- New Zealand is included in the IFAD GAAP Convergence Studies
- National Professional Organisation Website: New Zealand Institute of Chartered Accountants
- National Accounting Standard Setter Website: External Reporting Board
- Response to IFAC Member Body Survey on Standard Setting and Regulation
- Participant in the Asian-Oceanian Standard-Setters Group (AOSSG)
Financial Reporting Framework in New Zealand
In New Zealand, accounting standards are issued by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants. New Zealand refers to its standards as 'New Zealand equivalents' to IFRSs (NZ-IFRSs). NZ-IFRSs are Standards and Interpretations approved by the External Reporting Board (XRB) comprising New Zealand equivalents to:
- International Financial Reporting Standards;
- International Accounting Standards; and
- International Interpretations.
There are a number of differences between NZ-IFRSs and IFRSs:
- wording has been amended to accommodate the New Zealand legislative environment, for example, references to the Financial Reporting Act 1993;
- additional or amended accounting recognition and measurement requirements for public benefit entities (non-business entities);
- in some cases NZ-IFRSs permit only one of a number of options available in the corresponding IFRS;
- additional disclosures;
- different effective dates; and
- different transitional requirements.
In September 2011, the XRB formally released its proposals for a new Accounting Standard Framework for New Zealand (more details).