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Accounting Alert
Connect to what’s new in financial reporting
The Accounting Alerts cover changes to New Zealand financial reporting requirements and developments in International Financial Reporting Standards, including exposure drafts and discussion papers.
We provide two regular alerts on accounting issues:
Quarterly updates
The quarterly “what’s new?” report is a tool for preparers of financial statements outlining which new standards and amendments are mandatory and which are available for early adoption in the current financial reporting period.
Accounting Alert
Accounting Alerts keep you up to date with the latest developments in Financial Reporting.
Quarterly updates
Quarterly update - September 2023
Quarterly update - June 2023
Quarterly update - March 2023
Quarterly update - December 2022
Quarterly update - September 2022
Quarterly update - June 2022
Quarterly update - March 2022
Quarterly update - December 2021
Quarterly update - September 2021
Quarterly update - June 2021
Accounting Alerts
Special Accounting Alert – June 2021
Reporting climate risk
Climate change is generally accepted to be an urgent risk that entities around the world are already facing. With growing pressure from investors and other stakeholders, as well as increased government activity, entities have to take action to consider and provide meaningful and useful disclosure about climate-related risks that could impact the entity and how management are responding to these risks. Read more >
Reporting climate risk
Special Edition Accounting Alert Update - 26 May 2021
Software-as-a-Service arrangements
The IFRS Interpretations Committee (IFRIC®) has published two agenda decisions clarifying how arrangements in respect of a specific part of cloud technology, Software-as-a-Service, should be accounted for. Read more >
Software-as-a-Service arrangements - 26 May 2021
Special Edition Accounting Alert Update – 29 October 2020
Accounting considerations related to COVID-19
As the pandemic increases in both magnitude and duration, entities are experiencing conditions often associated with a general economic downturn. This includes, but is not limited to, financial market volatility and erosion, deteriorating credit, liquidity concerns, further increases in government intervention, increasing unemployment, broad declines in consumer discretionary spending, increasing inventory levels, reductions in production because of decreased demand, layoffs and furloughs, and other restructuring activities. The continuation of these circumstances could result in an even broader economic downturn which could have a prolonged negative impact on an entity’s financial results.
For-profit entities may find our global IFRS in Focus (dated 29 October 2020) useful when preparing financial statements. It discusses certain key IFRS accounting considerations related to conditions that may result from the COVID 19 pandemic, with more in-depth analysis than our previous 19 March 2020 alert. Some sections will also be applicable for public benefit entities where the Public Benefit Entity Standards are aligned with IFRS.
IFRS in Focus - 29 October 2020
Special Edition Accounting Alert - 19 March 2020
Accounting considerations related to COVID-19
Global and local responses to the coronavirus disease 2019 (COVID-19) outbreak continue to rapidly evolve. COVID-19 has already had a significant impact on business operations and financial markets, and it may have accounting implications for many entities which business leaders and finance teams will also need to address as reporting deadlines approach.
The purpose of this alert is to highlight some of the key issues to be considered by entities in preparing their financial statements applying NZ IFRS or PBE Standards for periods ending on or after 31 December 2019.
Special Edition Accounting Alert - 19 March 2020
Accounting Alert - January 2016
IASB issues IFRS 16 – Leases
After years of deliberation, extensive consultation, and lively debate, the International Accounting Standards Board has now issued IFRS 16 Leases. The new standard eliminates the distinction between operating and finance leases for lessees and will result in lessees bringing most leases onto their balance sheets. The accounting by lessors will remain largely unchanged. More >
Accounting Alert - June 2014
The International Accounting Standard Board (IASB) has published its new revenue Standard, IFRS 15: Revenue from Contracts with Customers. More >