Notice Board - News

NZ IFRS Implementation Deferred for Some Charities

Accounting Standards Review Board,

The Accounting Standards Review Board (ASRB) has deferred mandatory NZ International Financial Reporting Standards (NZ IFRS) implementation for some small New Zealand entities.

In short, they can keep applying the accounting standards they have been applying in the past, rather than adopt NZ IFRS if they don't want to.

Many New Zealand based charities will be affected by this decision.

The Ministry of Economic Development is also considering the financial reporting regime for charities. It is not yet known what the outcome of this work will be.

The option to delay the adoption of NZ IFRS is open to:

• companies that are not issuers, not required to file financial statements with the Registrar of Companies, and not large as defined by s6(a) of the Financial Reporting Act 1993;
• entities that are not subject to the Financial Reporting Act 1993, not publicly accountable and not large as defined in the Framework for Differential Reporting.

If your charitable organisation is a small entity required to prepare general purpose financial statements, you may continue to apply the existing financial reporting standards in the meantime.

For more information refer to media releases at www.asrb.co.nz or www.nzica.com, or visit www.knowledgeshop.co.nz/Network/News/profile.asp?DocumentID=2206.

Contact person	Selena Helleur
Postal address
Phone	(09) 355-8062
Email	selena.helleur@nz.pwc.com
Website address	http://www.asrb.co.nz
Submitted by	Ns