Ernst & Young 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.
Illustrative NZ IFRS financial statements
Castle (International) Limited (pdf, 5.4mb) is a model financial report prepared under IFRS for year ended 31 December 2010, also applicable for 30 June 2011 year end
Castle illustrates a New Zealand company's annual financial report prepared in accordance with the requirements of the Financial Reporting Act 1993 and New Zealands Equivalents to International Financial Reporting standards (NZ IFRS). It assists preparers through illustrative examples of the most common and significant disclosure requirements under IFRS for financial reports with extensive interpretive commentary.
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.
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.
International GAAP
International GAAP® 2011 and International GAAP online
Offers Ernst & Young's interpretation and practical guidance to implementing IFRS.
Recent New Zealand publications
Changing the face of financial reporting in New Zealand (pdf, 3.2mb)
On 14 September 2011, the Minister of Commerce announced the Government’s proposed changes to the statutory financial reporting framework, concerning which entities are required to prepare General Purpose Financial Reports (GPFR).
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.
Trans-Tasman harmonisation of accounting standards (pdf, 1.3mb)
The Australian Accounting Standards Board (AASB) and the New Zealand Financial Reporting Standards Board (FRSB) have issued amendments to Australian and New Zealand accounting standards to harmonise the requirements that apply to for-profit entities in Australia and New Zealand.
The Chairs of the two Boards have now called on the Australian and New Zealand Governments to each make legislative changes to enable a company to prepare a single financial report that is acceptable in both countries.
Depreciation on buildings (pdf, 895.4kb)
The change to the tax depreciation rates in the May 2010 Budget for long-lived buildings has a major impact on future depreciation deductions that can be claimed for tax purposes. It also has a significant effect on the financial statements of entities that are required to account for deferred tax under financial reporting standards.
What do lease accounting changes mean for you? (pdf, 606.4kb)
Improving lease accounting has been a long-time goal of both the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB). The major criticism of the existing lease standards is that lessees do not record all lease obligations on their balance sheets, based on what some regard as an arbitrary distinction between operating and finance leases. The Boards are addressing this criticism and have issued an Exposure Draft (ED) that would dramatically change lease accounting for lessees and also for some lessors.
Depreciation on long-lived buildings (pdf, 131.4kb)
The Government’s 2010 Budget announced in May will have important accounting impacts under IFRS. Two changes are expected to have a significant impact on entities that are required to recognise deferred tax in accordance with NZ IAS 12 Income Taxes (NZ IAS 12). This Alert discusses the impact of these changes for entities that apply full NZ IFRS.
The most significant impact relates to entities with buildings with an expected life of 50 years or more. The other key change is the change in the company tax rate.
