International Financial Reporting Standards

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EY provides up-to-date knowledge, insights and timely advice to help you deal with the widespread implications of IFRS. Our business-based approach helps you to manage both financial accounting and reporting issues and understand where and how IFRS affects your decision making.

Our service is informed by the insights of a worldwide network constantly working on IFRS-related issues, and the seasoned experience of our local team.

Global IFRS resources

Please see our Global IFRS site for extensive international resources, thought leadership and web based learning modules.


Illustrative NZ IFRS financial statements

  • Illustrative NZ IFRS financial statements

New Zealand Financial Reporting Supplement 2013/2014 (pdf, 1.6mb) summarises recent changes to the financial reporting framework, and provides an update for for-profit entities preparing financial statements in accordance with Tier 3 (NZ IFRS Diff Rep) accounting standards and for Public Benefit Entities preparing financial statements in accordance with NZ IFRS PBE. The Supplement also provides illustrative disclosures of the disclosure requirements of the Companies Act 1993.

Good Group New Zealand Limited (pdf, 2.4mb)  is an illustrative set of consolidated financial statements designed to assist for-profit entities preparing financial statements in accordance with Tier 1 ("full" NZ IFRS) and Tier 2 (NZ IFRS RDR) accounting standards, for 31 December 2013 and 30 June 2014 year-ends

New Zealand Financial Reporting Supplement 2012/13 (pdf, 3.7mb)  has been designed to help you navigate the sea of recent and proposed changes to the New Zealand Financial Reporting Framework.  It summarises these changes to assist you in understanding your current and future financial reporting obligations. The supplement also provides an update to New Zealand accounting standards, along with illustrative examples.

Good Group (International) Limited Illustrative Financial Statements is an illustrative set of consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS).  This publication, together with our New Zealand Financial Reporting Supplement, will assist you in preparing your annual reports for 31 December 2012 or 30 June 2013 year-ends 

Castle (International) Differential Reporting Limited (pdf, 3.5mb) is a model annual financial report prepared under NZ IFRS for the year ended 31 December 2010 applying the exemptions available under the framework for differential reporting, also applicable for 30 June 2011 year-ends.

For previous editions visit the Castle archive

  • New accounting standards and interpretations

Our quarterly New accounting standards and interpretations publications are supplements to our illustrative financial statements and contain disclosure information on changes in accounting policy on adoption of new and amended New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and NZ IFRSs issued but not yet effective.
Each quarter we have two separate publications, one for for-profit entities and another for public benefit entities, to address differences in the accounting standards framework applying to for-profit entities and public benefit entities.

View the September 2013 version for for-profit entities (pdf, 511.6kb) or public benefit entities (pdf, 488.3kb).
View the June 2013 version for for-profit entities (pdf, 541.4kb)  or public benefit entities (pdf, 544.6kb).

New Zealand IFRS insights

Stay on top of the latest financial reporting issues. See the latest edition of Eye on Reporting for accounting updates, IFRS media coverage and highlights of upcoming developments.

For previous editions visit the Eye on Reporting archive, or subscribe to recieve future editions.

International GAAP

International GAAP® 2012 and International GAAP online
Offers EY's interpretation and practical guidance to implementing IFRS.

Recent New Zealand publications

Navigating the new terrain - Understanding the new financial reporting framework in New Zealand (pdf, 720.4kb)
In this publication we provide an overview of the new financial reporting framework, and summarise the impact the framework will have on for-profit and public benefit entities (PBEs). We also highlight the key dates from when parts of the framework will become effective.

Changing tack - A new set of accounting standards for public benefit entities (pdf, 10.9mb)
In our publication Changing Tack we provide a summary of the financial reporting requirements for PBEs and highlight the key differences between the PBE standards and current NZ IFRS. We also outline the next steps PBEs should be considering, including assessing whether or not your organisation meets the definition of a PBE.

A second take: The commercial impacts of a proposed new accounting standard on leases (pdf, 885kb)
Our publication, A second take: The commercial impacts of a proposed new accounting standard on leases, provides an overview of the new leases exposure draft, as issued by the International Accounting Standards Board (IASB) for comment in May 2013, and highlights the commercial impacts of the proposals.
This publication has been written using non-technical accounting language and is suitable for readers with financial reporting and non-financial reporting roles.

Alternative performance measures (pdf, 409kb) 
The Financial Markets Authority (FMA) has issued a guidance note on disclosing alternative performance measures and other types of "non-GAAP" financial information, such as underlying profits, EBIT and EBITDA. The guidance note sets out the FMA's views on disclosing non-GAAP financial information, including what other information also should be disclosed, so that the information is not misleading.

A new wave for New Zealand - Accounting for the New Zealand Emissions Trading Scheme (pdf, 1.9mb) 
As part of New Zealand’s response to global climate change and its obligations under the Kyoto Protocol, the New Zealand Government has introduced the New Zealand Emissions Trading Scheme (ETS).
In this publication, we discuss some of the accounting issues arising from the ETS. We also briefly discuss the potential tax implications.