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Financial Reporting Guidance

OVERVIEW

If you have to prepare General Purpose Financial Statements then you will need to understand and comply with a variant of Generally Accepted Accounting Practice (GAAP). The Financial Reporting Act 2013 and the pronouncements of the External Reporting Board (XRB) will affect you at the applicable changeover dates.  For the actual standards refer XRB website (www.xrb.govt.nz).  In summary however these are the changes.

Fading into history is…

 

For Profit Entity (FPE)

Public Benefit Entity (PBE)

Reporting Periods

Beginning on or after 1/12/2012

Beginning on or before 31/03/2015

Tier 1

NZ IFRS

NZ IFRS PBE

Tier 2

NZ IFRS Reduced Disclosure Regime (RDR)

NZ IFRS PBE

Tier 3

NZ IFRS Differential Reporting

NZ IFRS PBE Differential Reporting

Tier 4

"Old GAAP"

"Old GAAP"

KEY:
NZ IFRS      New Zealand Equivalents to International Financial Reporting Standards
Old GAAP   Financial Reporting Standards and SSAPs

Taking us into the future is…

 

For Profit Entity (FPE)

Public Benefit Entity (PBE)

 

 

Public Sector (PS)

Not for Profit (NFP)

Reporting Periods

Beginning on or after 1/4/14

Beginning on or after 1/7/14

Beginning on or after 1/4/15

Tier 1

NZ IFRS

PBE IPSAS

PBE IPSAS

Tier 2

NZ IFRS RDR

PBE IPSAS RDR

PBE IPSAS RDR

Tier 3

N/A

PBE SFR-A (PS)

PBE SFR-A (NFP)

Tier 4

N/A

PBE SFR-C (PS)

PBE SFR-C (NFP)

KEY:
IPSAS     International Public Sector Accounting Standards
SFR-A    Simple Format Reporting - Accrual
SFR-C    Simple Format Reporting - Cash (NOT a GAAP compliant standard)

The key assessment that each entity has to make is whether they are a for-profit or not-for-profit entity.

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Carl Jorgensen
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Maree Ade
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Anna Marks
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Kate Scarlett
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Liz Kendrick
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