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New Zealand minister approves new accounting standards framework

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03 Apr 2012

The Minister of Commerce, Hon Craig Foss, has approved the New Zealand Accounting Standards Framework (incorporating the Draft Tier Strategy) submitted by the New Zealand External Reporting Board (XRB).

The Minister's approval of the Accounting Standards Framework is a significant milestone in the establishment of the new financial reporting arrangements in New Zealand.

The XRB has a statutory obligation to now implement the strategy and will proceed to do so. through the issue of various exposure drafts.

Click for XRB press release (link to XRB website)

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