in a similar way to finance leases under NZIAS 17.

Lessees recognise a liability to pay rentals with acorresponding asset, and recognise interest expense anddepreciation separately.

Reassessment of certain key considerations (e.g., leaseterm, variable rents based on an index or rate, discountrate) by the lessee is required upon certain events.

Lessor accounting is substantially the same as today’slessor accounting, using NZ IAS 17’s dual classificationapproach.

Application of NZ IFRS 16 is required for annual periodsbeginning on or after 1 January 2019. Early applicationis permitted, but not before an entity applies NZIFRS 15.


NZ IFRS 10,NZ IAS 28

Sale orContribution ofAssets betweenan Investor andits Associate orJoint Venture

The amendments require a full gain or loss to berecognised when a transaction involves a business(whether it is housed in a subsidiary or not). A partialgain or loss is recognised when a transaction involvesassets that do not constitute a business, even if theseassets are housed in a subsidiary.

1 January2020***

1 April 2020

* Effective for annual periods beginning on or after this date.** Assuming that the entity has not early adopted the pronouncement according to specific provisions in the Standard.***Please note, the effective date of Sale or Contribution of Assets between an Investor and its Associate or Joint Venture(Amendments to NZ IFRS 10 and NZ IAS 28) may change because the IASB has yet to select an effective date for Amendments toIFRS 10 and IAS 28.

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