MAY 2023 INSIGHTS

Tier 1 and Tier 2 Entities

• Disclosure of Fees for Audit Firms’ Services (Amendments to FRS-44 and PBE IPSAS 1)

Tier 3 and Tier 4 Public Benefit Entities

• Tier 3 and Tier 4 PBES – new standards issued

IFRIC Agenda Decision

• IFRIC agenda decision – Substitution rights in a lease 

IASB amendments

• IASB issues amendments to IAS 7 and IFRS 7 on disclosure requirements for supplier finance arrangements
• IASB issues amendments to IAS 12 to provide temporary exception to the requirements from accounting for deferred tax arising from Pillar Two model rules

Carbon Accounting

• Carbon Accounting FAQs
   

New BDO Publications

The Audit section of our website includes a range of publications on accounting standards issues. For example:

• Summaries on a Page (SOAPs) contain summaries of NZ IFRS Standards for for-profit entities and PBE Standards for public sector and not-for profit entities currently in effect in New Zealand.
• Illustrative model financial statements provide illustrative disclosures for entities reporting under New Zealand GAAP.  New illustrative financial statements have been released for years ending 31 December 2022 for:
  • Tier 1 For-profit entities
  • Tier 2 For-profit entities
  • Tier 1 Not-for-profit entities
  • Tier 2 Not-for-profit entities

The BDO Global site includes resources such as:

• IFRS News – BDO's regular update on what's just arrived in the world of IFRS. On this page, you'll find daily reporting of IFRS developments, including exposure drafts, standards and interpretations issued by the IASB and IFRIC.
• IFRS in Practice – practical information about the application of key aspects of IFRS, including industry specific guidance. Recent IFRS in Practice include  IAS 7  Statement of Cash Flows (2022/2023); IAS 36 Impairment of Assets (2022/2023) ; IFRS 6 Exploration and Evaluation of mineral Resources (2022/2023); IFRS 9 – Related Company Loans in the Real Estate Sector (2022/2023); IFRS 9 – Related Company Loans (2022/2023); IFRS 10 Consolidated Financial Statements (2022/2023); IFRS 11 Joint Arrangements (2022/2023); IFRS 15 Revenue from Contracts with Customers (2022/2023) and Distinguishing between a business combination and an asset purchase in the extractives industry.
• IFRS Intelligence - brings together and summarises key guidance you need to know for the practical application of IFRS.  It combines IFRS at a Glance with agenda decisions issued by the IFRS Interpretations Committee and BDO’s practical application guidance (BDO Knows) for issues that are frequently encountered in practice.
• Model IFRS Financial Statements - The illustrative IFRS financial statements are intended to be used as a source of general technical reference, as they show suggested disclosures together with their sources
• IFRS FAQs – provides insights on frequently asked questions on a variety of IFRS topics. These FAQs incorporate BDO's expertise as well as IFRS Interpretations Committee agenda decisions, which relate to the sub-topics.
• IFR Bulletins – provide a focus on the latest developments in international financial reporting.
• IFRS at a glance – ‘one page’ and short summaries of all IFRS standards compiled to assist in gaining a high-level overview of IFRSs, including International Accounting Standards and Interpretations.