Showing posts under "Accounting Standards"

Financial Adviser Changes – Select Committee Report Released

Dated: February 11, 2019

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 

Recognising Broker Commissions

Dated: April 19, 2018

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 

New Revenue Recognition Rules are upon us

Dated: April 16, 2018

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