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New Zealand issues ‘For-Profit’ standards

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06 Jun 2014

The New Zealand External Reporting Board (XRB) and New Zealand Accounting Standards Board (NZASB) have issued two for-profit accounting standards on joint operations and hedge accounting disclosures.

The new standards are: (1) Accounting for Acquisitions of Interests in Joint Operations (Amendments to NZ IFRS 11), which addresses how a joint operator accounts for the acquisition of an interest in a joint operation in which the activity of the joint operation constitutes a business, and (2) RDR Hedge Accounting Disclosures (Amendments to NZ IFRS 9 (2013)), which provides disclosure concessions for Tier 2 for-profit entities that apply the hedge accounting requirements in NZ IFRS 9 (2013). 

The standards are available on the XRB’s website.

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