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NZ IFRS 16 is applicable to all large-for profit entities and aims to improve transparency and comparability in financial reporting by requiring these entities to recognise the full extent of their lease obligations on their balance sheets.

Changes are coming to the way retention money is held in the form of The Construction Contracts (Retention Money) Amendment Bill (the Bill).

With interest rates on the rise there are more considerations than ever when it comes to preparing your New Zealand International Financial Reporting Standards (NZ IFRS) financial statements. Here’s four key areas CFOs and Directors need to be aware of when preparing their statements this year.

From asset impairment and future operating losses to insurance recoveries and everything in between, a host of additional financial reporting challenges now faces many businesses after NZ’s recent natural disasters. David Pacey takes you through many of the issues you need to take into consideration and how to ease any year-end accounting headaches early.

If you’re looking to ease the pressure on your operating costs, investing in electronic invoicing (e-invoicing) is a great place to start.

Interest rates have been low for a number of years, so there’s a risk little attention has been given to existing loans, and the relevant transfer pricing policies and documentation are unlikely to be fit for purpose.

While we grapple with the threat of sustained environmental challenges, corporates and other reporting entities need to consider how the impact of climate change on their organisations is reflected in their financial statements. The key challenge is assessing this within our current accounting framework even when don’t yet have specific climate accounting standards. David Pacey addresses these challenge and how you can report the impact of climate change in your financial statements.

Cryptocurrencies: Are you tax compliant?

A recommendation from the recent Charities Act Review could mean charities with annual operating expenses over $140,000 will be required to disclose information about the reserves they hold, and why they hold them. This information will also be available to the media and general public.

Step 6 of applying the guidance in IAS 36 as set out in our article ‘Insights into IAS 36 – Overview of the Standard’ relates to recognising or reversing and impairment losses. This article focuses on part of this step; reversing impairment losses. For recognising impairment losses refer to our article ‘Insights into IAS 36 – Recognising impairment losses’.

The new Trusts Act 2019, which came into force on 30 January 2021, was one of the biggest changes for Trusts for quite some time. Now, Inland Revenue has also introduced further reporting and disclosure requirements. Here's what you need to know.

Not for Profit organisations need reserves to fund organisational change and improvements, and to provide a buffer for potential events that will adversely affect the organisation.

Our specialist payroll assurance team can conduct a review of your payroll system configuration and processes, and then help you and your team to implement any necessary recalculations.

Mandatory climate related reporting on the way for some NZ businesses. The Government is establishing a standardised approach to climate-related reporting for certain entities to disclose their progress on emission reduction in a way that’s transparent and consistent.

Government’s interest deductibility rules the most controversial tax policy to date were changes to the tax system to counter what it saw as favourable treatment for investors in residential housing.

Privy Council confirms directors’ duties are still owed for insolvent companies