New Zealand Equivalents to International Financial Reporting Standards
This page provides information about and access to New Zealand equivalents to International Financial Reporting Standards (NZ IFRSs).
Delay in adoption of NZ IFRS for certain entities
Certain small entities are not required to adopt New Zealand equivalents to International Financial Reporting Standards (NZ IFRSs). They are permitted to continue applying New Zealand Financial Reporting Standards (FRSs) and Statements of Standard Accounting Practice (SSAPs), but must meet the criteria detailed in ASRB Release 9: Delay of the Mandatory Adoption of New Zealand Equivalents to International Financial Reporting Standards for Certain Small Entities. The criteria are also outlined in Amendments to the New Zealand Preface.
View the reporting standards criteria for small entities in ASRB Release 9 (PDF, 21 KB)
View the reporting standard criteria in Amendments to the New Zealand Preface (PDF, 71 KB)
New Zealand Equivalents to International Financial Reporting Standards
On November 24, 2004 the Accounting Standards Review Board (ASRB) approved the stable platform of New Zealand equivalents to International Financial Reporting Standards (NZ IFRSs).
You can view copies of the standards online or in print at our Auckland and Wellington branches.
View the 2011 Volume of NZ IFRSs
View the 2010 Volume of NZ IFRSs
View the 2009 Volume of NZ IFRSs
View the 2008 Volume of NZ IFRSs
View the 2007 Volume of NZ IFRSs
New IFRS Standards and Amendments Recently Issued
From 1 July 2011 the standard setting function for financial reporting standards shifted from the New Zealand Institute of Chartered Accountants to the External Reporting Board (XRB). Reference to new standards and amendments to IFRSs from 1 July 2011 can be located on the XRB's website.
The following pronouncements were issued between December 2010 and July 2011. These are not included in the 2011 volume of NZ IFRSs.
NZ IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine (PDF, 55 KB)
Amendments to FRS-44 NZ Additional Disclosures (PDF, 35 KB)
Amendments to FRS-43 Summary Financial Statements (PDF, 259 KB)
NZ IAS 27 Separate Financial Statements (PDF, 229 KB)
NZ IAS 28 Investments in Associates and Joint Ventures (PDF, 318 KB)
NZ IFRS 10 Consolidated Financial Statements (PDF, 553 KB)
NZ IFRS 11 Joint Arrangements (PDF, 442 KB)
NZ IFRS 12 Disclosure of Interest in Other Entities (PDF, 333 KB)
NZ IFRS 13 Fair Value Measurement (PDF, 682 KB)
Harmonisation Amendments (PDF, 282 KB)
FRS-44 NZ Additonal Disclosures (PDF, 198 KB)
Consequential Amendments resulting from new Conceptual Framework (PDF, 44 KB)
Amendments to NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards (PDF, 59 KB)
Deferred Tax: Recovery of Underlying Assets (Amendments to NZ IAS 12) (PDF, 31 KB)
Amendments to NZ IFRS 7 - Appendix E (PDF, 146 KB)
ASRB releases
Release 7: Accounting Policies that have Authoritative Support within the Accounting Profession in New Zealand (PDF, 21 KB)
Release 8: The Role of the Accounting Standards Review Board and the Nature of Approved Financial Reporting Standards (PDF, 52 KB)
Release 9: Delay of the Mandatory Adoption of New Zealand Equivalents to International Financial Reporting Standards for Certain Small Entities (PDF, 21 KB)
Further relief for PBEs and entities that qualify for differential reporting
Impact of ASRB's multi-standards approach on public benefit entities and qualifying entities.
In light of the recent announcement in May 2011 by the ASRB to adopt a multi-standards approach for financial reporting in New Zealand the following position statement has been agreed between the FRSB and the ASRB for new and amended NZ IFRSs that have a mandatory effective date for annual reporting periods beginning on or after 1 January 2012:
The ASRB has recently concluded that the new accounting standards framework should consist of two sets of accounting standards, one to be applied by entities with a for-profit objective and the other to be applied by public benefit entities. Furthermore following joint work between the FRSB and ASRB, the ASRB is about to consult on a different approach to differential reporting. In the light of both these developments, it has been agreed between the FRSB and ASRB that all new New Zealand equivalents to International Financial Reporting Standards (NZ IFRSs) and amendments to existing NZ IFRSs with a mandatory effective date for annual reporting periods commencing on or after 1 January 2012 would be applicable to profit-oriented entities only. No new differential reporting concessions for qualifying entities would be given and no modifications for public benefit entities would be included in such NZ IFRSs with the exception of possible modifications to standards arising in relation to concessionary loans as proposed in Exposure Draft 125. Differential reporting concessions and the application of such standards to public benefit entities will be considered by the New Zealand Accounting Standards Board following 1 July 2011.
This means that the financial reporting requirements for public benefit entities (PBEs) and qualifying entities (ie those entities that apply differential reporting concessions) will effectively be frozen for the short-term.
Management Commentary
FRSB Statement issued 29th March 2011
In December 2010 the International Accounting Standards Board (IASB) published an IFRS Practice Statement Management Commentary. This is a broad, non-binding framework for the presentation of narrative reporting to accompany financial statements prepared using IFRSs.
Management commentary fulfils an important role by providing users of financial statements with a historical and prospective commentary on an entity’s financial position, financial performance and cash flows. It serves as a basis for understanding an organisation’s objectives and strategies for achieving those objectives.
The Practice Statement permits entities to adapt the information provided to particular circumstances of their business, including the legal and economic circumstances of individual jurisdictions. This flexible approach will generate more meaningful disclosure about the most important resources, risks and relationships that can affect an entity’s value, and how they are managed.
The Practice Statement is not an International Financial Reporting Standard (IFRS) or a New Zealand equivalent to IFRS (NZIFRS). Consequently, an entity need not comply with the Practice Statement to comply with IFRSs or NZIFRS.
The Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants welcomed the introduction of this framework.
“Internationally, increased emphasis is being placed on the form, content and quality of information that is located outside the financial statements, but within the bounds of the financial report. The FRSB considers management commentary an important part of providing decision-useful information to financial report readers,” said Joanna Perry, Chair of the FRSB.
In the IASB’s media release Sir David Tweedie, Chair of the IASB, stated that, “Management commentary is one of the most interesting parts of the annual report. It provides management with an opportunity to add context to the published financial information, and to explain their future strategy and objectives. It is also becoming increasingly important in the reporting of non-financial metrics such as sustainability and environmental reporting”.
Sir David also noted that the publication of this Practice Statement will benefit both users and preparers by enhancing the international consistency of this important source of information.
You can view the Practice Statement on the IFRS website.