Financial reporting resources for for-profit entities
Legislation has been enacted which for many entities has changed the requirements for preparation, audit and filing of financial statements. The requirements are now found in the entity specific legislation (e.g. for a company the Companies Act 1993). In addition to legislative changes, the External Reporting Board (XRB) has changed the accounting standards framework, which applies if entities are required to prepare financial statements in accordance with generally accepted accounting practice (GAAP).
The following documents have been prepared to assist you in understanding the legislative framework and accounting standards applicable to for-profit entities:
The New Zealand financial reporting landscape - May 2016
A summary of the legislative and accounting standards requirements for New Zealand entities
NZ IFRS (RDR) disclosure checklist (Tier 2 entities).
For reporting periods ending 31 March 2016
Keeping up to date with the various presentation and disclosure requirements of the New Zealand International Financial Reporting Standards Reduced Disclosure Regime (NZ IFRS (RDR)) is, and will continue to be, a challenge. With that in mind, this checklist has been designed by Deloitte to assist clients, partners and staff with the preparation of annual financial statements.
This checklist can be used by Tier 2 for-profit entities to identify the required NZ IFRS (RDR) disclosures for a 31 March 2016 balance date.
Accounting Alert - September 2016
Quarterly update – For-profit entities - What’s new in financial reporting for September 2016?
Financial reporting framework for “for-profit” entities in New Zealand – Frequently Asked Questions (May 2014 Update)
Legislation has been enacted which for many entities will change the requirements for preparation, audit and filing of financial statements.
The Financial Reporting Act 2013 and Financial Reporting (Amendments to Other Enactments) Act 2013 are the product of several years of consultation and debate.
This document answers some frequently asked questions on the financial reporting legislative changes and the accounting standards framework for for-profit entities.