Every year, the requirements of New Zealand Equivalents to International Financial Reporting Standards (IFRS) change. New standards, interpretations and amendments are published that will affect companies’ future financial reporting. Our publication, Navigating the Changes to New Zealand Equivalents to International Reporting Standards, is designed to give chief financial officers, and audit and risk committee members a high-level awareness of these recent changes to NZ IFRS. It covers both new standards and interpretations that have been issued, and amendments made to existing ones.
What’s in our 2018 edition?
The March 2018 edition has been updated for changes to International Financial Reporting Standards that have been published by the New Zealand Accounting Standards Board. In particular, this edition covers the new standard for insurance contracts – NZ IFRS 17, for the first time.
Effective dates of new standards
The publication lists all the changes that will affect the preparation of financial statements from 31 March 2018 and beyond, their effective dates and whether or not early application is permitted.
Identifying the commercial significance of the changes
For each change covered in the publication, we have considered its commercial implications. This assessment focuses on two questions:
- How many entities will be affected?
- What will be the impact on affected entities?
A traffic light system indicates our assessment of the answers to these questions.