Released during August 2018, the Economic Development, Science and Innovation Committee released its eagerly awaited Report on the Financial Services Legislation Amendment Bill (FSLAB). The Select Committee’s report is lengthy, with a range of amendments recommended. Whilst the changes do not amount to a complete re-write of the FSLAB, there are several key areas industryContinue reading
Showing posts under "Accounting Standards"
Mortgage Brokers and Insurance Brokers are likely to see significant changes in their revenue recognition when IFRS 15 Revenue from Contracts with Customers is adopted. The 5 Step Revenue Model requires an entity to identify the performance obligations in a contract. In simple terms, what service is the Broker actually providing to the customer? WhereContinue reading
The new accounting standard for recognising revenue is here. NZ IFRS 15 Revenue from Contracts with Customers is effective for reporting periods beginning on or after 1 January 2018. If you have not uncovered the impacts of the new standard as yet, rest assured, you are probably not alone. But don’t relax, it’s time to getContinue reading
The new accounting standard for accounting for leases (International Financial Reporting Standards – NZ IFRS 16) is effective from 1 January 2019. Whilst everyone is largely aware of the general concept of NZ IFRS 16, bringing all leases onto the balance sheet, most boards and senior management are yet to consider the unexpected impacts thisContinue reading
The transition date for IFRS 15 Revenue from Contracts with Customers is fast approaching. Do you know how it will affect your business? Click on the PDF below to learn more about how IFRS 15 applies to your business. ifrs-15-accounting-alert
For most entities, the transition to the new accounting standard for leases, IFRS 16, is still a few years away. But new lease contracts that are currently being negotiated, in most cases, will still be in force when the new standard becomes mandatorily effective beginning in 2019. This means that both parties to any leaseContinue reading