International Financial Reporting Standards (IFRS)
You made it through the IFRS transition
If you are one of the many entities in New Zealand affected by the New Zealand equivalents to International Financial Reporting Standards you should have issued or be in the process of issuing your first NZ IFRS financial statements by now. But if you are one of the small entities able to delay their adoption of NZ IFRS, you won’t need to worry just yet.
Although this was the most significant change in financial reporting for a number of years in New Zealand, as we harmonised with over 100 countries in the world in adopting IFRS, we can’t forget about IFRS just yet.
Yet, there is still more to do.
At Deloitte we have the expertise to help you navigate the way forward. You should now look to:
Embed IFRS in your business
You need to embed IFRS related systems workarounds such as hedging, effective interest rate calculations and loan impairment solutions into a more stable internal control environment.
You should also review assumptions and judgements made in developing your initial IFRS solutions. Ensure you incorporate developments in IFRS interpretation, changes to your business and the overall economic environment.
To make embedding IFRS in your business easier, we can help you:
- review your IFRS workarounds and systems
- understand developments in interpretation and what they mean for your business
- update your assumptions or judgements
Implement new standards
The next wave of new standards and interpretations will take effect in 2009 and will affect:
- presentation and disclosure
- operating segment reporting
- accounting for business combinations
- capitalisation of borrowing costs for qualifying assets
Further waves are expected shortly afterwards.
To effectively implement new IFRS standards in your business we can help you:
- understand changes required of your business
- design flexible systems and processes to handle their introduction
- ensure the resulting information is presented in the most meaningful manner for you
Keep ahead and influence current IASB projects
The IASB’s current agenda includes a number of projects that will significantly impact on financial statements including the Insurance Contracts phase II project, the Consolidation project, and several ongoing projects on Financial Instruments.
You can influence the outcome by offering a commercial perspective on the technical debates. Details of all current IASB projects can be found at our specialist site IASPlus.com.
To discuss IFRS and how it affects your business talk to one of the team:
Denise Hodgkins - Auckland
Jamie Schmidt - Auckland
Bruce Taylor - Hamilton
Jacqueline Robertson - Wellington
Michael Wilkes - Christchurch
Pat Heslin - Dunedin
