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Financial reporting guide An overview of the New Zealand financial reporting framework
December 2017
The New Zealand Financial Reporting Framework consists of two parts:
• ►Thestatutoryfinancialreportingframework,whichsetsoutthestatutorypreparation,auditandfilingrequirementsforvarioustypesofentities
• ►Theaccountingstandardsframework,whichestablishestheaccountingstandardstobeappliedbyentitieswithstatutoryreportingobligations
ThebelowflowdiagramhasbeendesignedtoassistyouinnavigatingyourwaythroughtheNewZealandfinancialreportingframeworkandthisGuide.
Thestatutoryfinancialreportingframeworksetsoutthefinancialreportingrequirementsfordifferenttypesofentities,includingrequirementsto:
• ►PreparefinancialstatementsorgroupfinancialstatementsinaccordancewithNewZealandgenerallyacceptedaccountingpractice(NZGAAP)ornon-GAAPstandards,hereafterreferredtoasgeneralpurposefinancialreports(GPFR).
• ►Havethosefinancialstatementsaudited.
• ►RegisterorlodgethosefinancialstatementswiththeRegistrarorotherwisedistributethosefinancialstatementstointerestedpersons (forexample,shareholdersormembers).
TheunderlyingprincipleoftheNewZealandstatutoryreportingsystemistoprovideinformationtoexternaluserswhohaveaneedforanentity’sfinancialstatementsbutareunabletodemandthem.
ThestatutoryframeworkusesthreeindicatorstodrivewhoshouldprepareGPFR:
• ►Publicaccountability(e.g.,FMCreportingentities,publicsectorentitiesandregisteredcharities).
• ►Economicsignificance(i.e.,entitysize).
• ►Separationofowners/membersoftheentityanditsmanagement.
Statutory reporting framework
New Zealand financial reporting framework
Doesanentityhaveastatutoryobligationtopreparefinancialstatements in accordance withNZGAAP?
Refertotheentity’srelevantlegislation (seesectionStatutory reporting framework below)
IstheentityrequiredtoordoesitelecttoapplyNZGAAP?
Refertorequirementsinthecompany’sconstitution,trustdeed,bankingandotheragreements
IstheentityrequiredtoapplytheIRD’sminimumrequirementsforfinancialreporting?
RefertoTaxAdministration(FinancialStatements)Order2014
Prepareaspecialpurpose financialreportunder IRD’sminimumrequirements
OR
NZICAspecificpurposeframework
NoreportingobligationsinNZ
PreparethefinancialstatementsinaccordancewithNZGAAP
(seesectionAccounting standards frameworkbelow)
No
Yes Yes
No
No
Yes
2 | New Zealand Financial Reporting Guide 2017
A—AlargeNewZealandcompanyorlargeoverseascompany(A)isnotrequiredtoprepareeitherparentorgroupfinancialstatementsifAisasubsidiaryofabodycorporateincorporatedorregisteredinNewZealand(B)andgroupfinancialstatementsthatcomplywithNZGAAPcomprisingB,AandallsubsidiariesofB havebeenprepared.AlargeNewZealandcompanyorlargeoverseascompanythatisexemptfrompreparationrequirementsisalsoexemptfromauditandfilingrequirements.
B—IfalargeNewZealandcompanyhastopreparefinancialstatementsthatcomplywithNZGAAP,thecompanycanoptoutfromanauditbymeansofaresolutionpassedbynotlessthan95%ofthevotesofthoseshareholdersentitledtovoteandvotingonthequestionifthecompanyisnotexpresslyrestrictedfromdoingsoinitsconstitution.
C—Ifalargeoverseascompanyisrequiredtoprepare,haveanauditandfilefinancialstatementsinNewZealandthatcomplywithNZGAAP,thecompanyisrequiredtoprepare,haveanauditandfilefinancialstatementsthatcomplywithNZGAAPforitslargeNewZealandbusiness(i.e.,branch)with“large”definedasassetsgreaterthan$20morrevenueexceeding$10m.
The table below highlights statutory reporting requirements for companies, partnership and registered charities.
Entity GPFR requirement Audit requirement Filing requirement
FMCreportingentities. ►√ ►►√ ►►√
LargeNewZealandcompanies(with“large”definedastotalassetsgreaterthan$60morrevenueexceeding$30m)withnooverseasownershiporlessthan25%overseasownershipthatarenotsubsidiariesofacompanyincorporatedoverseas.
►√►►A ►√A,B ►X
LargeNewZealandcompanies(with“large”definedasassetsgreaterthan$60morrevenueexceeding$30m),with25%ormoreoverseasownershipthatarenotsubsidiariesofacompanyincorporatedoverseas.
►√►A ►►√A ►►√A
LargeNewZealandcompanies(with“large”definedastotalassetsgreaterthan$20morrevenueexceeding$10m)withlessthan25%overseasownershipthataresubsidiariesofacompanyincorporatedoverseas.
►►►√A ►√A,B ►►►X
LargeNewZealandcompanies(with“large”definedastotalassetsgreaterthan$20morrevenueexceeding$10m)with25%ormoreoverseasownershipthataresubsidiariesofacompanyincorporatedoverseas.
►►►√A ►►√A ►►►►√A
LargeoverseascompaniesthatcarryonbusinessinNewZealand(with“large”definedasassetsgreaterthan$20morrevenueexceeding$10m).
►√►A,C ►√►A,C,D ►√►A,C
Companieswith10ormoreshareholders. ►√►A,E ►√►A,E ►X
Largepartnerships,includinglargelimitedpartnerships(with“large”definedastotalassetsgreaterthan$60morrevenueexceeding$30m).
►√► ►√F ►X
Retirementvillages. ►√ √ ►√►
PublicentitiesasdefinedunderthePublicAuditAct2001. ►√► ►√ G
RegisteredcharitiesundertheCharitiesAct2005. ►√► H √►
D—AlargeoverseascompanyisnotrequiredtohaveanauditofitsfinancialstatementsorgroupfinancialstatementsifitsNewZealandbusinessisnotlarge(with“large”definedasassetsgreaterthan$20morrevenueexceeding$10m)andunderthelawinforceinthecountrywheretheoverseascompanyisincorporatedorconstituted,thequalifyingfinancialstatementsarerequiredtobeprepared,butarenotrequiredtobeaudited.
E—Canoptoutifaresolutionpassedbynotlessthan95%ofthevotesofthoseshareholdersentitledtovoteandvotingonthequestionandthecompanyisnotexpresslyrestrictedfromdoingsoinitsconstitution.
F—Canoptout,ifwithin6monthsfromthestartofanaccountingperiod,aresolutionispassedorsignedbypartnerswhotogetherhavecontributedatleast95%ofthecapitalcontributionsofallthepartners.
G—Requirementscontainedinpublicsectorlegislation.
H—Registeredcharitieswithtotaloperatingexpenses$1mormorearerequiredtohaveanauditperformedbyaqualifiedauditor.Registeredcharitieswithtotaloperatingexpensesgreaterthan$500,000arerequiredtohaveanauditorreviewoftheirfinancialstatementsperformedbyaqualifiedauditor.
3 | New Zealand Financial Reporting Guide 2017
Other requirements
• ►Deadlinesforpreparation,auditandfiling(whereapplicable)requirementsforGPFRare:
• ►FourmonthsforallFMCreportingentities.
• ►►►Fivemonthsforcompanies.
• ►Sixmonthsforregisteredcharities.
• ►Separatefinancialstatementsforaparentcompanydonotneedtobepreparedifgroupfinancialstatementsareprepared.However,therequirementsoftheFinancialReportingAct1993remaineffectiveforsomereportingentitiesundertransitionalprovisionsoftheFinancialReportingAct2013.Thoseentitiescontinuetopresentseparateparentfinancialstatementswhengroupfinancialstatementsareprepared.
• ►►RetirementvillageoperatorsarenotincludedinthedefinitionofanFMCreportingentityandthereforedonotautomaticallyfallwithinthetoptierofreporting.However,operatorsstillneedtoprepareGPFRandhaveanaudit.
• FriendlysocietiesandbranchesarerequiredtoprepareGPFRunlessamajorityofthemembersoptoutofcompliancebywayofaresolution.However,entitieswithoperatingexpenditureover$30mcannotoptoutofpreparingthefinancialstatements.Additionally,friendlysocietiesandbranchesthatareFMCreportingentitiesorinsurerscontinuetohavefinancialreportingobligations.
• ►TheFinancialMarketConductAct2013requiresallcreditunionstocomplywiththefinancialreportingobligationsthatapplytoFMCreportingentitiesandotherfinancialmarketparticipants.
• ►►ForFMCreportingentities,failuretocomplywithfinancialreportingobligationsmayresultinanoffenceforboththeentityanditsdirectors(ratherthanjustthedirectorsasiscurrentlythecase),withamaximumpenaltyofimprisonmentforatermnotexceeding5yearsandafinenotexceeding$500,000(inthecaseofanindividual)or$2.5m(inthecaseofanentity).
TheFinancialReportingAct2013alsoprovideslegislationtoempowertheExternalReportingBoard(XRB)toissuefinancialreportingstandardsforawiderrangeofentities,includingregisteredcharities.
The Exposure Draft of the Incorporated Societies Bill
TheLawCommissioncommencedareviewoftheIncorporatedSocietiesAct1908.ItpublishedanissuespaperinJune2011withthemainrecommendationtoreplacethe1908ActwithanewIncorporatedSocietiesAct.Inresponsetotheissuespaper,inNovember2015theMinistryofBusiness,InnovationandEmployment(MBIE)issuedtheExposureDraft(ED)oftheIncorporatedSocietiesBillforpubliccomment.ThecommentperiodwasclosedinJune2016.CurrentlytheMBIEisworkingtowardstheBillbeingintroducedintotheHousein2018,withaviewtoenactmentin2019.Thenewlegislationwillthenlikelycomeintoforceintwosteps–in2021and2023.Inadditiontootheramendmentstothe1908Act,theEDproposedchangestofinancialreporting.Theproposedchanges,iffinalisedasproposed,willrequireallsocietiestoprepareGPFR.TherealsowillbearequirementtolodgethemwiththeRegistrarwithinsixmonthsoftheendofthesociety’sfinancialyear.Thismeansthatincorporatedsocietieswillhavethesamepreparationobligationsasregisteredcharities:
• Societieswithannualoperatingexpenditure$2millionorlessinoneorbothofthetwoprecedingfinancialyearswillbeabletoprepareaperformancereportinaccordancewiththeXRB’ssimpleformatreportingstandardsfornot-for-profitentities(Tiers3or4)
• SocietiesthatdonotqualifyforTier3or4reportingwillberequiredtopreparefinancialstatementsinaccordancewiththemoreextensiveTier1or2PublicBenefitEntity(PBE)Standards.
FurtherinformationontheEDandtheMBIEprocessontheBillisavailableon the MBIEwebsite.
4 | New Zealand Financial Reporting Guide 2017
TheXRBisresponsibleforsettingaccountingstandardsforentitieswithstatutoryrequirementstoprepareGPFR.TheXRBhasissuedamulti-standardsframeworkthatrequiresdifferentsetsofaccountingstandardstobeappliedbyfor-profitentitiesandpublicbenefitentities(PBEs).
Therefore,undertheXRB’smulti-standardsapproach,determiningwhetheranentityisaPBEorafor-profitentityisthefirststepinestablishingtheparticularfinancialreportingrequirementsforanyentitythathasastatutoryrequirementtopreparethefinancialstatementsunderNZGAAP.PBEsaredefinedasfollows:
“Reporting entities whose primary objective is to provide goods and services for community or social benefit and where any equity has been provided with a view to supporting that primary objective rather than for a financial return to equity holders” (XRB A1, Appendix A).
For-profitentitiesarereportingentitiesthatarenotPBEs.
Theaccountingstandardsframeworkforfor-profitentitiesandPBEsisoutlinedinthetablesbelow.ThetablesalsoincludereferencestotheapplicableEYresourcesthatprovidearelevantsetofillustrativefinancialstatements.Additionalguidanceisalsoprovided,followingthetables,toassistindeterminingtheappropriateaccountingstandardstobeapplied byfor-profitentitiesandPBEs,includingthequalifyingcriteriaand otherconsiderations.
Accounting standards framework
*RefertothediscussionbelowonTier1for-profitentitiesforthedefinitionof“publiclyaccountable” **For-profitpublicsectorentitiesarefor-profitentitiesthatarepublicentitiesasdefinedinthePublicAuditAct2001
For-profit entitiesThetierstructureofthefor-profitaccountingstandardsframeworkconsistsoftwotiers.
Criteria of the tier Applicable Accounting Standards
Applicable EY publication
Tier 1 • ►“Publiclyaccountable”entities(asdefinedbytheIASB,includingentitiesdeemedtobepubliclyaccountable*)
• ►Largefor-profitpublicsectorentities**(i.e.expenses>$30m)
NZIFRSinfull GoodGroupNewZealandLimitedfortheyearended31December2017
ThepublicationisavailableontheIFRSpageoftheEYwebsite(ey.com/nz/ifrs)
Tier 2 • ►Not“publiclyaccountable”*
• ►Non-largefor-profitpublicsectorentities**
NZIFRSwithReducedDisclosureRegime (NZIFRSRDR)
5 | New Zealand Financial Reporting Guide 2017
Tier 1 for-profit entities
For-profitentitiesthatmeettheTier1criteriaarerequiredtocomplywithNZIFRSinfull.
Underthefor-profitaccountingstandardsframeworktierstructure,thefollowingfor-profitentitiesmeettheTier1criteria:
• ►“Publiclyaccountable”entities(seebelow);or
• ►Largefor-profitpublicsectorentities(i.e.withexpenses>$30million).
Anentityis“publiclyaccountable”ifit:
• ►meetstheInternationalAccountingStandardsBoard(IASB)definitionofpublicaccountability;or
• ►isdeemedtobepubliclyaccountableinNewZealand.
UndertheIASBdefinition,anentityispubliclyaccountableif:
• ►itsdebtorequityinstrumentsaretradedinapublicmarketoritisintheprocessofissuingsuchinstrumentsfortradinginapublicmarket(adomesticorforeignstockexchangeoranover-the-countermarket,includinglocalandregionalmarkets);or
• ►itholdsassetsinafiduciarycapacityforabroadgroupofoutsidesasoneofitsprimarybusinesses.Thisistypicallythecaseforbanks,creditunions,insuranceproviders,securitiesbrokers/dealers,mutualfundsandinvestmentbanks.
AnentityisdeemedtobepubliclyaccountableintheNewZealandcontextif it is:
• ►anFMCreportingentitythatisconsideredtohaveahigherlevelofpublicaccountabilitythanotherFMCreportingentities,specifically:
a)anissuerofequitysecuritiesordebtsecuritiesunderaregulatedoffer
b)amanagerofregisteredschemes,butonlyinrespectoffinancialstatementsofaschemeorfund
c)alistedissuer
d)aregisteredbank
e)alicensedinsurer
f)acreditunion
g)abuildingsociety,or
• ►anFMCreportingentitythatisconsideredtohaveahigherlevelofpublicaccountabilitybyanoticeissuedbytheFinancialMarketsAuthority,or
• ►anentityunderthetransitionalprovisionsoftheFinancialReportingAct2013.
Tier 2 for-profit entities
Theterm“Tier2for-profitentities”referstoentitiesthatqualifyforandelecttoapplyNZIFRSReducedDisclosureRegime(NZIFRSRDR).
Afor-profitentitymayelecttoreportunderNZIFRSRDRifitis:
• ►Not“publiclyaccountable”(seethediscussionaboveonTier1for-profitentities);and
• ►Inrespectoffor-profitentitiesinthepublicsector,isnotlarge(i.e.withexpenses≤$30million).
Small and medium-sized for-profit entities
Smallandmedium-sizedfor-profitentities(SMEs),thatarenotrequiredtoprepareGPFRunderthestatutoryframework,insteadneedtopreparespecialpurposefinancialstatements(SPFR)fortaxpurposes,usingminimumstandardssetbytheInlandRevenueDepartment.Also,guidelineshavebeenissuedbytheCharteredAccountantsAustraliaandNewZealandforentitiespreparingSPFR.
6 | New Zealand Financial Reporting Guide 2017
Public benefit entitiesAfourtierstructureforPBEshasbeenestablished,withreportingrequirementsforeachofthefourtiers.
ThePBEtierstructureincludes:
• asetofPBEStandardstobeappliedbylargeandmedium-sized(Tier1and2)publicsectorandnot-for-profitPBEs.
• SimpleFormatReportingstandardsforTiers3and4publicsectorandnot-for-profitPBEs.
*RefertothediscussionaboveonTier1for-profitentitiesforthedefinitionof“publiclyaccountable”
Criteria of the tier Applicable Accounting Standards Applicable EY Publication
Tier 1 • ►“Publiclyaccountable”entities(asdefinedbytheIASB,includingentitiesdeemedtobepubliclyaccountable*)
• ►Largeentities(i.e.expenses>$30m)
PBEStandardsinfull GoodCityCouncilfortheyearended30June2018
ThepublicationisavailableontheIRFSpageoftheEYwebsite(ey.com/nz/ifrs)
Tier 2 • ►Medium-sizedentities(expensesbetween$30mand$2m)thatarenotpubliclyaccountable*
PBEStandardsReducedDisclosureRegime(PBEStandardsRDR)
Tier 3 • ►Smallentities(expenses≤$2m)thatarenotpubliclyaccountable*
PBESimpleFormatReporting–Accrual(PublicSector)
PBESimpleFormatReporting–Accrual(Not-for-profit)
►PleasecontactyourlocalEYrepresentative
Tier 4 • ►Microentities(expenses<$125,000andpermittedbylegislationtobeinTier4)thatarenotpubliclyaccountable*
PBESimpleFormatReporting–Cash(PublicSector)
PBESimpleFormatReporting–Cash(Not-for-profit)
►
7 | New Zealand Financial Reporting Guide 2017
Tier 3 PBEs
Theterm“Tier3PBEs”referstoPBEsthatqualityforandelecttoreportunderPBESimpleFormatReporting–Accrual.Thisstandardincludestemplatesandsimplifiedrequirementsforthefinancialstatements.Thisshouldresultinreducedcompliancecosts,especiallycomparedwith NZIFRS.SimpleFormatReportingStandards–AccrualaccountingisconsideredaGAAPframeworkandthusentitiesapplyingitwillbecomplyingwithGAAPinNewZealand.Tier3PBEsarerequiredtoprepareaccountsonanaccrualbasis.
APBEmayelecttoreportunderPBESimpleFormatReporting–Accrual if it:
• ►isnot“publiclyaccountable”(seethediscussionaboveonTier1for-profitentities);and
• ►hastotalexpenses≤$2million.
Tier 4 PBEs
Theterm“Tier4PBEs”referstoPBEsthatqualifyforandelecttoreportunderPBESimpleFormatReporting–Cash.Thestandardincludessimplifiedtemplatesandreportingrequirementsforthefinancialstatements.Tier4PBEsarepermittedtopreparefinancialstatementsonacashbasis.PBESimpleFormatReporting–Cashaccountingisanon-GAAPframework.
APBEmayelecttoreportunderPBESimpleFormatReporting–Cashifitispermittedbylegislationtoreportinaccordancewithnon-GAAPstandards(i.e.thecashbasisofaccounting)becauseit:
• ►isnot“publiclyaccountable”(seethediscussionaboveonTier1for-profitentities);and
• ►hasoperatingpayments<$125,000.
Tier 1 PBEs
PBEsthatmeettheTier1criteriaarerequiredtocomplywithPBEStandardsinfull.PBEStandardsarebasedonInternationalPublicSectorAccountingStandards(IPSAS),withsomemodificationsfortheNewZealandenvironment.
UnderthePBEtierstructure,thefollowingPBEsmeettheTier1criteria:
• ►“Publiclyaccountable”entities(seethediscussionaboveonTier1 for-profitentities);or
• ►Large(i.e.withexpenses>$30million).
Tier 2 PBEs
Theterm“Tier2PBEs”referstoentitiesthatqualifyforandelecttoapplyPBEStandardsReducedDisclosureRegime(PBEStandardsRDR).
APBEmayelecttoreportunderPBEStandardsRDRifitis:
• ►not“publiclyaccountable”(seethediscussionaboveonTier1for-profitentities);and
• ►notlarge(i.e.withexpenses≤$30million).
8 | New Zealand Financial Reporting Guide 2017
Are you ready for the new accounting standards?Asweenter2018,manyNewZealandbusinesseswillpassthedateofinitialapplicationofaseriesofsignificantaccountingchanges,includingthenewrevenuerecognitionstandard,NZIFRS15Revenue from Contracts with CustomersandthefinalversionofNZIFRS9 Financial Instruments.Isyourbusinessreadyforthecomingwaveofaccountingchange?
Tohelpyouunderstandandprepareforthenewaccountingstandards,wedevelopedanumberofEYthoughtleadershipmaterials.Someofthesematerialsarelistedbelow.PleaserefertoEYwebsite(ey.com/ifrs)forthemostrecentEYpublicationsandwebcasts.WealsoencourageyoutocontactoneofEYmemberfirmAssurancepartnersoramemberoftheEYFinancialAccountingAdvisoryServicesteamtodiscusswaysinwhichwecanhelpyouadoptthenewNZIFRSstandards.Inthebackofthispublication,youwillfindourcontactdetails.
NZ IFRS 9
Classification and measurement
• ►IFRSDevelopments,Issue130:IASBissuesanAmendmenttoIFRS9
• ►ApplyingIFRS:IFRS9fornon-financialentities
• ►ApplyingIFRS:ClassificationoffinancialinstrumentsunderIFRS9
Impairment
• ►EYIFRS9impairmentbankingsurvey
• ►ApplyingIFRS:ImpairmentoffinancialinstrumentsunderIFRS9
• ►BaselCommitteeproposesguidanceonaccountingforexpectedcreditlosses
Hedging
• ►IFRSDevelopmentsIssue109:Nextstepsfortheaccountingfordynamicrisk management project
• ►ThoughtCenterwebcast:HedgeAccountingfornon-financialentities
• ►ApplyingIFRS:HedgeaccountingunderIFRS9
Other
• ►IFRSDevelopmentsIssue77: IASBissuesadiscussionpaperonaccountingformacrohedging
• ►ApplyingIFRS:Creditvaluationadjustmentsforderivativecontracts
NZ IFRS 15
General materials
• ►ApplyingIFRS:Acloserlookatthenewrevenuerecognitionstandard(UpdatedOctober2017)
• ►ApplyingIFRS:PresentationanddisclosurerequirementsofIFRS15
Industry materials
• ►ApplyingIFRSinEngineeringandConstruction:Thenewrevenuerecognition standard
• ►ApplyingIFRSinMiningandMetals:Thenewrevenuerecognitionstandard - mining and metals
• ►ApplyingIFRSinRetailandConsumerProducts:Thenewrevenuerecognitionstandard-retailandconsumerproducts
• ►ApplyingIFRSinRealEstate:Thenewrevenuerecognitionstandard-realestate
• ►ApplyingIFRSinTelecommunications:Thenewrevenuerecognitionstandard-telecommunications
• ►ApplyingIFRSinSoftwareandCloudServices:Thenewrevenuerecognitionstandard-softwareandcloudservices
• ►ApplyingIFRSinTechnology:Thenewrevenuerecognitionstandard–technology
• ►ApplyingIFRSinAssetManagement:Thenewrevenuerecognitionstandard–assetmanagement
• ►ApplyingIFRSinAutomotiveIndustry:Thenewrevenuestandard–automotive
• ►ApplyingIFRSinLifeSciences:Thenewrevenuerecognitionstandard-life sciences
• ►IFRSDevelopmentsforOil&Gas: Thenewrevenuerecognitionstandard-oil and gas
• ►IFRSDevelopmentsforOil&Gas:Thenewrevenuerecognitionstandard-oilfieldservices
• ►IFRSDevelopmentsforPowerandUtilities:Thenewrevenuerecognitionstandard
9 | New Zealand Financial Reporting Guide 2017
10 | New Zealand Financial Reporting Guide 2017
EYFinancialAccountingAdvisoryServicesandAssuranceprofessionalsbringtogetherawealthofaccountingknowledgefromdiverseexperiencesadvisingarangeofclientsacrossthepublic,corporateandnot-for-profitsectors.
WecanhelpyourorganisationapplytheNewZealandfinancialreportingframework as well as assist with the interpretation and implementation of newaccountingstandardsapplicabletoyourorganisation.
Forthenewaccountingstandardsthatbecomeeffectivein2018,NZIFRS9andNZIFRS15,wecanleverageourexperienceonthemajorprojectsto:
• ►AssistyourorganisationinimplementingnewNZIFRS9andNZIFRS15requirementsusinganestablishedmethodology
• ►Supportandadvisethedesignandimplementationofmodels,processes,
How we can help yousystemsandcontrolchangestocapturetheinformationnecessarytoapplythenewrules
• ►Providetailoredtrainingontheimplicationsofthenewrequirements
• ►Supportyouinassessingtheimpactonregulatorycapitalandtax
• ►Providecomparisonswithyourpeerstohelpdeterminethedirectionofyourproject
• ►HelpyoutobetterunderstandhowtheopportunitiesandchallengesofNZIFRS9andNZIFRS15couldimpactyourbusiness,andenableyoutomakeinformeddecisionsabouthowtoadopt
• ►Sharemarketinsightswithyouoncurrentmethodologies,peers’viewsandpreferablesolutionoptions
ContactsFormoreinformation,pleasecontactyourusualEYadvisororamemberoftheFinancialAccountingAdvisoryServicesteam:
Christchurch WellingtonAuckland
David Pacey Tel:+64212425716david.pacey@nz.ey.com
Bruce LoaderTel:+64274899984bruce.loader@nz.ey.com
Stuart MutchTel:+64274899378stuart.mutch@nz.ey.com
Grant TaylorTel:+64274899410grant.taylor@nz.ey.com
Graeme Bennett Tel:+64274899943graeme.bennett@nz.ey.com
John Hodge Tel:+64274329184john.hodge@nz.ey.com
Alex KnyazevTel:+6421853152 alex.knyazev@nz.ey.com
Lara Truman Tel:+64274899896lara.truman@nz.ey.com
Kim WilsonTel:+64276049465kim.wilson@nz.ey.com
Yulia BogatovaTel:+64274899408 yulia.bogatova@nz.ey.com
Charis HallidayTel:+64275543047charis.s.halliday@nz.ey.com
Gali SlyuzbergTel:+64274899565gali.slyuzberg@nz.ey.com
David BorrieTel:+6421923431david.borrie@nz.ey.com
11 | New Zealand Financial Reporting Guide 2017
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