✨ Financial Statements Notes
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014
NZ IFRS 9 (2009) (PBE) Financial Instruments: The requirements of this standard represent a significant change from the existing requirements of NZ IAS 39 in respect of financial assets. The standard contains two primary measurement categories for financial assets: amortised cost and fair value, and eliminates the existing NZ IAS 39 categories of held to maturity, available for sale, and loans and receivables. Financial assets would be measured at amortised cost if they are held to collect contractual cash flows and interest on specified dates. All other financial assets would be measured at fair value.
NZ IFRS 9 (2010) (PBE) Financial Instruments: The requirements for classifying and measuring financial liabilities were added to NZ IFRS 9 as issued in 2009. The existing NZ IAS 39 requirements for the classification of financial liabilities and the ability to use the fair value option have been retained. However, where the fair value option is used for financial liabilities, the change in fair value is accounted for as follows: The change attributable to changes in credit risk are presented in Other Comprehensive Income, the remaining change is presented in profit or loss. If this approach creates or enlarges an accounting mismatch in the profit or loss, the effect of the changes in credit risk are also presented in profit or loss.
The Group does not plan to early adopt the above Financial Reporting Standard. A formal impact assessment has been undertaken. This Standard is not expected to have a material impact on the Group’s financial statements in the period of initial application.
Changes to the Financial Reporting Framework: Public Benefit Entities
The Financial Reporting Act 2013 came into force on 1 April 2014. It provides, inter alia, for the continuation of the External Reporting Board (XRB). The XRB is required to set the financial reporting requirements for registered charities and other not-for-profit entities that have financial reporting obligations.
The exposure drafts for these reporting standards were issued in late 2013. The standards are expected to be issued in the fourth quarter of 2014 and effective for accounting periods beginning on or after 1 April 2015. They supersede the reporting requirements set out in the New Zealand Equivalents of the International Financial Reporting Standards.
Next Page →
NZ Gazette 2014, No 105
✨ LLM interpretation of page content
💰
ASB Community Trust Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Community Trusts, Revenue, Expenses, Grants, NZ IFRS 9, Financial Instruments, Financial Reporting Framework, Public Benefit Entities