Eye on Reporting | Issue 1/2026

Good Group IFRS 18 illustrative financial statements

This edition of Good Group has been prepared in accordance with the new requirements introduced by IFRS 18 Presentation and Disclosure in Financial Statements, and complies with IFRS issued as at 30 June 2025. It is effective for annual reporting periods beginning on or after 1 January 2025 including the early adoption of IFRS 18.

Access the publication here.

International GAAP 2026 now available

International GAAP 2026 is now available as a downloadable PDF free of charge to clients and non-clients on ey.com/ifrs. The PDF is also available on the free content channel on EY Atlas Client Edition. This detailed guide provides interpretation and implementation guidance on IFRS accounting standards, and IFRS sustainability disclosure standards.

Amendments to NZ IFRS 9 for nature-dependent electricity contracts

In May 2025, the XRB issued amendments to NZ IFRS 9 and NZ IFRS 7 - Contracts Referencing Nature-dependent Electricity. These changes affect the 'own-use' and hedge accounting provisions under NZ IFRS 9, as well as disclosure requirements under NZ IFRS 7.

For further insights, refer to the video in which EY professionals explore the recent updates.

NZ IFRS 9 amendments - derecognition of financial assets and liabilities

The amendments introduce an accounting policy choice (if specific conditions are met) to derecognise financial liabilities settled using an electronic payment system before the settlement date. The amendments commence to apply for annual periods starting on or after 1 January 2026.

For further insights, refer to the video in which a panel of EY professionals discusses the potential changes.

Amendments to Climate and Assurance Standards

To address ongoing challenges with scope 3 GHG emissions disclosure and assurance, and uncertainty around anticipated financial impacts, the XRB has introduced amendments providing additional relief.

These changes recognise that scope 3 and anticipated financial impact disclosures are new and complex, requiring time for entities to develop capability, methodologies, and data sets. Climate Reporting Entities (CREs) choosing to apply this relief are strongly encouraged to continue preparing for mandatory disclosure and assurance.

The following amended standards have been issued in November 2025:

• NZ CS 2 Amendment: Extends adoption provisions for an additional two years for anticipated financial impact disclosures, scope 3 GHG emissions (including comparatives and trend analysis), and Scope 3 assurance requirements.

• NZ SAE 1 Amendment: Updates to assurance engagements over GHG emissions disclosures.

Consultation on Alignment with International Sustainability Assurance and Ethics Standards

The consultation on aligning New Zealand’s Sustainability Assurance Framework with new International Standards closed on 10 October. This initiative sought feedback on whether to make these international standards available for use in New Zealand, providing a globally consistent approach to sustainability assurance, ethics, and independence requirements. Feedback indicated strong support for alignment and highlighted the importance of these standards in creating a globally consistent baseline for Sustainability Assurance Engagements.

For entities assuring greenhouse gas disclosures in Climate Statements, the XRB proposes adding an option to use ISSA (NZ) 5000 General Requirements for Sustainability Assurance Engagements within the temporary standard NZ SAE 1, applicable to mandatory assurance engagements under the Financial Markets Conduct Act 2013.

Click here to learn more.

NZ IFRS 18 alerts – Key Resources to Support Implementation

The XRB provides regular alerts on NZ IFRS 18, including deep-dive webcasts and practical guidance to help entities understand and implement this new standard. These resources keep you informed and prepared for one of the most significant changes to financial reporting in recent years.

Some of these alerts include:

• Webcasts and alerts: Monthly sessions focusing on critical aspects of NZ IFRS 18.

• Implementation guidance: Practical examples and insights to support transition planning. Comparative year preparation: Tips for readiness ahead of mandatory application.

The XRB’s alerts and supporting materials provide practical tools to help entities navigate these changes effectively.
Click here to learn more: Accounting Alerts » XRB

Good Group illustrative financial statements

These illustrative financial statements are prepared in accordance with IFRS issued as at 30 June 2025 and commence to apply for annual periods beginning on 1 January 2025. These model financial statements continue to apply NZ IAS 1 Presentation of Financial Statements, rather than adopting NZ IFRS 18 (see above for our IFRS 18 model accounts).

Access the publication here.