Comparison of NZ-IFRSs and current NZ GAAP

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27 May 2005

Deloitte (New Zealand) has published (PDF 340k).

This guide compares New Zealand 'equivalents' to IFRSs, as adopted by the NZ Financial Reporting Standards Board (FRSB), and New Zealand's current financial reporting standards. In New Zealand, reporting entities are required to adopt NZ-IFRSs at the latest for periods beginning on or after 1 January 2007, and they may elect to do so for periods beginning on or after 1 January 2005. Early adoption before 1 January 2005 is not permitted. When an entity adopts NZ-IFRSs it must do so in their entirety, not piecemeal. 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/amended requirements for public benefit entities
  • in some cases the FRSB has permitted only one of a number of options available in the corresponding IFRS
  • additional disclosures.
You will find our other GAAP comparisons Here.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.