Accounting Alert - November 2012
Staying on top of developments
This month, the External Reporting Board finalised the financial reporting framework for for-profit entities with the issuance of the suite of NZ IFRS incorporating the reduced disclosure requirements for a tier 2 for-profit reporting entity (NZ IFRS RDR). Some entities currently applying NZ IFRS in full because they fail the criteria for differential reporting (i.e. the entity is large and has separation between owners and management) may wish to consider early adopting NZ IFRS RDR as it provides significant relief from disclosures. However, publicly accountable entities and for-profit public sector entities with total expenses above $30 million will not be able to apply NZ IFRS RDR.
We also report on a number of recent developments in financial reporting.
We will continue to keep you apprised of developments as they occur, so watch this space...
In this issue:
- Financial Reporting Framework - For-profit standards issued
- Investment entities amendments
- Exposure draft on the Equity Method: Share of Other Net Asset Changes
- Exposure draft: Annual Improvements to IFRSs: 2011 – 2013 Cycle
- IPSASB Conceptual Framework Exposure Drafts
- FMA Consultation Paper: Issuer exemptions from licensed auditor requirement