Prepayments of a Minimum Funding Requirement – Proposed Amendments to NZ IFRIC 14Accounting Alert - June 2009 (Special update) |
The IASB has proposed amendments to IFRIC 14 which would allow entities to recognise an asset where a prepayment for minimum funding contributions will reduce future contributions by the entity. The aim of the amendments is to correct an unintended consequence of IFRIC 14 whereby entities in some circumstances are not permitted to recognise
as an asset some prepayments for minimum funding contributions. The amendments are not expected to have any significant impact in the New Zealand context and the FRSB, in issuing the exposure draft in New Zealand has not proposed any Differential Reporting exemptions or any additional guidance for PBE’s.
Download the Request for Comment and the Exposure Draft from the NZICA website.
Comments on the exposure draft are due to the FRSB by 13 July 2009 or to the IASB by 27 July 2009.
Also in this issue:
- Exposure Draft on Fair Value Measurement
- IASB Plans for Fast-tracked Replacement for IAS 39
- IFRIC Agenda Statement on ‘significant or prolonged’
- FRSB Proposes to Narrow the Scope of NZ IFRS 8 Operating Segments
- FRSB Proposes to Amend the Scope of NZ IAS 34 Interim Financial Reporting
- Recent Developments for PBE’s
Deloitte IFRS publications
- IFRSs in Your Pocket 2009 – Guide that includes information about the IASB and IFRS, such as summaries of each IASB Standard and Interpretation and the status of all current IASB projects.
Other Deloitte publications of interest
- Issue #3 of the Insurance Accounting Newsletter – Monthly newsletter focusing on the joint IASB and FASB project to develop a new global financial reporting standard for Insurance. Issue #3 covers the key tentative decisions made by the IASB at its 22 April 2009 meeting.
- Issue #4 of the Insurance Accounting Newsletter – Monthly newsletter focusing on the joint IASB and FASB project to develop a new global financial reporting standard for Insurance. Issue #4 focuses on the estimate of insurance cash flows. The IASB plans to publish an exposure draft for comment in the second half of 2009 and a final Standard in 2011. This newsletter provides an update on progress being made by the IASB and FASB in their joint project.
- Managing in volatile times
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