New Zealand restructures standard setting regime

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31 Mar 2011

Standard setting in New Zealand is currently undergoing transformation to a new regime.

The New Zealand Accounting Standards Review Board (ASRB) and Financial Reporting Standards Board (FRSB) are being replaced with effect from 1 July 2011.

The ASRB will be replaced by an External Reporting Board (XRB). The New Zealand Accounting Standards Board (NZASB) and the New Zealand Auditing and Assurance Standards Board (NZAuASB) will be responsible for accounting and auditing and assurance standards respectively.

The New Zealand Minister of Commerce, the Hon Simon Power, has announced the appointment of the members of the External Reporting Board. The XRB will comprise the existing members of the ASRB (Kevin Simpkins who will continue as Chairman, Simon Carey, Michele Embling, Graeme Mitchell, Ralph Simpson, and Ken Warren) plus two new members, Neil Cherry and Annabel Cotton.

More information about the changes is available in an ASRB Communiqué (link to ASRB website).

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