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IFRS
International Financial Reporting Standards (IFRS) are developed by the International Accounting Standards Board, the standard setting body of the IFRS Foundation. The mission of the IFRS Foundation is to develop IFRS standards that bring global transparency, accountability and efficiency to the financial markets.
Our latest thinking
Get ready for the new IFRS presentation and disclosure requirements
IFRS 18 introduces new presentation and disclosure requirements that will affect most companies reporting under IFRS accounting standards.
What the GHG Protocol’s Scope 2 consultation means
Proposed changes to GHG Protocol Scope 2 Guidance raise questions about data availability, comparability and investment signals for market‑based instruments.
Practical lessons from implementation of ISSB standards
Pioneer companies' sustainability reports, prepared in accordance with ISSB standards, provide valuable insights into the first year of implementation.
Impact of climate risk on banks and expected credit losses
Climate risks, both physical and transition, are prompting banks to evolve and strengthen their expected credit loss models. Learn more
Financial reporting amid increasing tariffs and market volatility
This article highlights some of the financial reporting implications of the challenges of evolving tariffs and market volatility. Learn more
How IFRS 19 can help to reduce disclosures in the financial statements
IASB’s new accounting standard IFRS 19 provides reduced disclosure framework for eligible subsidiaries. Learn more
Changes to settlement by electronic payments
IFRS 9 clarifies when a financial liability is derecognised and provides a limited exception for them when settled by electronic transfer. Learn more
What you need to know about ISSB's new research projects
ISSB to commence two sustainability-related research projects: biodiversity, ecosystems and ecosystem services (BEES); and human capital. Learn more.
IFRS 18 changes financial performance reporting
Companies need to reconsider the structure of statements of profit or loss in light of three new categories and subtotals required by IFRS 18. Learn more
Developments in global sustainability reporting from COP28
Key sustainability reporting developments from COP28 to help companies adopt new sustainability disclosure standards. Learn more
What to focus on in financial reporting this year-end
As companies prepare for the forthcoming reporting season, find out what key themes executives and boards need to focus on this year-end. Learn more
How companies could be affected by proposed amendments to IFRS 9
A proposed change to IFRS 9 requires settlement date accounting for derecognizing financial assets and liabilities. Learn more
ISSB issues IFRS S2 new climate-related disclosure standard
Companies need to disclose information about their climate-related risks and opportunities that is useful to investors. Learn more
ISSB publishes first ever global sustainability reporting standard
IFRS SI requires companies to identify, measure and disclose sustainability related risks and opportunities. Learn more
How stakeholders can help the ISSB prioritize its work plan
Stakeholders are invited to contribute to the ISSB’s agenda for developing sustainability-related reporting information for the next two years. Learn more
How OECD Pillar Two rules affect companies and their IFRS reporting
In the largest international tax reform in nearly a century, the new rules address growing global and digital economies. Learn more.
When companies need to recognize a provision for a net-zero commitment
The requirement for companies to recognize net zero commitments in financial statements depends on facts and circumstances. Learn more.
Accounting standards for For-profit entities
Accounting standards for for-profit entities are based on International Financial Reporting Standards (IFRS) and are referred to as New Zealand equivalents to International Financial Reporting Standards (NZ IFRS).
The XRB has an "adopting international standards" strategy, and accordingly, would normally issue NZ IFRS in respect of each pronouncement made by the International Accounting Standards Board (IASB).
However, there are a number of differences between NZ IFRS and IFRS:
- Wording in the standards has been amended to accommodate the New Zealand legislative environment
- Additional New Zealand specific disclosures
- Additional New Zealand standards dealing with areas not dealt with under IFRS, such as in relation to summary and prospective financial statements
Accounting standards for Public-benefit entities
In New Zealand public-benefit entities are required to apply Public Benefit Sector Standards (PBE Standards). PBE Standards are based on International Public Sector Accounting Standards (IPSAS) with some modifications such as:
- PBE Standards modify IPSAS for any recognition, measurement or disclosure matters considered inappropriate in New Zealand. Such modifications are only made where the IPSAS requirement in question has a material impact on the financial position or performance being reported, and that impact would adversely detract from the financial statements’ usefulness to users
- PBE Standards include other relevant standards (including domestic standards) appropriate for New Zealand
- The PBE Standards are also modified to make them relevant, applicable and understandable to the not-for-profit sector preparers and users. Some modification is desirable to enhance their usefulness in the not-for-profit context
EY maintains a global IFRS network to ensure a consistent application of IFRS worldwide. We are represented in international as well as in New Zealand’s national bodies and can therefore contribute to informed discussions for improving financial reporting. In our Oceania IFRS Professional Practice team, we have a team of IFRS specialists with extensive experience in IFRS application and sector expertise.
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We merge traditional and innovative approaches, combined with a consistent methodology, to deliver quality audit services to you. Find out more.
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Through enhanced corporate reporting, EY can support finance teams to meet demands for high-quality enhanced financial and nonfinancial information.
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