Since the approval of the stable platform of the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS), the pace of technical accounting change has become profound.
At Deloitte we have the expertise to help you navigate the way forward. Our audit and technical accounting professionals provide assurance and advisory services to clients in a wide range of industries and up-to-date advice on the latest technical accounting issues affecting organisations. We have also developed useful resources to assist you in achieving compliance with today’s complex and rapidly changing financial reporting requirements.
Resources for adopting new standards
Revenue from contracts with customers – a guide to IFRS 15
This guide is intended to assist preparers and users of financial statements to understand the impact of IFRS 15 and includes a high level summary of the new requirements along with more detailed guidance on the important issues, choices available for entities on transition, and illustrative disclosures.
Thinking Allowed – The new lease accounting
This publication explains the new requirements of NZ IFRS 16 Leases and gives you some tools for assessing how your financial statements are likely to be affected. It identifies the areas where judgement will be required, including identifying whether a contract contains a lease or a service agreement (or both), evaluating the impact of renewal options, and determining the discount rate.
Leases - A guide to IFRS 16
This guide, in addition to providing a detailed summary and explanation of the requirements of IFRS 16, includes a section focusing specifically on the practicalities of transition and presentation/disclosure checklists.
A guide to the incremental borrowing rate – Assessing the impact of IFRS 16 Leases
Adoption of IFRS 16 will result in a significant number of companies bringing operating leases onto their balance sheets and changing the way in which lease-related expenses are recorded in their income statements. The discount rate assumption is one of the most important judgements that management will need to make and the one which may have the largest quantitative impact on the lease asset and liability valuations. This guide sets out how companies could meet the requirement to determine appropriate discount rates at transition and on an ongoing basis.
IFRS in Focus – Disclosing the adoption of new accounting standards in interim financial statements
Both IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers are mandatorily effective for annual reporting periods beginning on or after 1 January 2018. IFRS 16 Leases is also available for early adoption. For many entities, the first financial statements reflecting adoption of these significant standards will be an interim report. This IFRS in Focus discusses the key disclosure requirements in interim financial statements for adoption of new standards.
IAS Plus: A comprehensive source of global accounting news
IAS Plus features an extensive collection of news and resources about International Financial Reporting Standards, the International Accounting Standards Board, and international accounting and auditing developments.
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 improving financial reporting to promote better communication between an entity’s management and its stakeholders and a providing guidance on business combinations under common control. You can influence the outcome of IASB projects by offering a commercial perspective on the technical debates. Details of all current IASB projects can be found at our specialist site IASPlus.com.