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New New Zealand standard setting arrangements now in place

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12 Jul 2011

As announced earlier, standard setting in New Zealand has been restructured.

The New Zealand Accounting Standards Review Board (ASRB) has been replaced by the External Reporting Board (XRB). The change became effective 1 July 2011.

The new XRB Board held its first meeting on 1 July 2011 to consider some governance matters and to approve a number of standards for issue. The XRB has also started producing a new communiqué. The first issue is available here (link to XRB website); it contains a summary of all decisions arrived at during the first XBR board meeting.

Furthermore, a new XRB website has been developed and is now live at www.xrb.govt.nz. The website has specific pages where accounting standards, and auditing and assurance standards, are available. The XRB will not be publishing hard copies of standards.

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