Reporting strategies and frameworks

We focus on the needs of the users of reports—shareholders, investors, Board members, funders, donors, customers, tax or rate payers—rather than just on the needs of those who use our standards to prepare reports. 

This comprises a multi-sector, multi-tiered approach and sets out the full range of standards that apply, based on your entity's sector and tier. The range of accounting standards varies for different sectors and tiers.

This tiered approach is intended to match the benefits with the cost of preparing financial statements, based on the size of the entity.

Find our overview of the current Accounting Standards Framework here.

Auditing & Assurance Standards Framework

This comprises establishing which auditing & assurance standards apply, what the basis for those standards should be, whether a full audit is required or a more simple review, and ensures that practitioners can follow the same professional, consistent practices when auditing and reviewing financial reports. 

Find our overview of the current Auditing & Assurance Standards Framework here.

Stakeholder engagement

Building and maintaining strong, productive relationships with our stakeholders is fundamental to our success.

It is vital that we have strong relationships and networks both internationally and in New Zealand in the sectors for whom we set standards and the wider eco-system.

These relationships allow us to understand and monitor the external reporting and assurance landscape. Domestically, in conjunction with our due process requirements, these relationships underpin our work in setting standards, making changes to standards and/or issuing guidance to assist in adoption and implementation of standards.

The XRB Board’s specialist advisory panel, XRAP, is a key part of the Board’s stakeholder engagement strategy. The panel provides feedback and guidance to the XRB Board and technical boards. The panel comprises experts and representatives of organisations impacted by our work and is a key part of our strategy to enhance meaningful engagement with different sectors. 

Alignment with international standards

Our strategy is to adopt international standards, which are modified to reflect our unique New Zealand conditions. We also look to harmonise our standards with Australia.

This approach is designed to ensure we keep pace with international practice while also reducing our standard-setting costs.

The NZASB, NZAuASB and SRB engage with international bodies at early stages in the development of standards. We help determine the content of standards to ensure New Zealand needs are considered.