Accounting Alert update - July 2013
Staying on top of developments
Changes to New Zealand’s financial reporting framework are being made from two angles:
- the Government has proposed changes to legislation which specifies which entities are required to prepare financial statements in accordance with generally accepted accounting practice (GAAP), and whether such financial statements need to be audited or filed, and
- the External Reporting Board (XRB) is determining which standards apply for entities required to prepare financial statements in accordance with GAAP.
The proposed legislation continues to undergo development, with the Commerce Committee issuing a report in late May 2013 proposing amendments to the Financial Reporting Bill. The financial reporting standards suites that will apply are also being progressed with the XRB finalising the standards that will apply to public benefit entities in the public sector with operating expenses in excess of $2m. These new standards will apply to periods beginning on or after 1 July 2014.
We provide an update on these developments in this alert. For more information on the project to date refer to our website here.
This alert also reports 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 – Tier 1 and 2 standards for public sector PBEs finalised
- Commerce Committee reports back on the proposed Financial Reporting Bill
- Proposed amendments for bearer plants
- Proposed amendments to NZ IFRS 4: Insurance contracts
- Proposed amendments to prospective financial statements
- Novation of derivatives – amendment to IAS 39
- New publications