As a result, the ASRB and FRSB have decided to delay, until further notice, the mandatory adoption of NZ IFRSs for certain small entities, defined as follows:

• Companies that are not issuers as defined by the FRA, in either the current or preceding accounting period and that:
  • are not required by section 19 of the FRA to file their financial statements; and
  • are not large, as defined by section 19A(b) of the FRA. A company is large if at least two of the following apply:
    • total assets of the company and its subsidiaries (if any) exceed NZ$10,000,000;
    • turnover or the company and its subsidiaries (if any) exceeds NZ$20,000,000; or
    • the company and its subsidiaries (if any) have 50 or more full-time equivalent employees.
• Other entities that:
  • are not subject to the FRA; and
  • are not publicly accountable or large as defined in the Framework for Differential Reporting. An entity is large if at least two of the following apply:
    • total assets exceed NZ$10,000,000;
    • total income exceeds NZ$20,000,000; or
    • 50 or more full-time equivalent employees.