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Technical publications

XYZ Model Financial Statements

Mark Hucklesby Mark Hucklesby

XYZ has been New Zealand’s premier financial reporting publication for many years and Grant Thornton New Zealand has again edited and updated the publications for 2018.

This Thomson Reuter’s publication has become the industry standard for the preparation of compliant financial statements for accounting professionals who prepare and audit financial statements.

In 2018  the existing For-Profit favourites, XYZ Model Financial Statements General Purpose Financial Reporting,  XYZ Model Financial Disclosures Checklists and the XYZ Model Financial Statements Workbook , have been reworked and expanded to help businesses understand how to apply the significant changes occurring in financial reporting.  This includes the early adoption of NZ IFRS 15 Revenue from Contracts with Customers and NZ IFRS 9 Financial Instruments.

The Not-For-Profit sector is equally well supported. 2018 will again see the publication of XYZ Not for Profit Model Financial Statements and an XYZ Model Financial Statements Not-For-Profit Workbook that offers practical real world examples to illustrate the application of New Zealand accounting standards.

To round out the suite of books, there is the 2018 XYZ Special Purpose Financial Reporting Model Financial Statements publication dedicated to comprehensively illustrating how to comply Special Purpose Financial Reporting requirements in New Zealand.  This reflects all the changes that were made in May 2018 when the guidance was updated by Chartered Accountants Australia and New Zealand.

Recognising that standards by the External Reporting Board (XRB) are the essential component behind all financial reporting, Thomson Reuters has also developed a fully searchable online database of XRB Financial Reporting Standards. Making the connection between standards and their application is now instantly achievable as the major XYZ works will link to the relevant standards in the Thomson Reuters XRB Reporting Standards database.

 Used together, the expanded XYZ suite of products and the new Thomson Reuters XRB database of financial reporting standards will provide you with the resources and tools needed to guide you through the preparation, presentation and generation of compliant financial reports.