Why Report?

Transparent and consistent external financial reporting ultimately builds greater trust and confidence with your stakeholders – whether they be your shareholders, donors, funders or customers, or tax or rate payers. 

 

Many New Zealand organisations, whether business, not-for-profit or government, have external financial reporting obligations.

These are some of the laws that require external reporting:

Essentially, the law states which types of entities must prepare financial statements that apply XRB standards, publish financial statements and obtain assurance on them.

The XRB standards themselves then state what and how entities must report.

Under certain laws, some entities may opt to follow XRB accounting standards, if they choose to.  But, even if your entity is not required by any law to follow our accounting standards, you can still choose to apply them voluntarily. 

For its external financial reporting, your entity will have to apply a particular tier of accounting standards, depending on which sector you operate in.  

Use our Find your standard tool to help you quickly locate your reporting obligations and the accounting standards that apply to your entity.

Your entity will also be required to have an independent audit or review of its financial results.

All these requirements are incorporated into a financial reporting strategy for New Zealand developed by the External Reporting Board.