✨ Financial Regulation Amendments
NEW ZEALAND GAZETTE, No. 16 — 19 FEBRUARY 2015
(d) recoveries of amounts written off in previous periods;
(e) reversals of previously recognised impairment losses;
(f) other movements, and the nature of those other movements; and
(g) the closing balance.
5B Impacts of changes in gross financial assets on loss allowances (NZ IFRS 9)
(1) In the half year disclosure statement, if the registered bank measures loss allowances for financial instruments in accordance with NZ IFRS 9, an explanation of how changes in the gross carrying amounts of financial instruments contributed to changes in loss allowances, as if paragraph 35I of NZ IFRS 7 applied.
(2) When disclosing the information specified in subclause (1), and when disclosing the information required by paragraph 35I of NZ IFRS 7 for the full year disclosure statement, the registered bank must include the items in subclause (3) in respect of gross asset balances, to the extent not otherwise disclosed to comply with NZ IFRS 7.
(3) The items referred to in subclause (2) are:
(a) the pre-allowance opening balance;
(b) additions;
(c) amount written off;
(d) deletions;
(e) the pre-allowance closing balance; and
(f) the loss allowance at the reporting date."
10. Clause 8 of Schedule 7 amended
(1) In clause 8 of Schedule 7 insert subclause numbering "(1)" before "In respect".
(2) After clause 8 of Schedule 7 insert:
"(2) If any item required to be disclosed by subclause (1) is not defined in the financial reporting standards that apply to the registered bank in its country of domicile, the registered bank must disclose information that corresponds as closely as possible to that item, provided such information is publicly available."
11. Clause 1 of Schedule 8 amended
Replace clause 1(1) of Schedule 8 with:
"(1) If the registered bank assesses credit impairment allowances in accordance with NZ IAS 39, the information in subclause (2) in respect of the registered bank’s banking group."
12. New Clause 1A in Schedule 8
After clause 1 of Schedule 8 insert:
"1A End-period balances (NZ IFRS 9)
(1) If the registered bank measures loss allowances for financial instruments in accordance with NZ IFRS 9, the information in subclause (2) in respect of the registered bank’s banking group.
(2) The following information as at the reporting date:
(a) the aggregate amount of individually impaired assets that has been recognised, before deducting loss allowances;
(b) the amount of loss allowances that are:
(i) measured at 12-month expected credit losses;
(ii) measured at lifetime expected credit losses, showing separately allowances associated with:
(A) financial instruments that are not credit-impaired financial assets;
(B) financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired);
(C) trade receivables, contract assets or lease receivables for which the loss allowances are measured under NZ IFRS 9;
(iii) associated with financial assets that are purchased or originated credit-impaired.
(c) the aggregate amount of assets that are at least 90 days past due but are not individually impaired assets."
13. Clause 2 of Schedule 8 amended
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NZ Gazette 2015, No 16
✨ LLM interpretation of page content
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Registered Bank Disclosure Statements (Overseas Incorporated Registered Banks) Order 2014 Amendment Order 2015
(continued from previous page)
💰 Finance & Revenue16 February 2015
Bank disclosure, Overseas banks, Reserve Bank of New Zealand Act 1989, Financial regulation