Role and Responsibilities

The New Zealand Accounting Standards Board (NZASB) has delegated authority from the XRB Board to develop and issue New Zealand's accounting standards.

Accounting standards that encourage high quality financial reports, that are meaningful and well-accepted by users and recognised internationally are crucial to the achievement of the XRB’s outcome goal. 

The NZASB considers all accounting standards across business, government and not-for-profit sectors, how they are applied and issues guidance on them, where necessary, to achieve it strategic objectives.

NZASB is a committee of the XRB Board established under Schedule 5 of the Crown Entities Act.

NZASB's Outcome Goal

To establish accounting standards for general purpose financial reporting which will encourage the preparation of financial reports that engender confidence in New Zealand reporting, assist entities to compete, and enhance entities’ accountability to stakeholders.

NZASB Strategic Action Plan 2018-23

The Plan sets out the broad specific strategies of the NZASB for the 2018–2023 period.

It is on a rolling five-yearly basis and we update it annually to ensure it remains a dynamic document that reflects the achievements to date and it considers new actions in response to changes in the domestic and international environment.

The NZASB strategic objectives are aligned with the XRB’s Strategic Plan for the 2018–2023 period.

The following table summarises the Plan's objectives. 

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Maintain and Enhance Existing Accounting Standards

The primary responsibility of the NZASB is to develop and issue accounting standards to support the existing financial reporting strategy, including the multi-standards, multi-tier accounting standards framework. 

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Influence the International Boards

This involves developing strategies to influence the work of the international standard-setting boards, especially for projects of importance to New Zealand constituents. New Zealand accounting standards are predominately based on international accounting standards; therefore, it is important for the NZASB to seek to influence the development of international standards. 

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Enhance Constituency Engagement and Support

A key aspect of the NZASB’s standard-setting strategy is to ensure that standards are developed with constituents in a collaborative manner, through outreach and awareness raising activities.

This strategy also includes maintaining relationships with key stakeholder groups to monitor any emerging issues to ensure the sets of standards in each sector continue to be “fit-for-purpose”.

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Consider the Outcomes of User-needs Research

The XRB has an objective of undertaking research into the financial and non-financial information needs of users of general purpose financial reports (GPFR).

The NZASB has a strategic objective of using the research outcomes as a basis for considering future enhancements to accounting standards, to inform efforts to influence the work of the international standard-setting boards, and to respond to developments in wider corporate reporting.  

NZASB Summary Work Plan

This is a summary of the significant standard-setting projects that the NZASB is expected to consider over its next four meetings. It includes milestones for each current domestic and international standard-setting project.

The NZASB’s projects and activities are significantly influenced by the work programmes of the IASB and the IPSASB. They are also subject to change due to factors outside the NZASB’s control. Some active projects do not have any significant milestones in the period covered by the Plan. All dates are therefore indicative based on current information.

The Work Plan does not include all activities of the NZASB. For example, it does not fully represent outreach activities and working with international standard-setting bodies.     

Meet our NZASB Board Members

The NZASB has up to 10 members with a focus on diversity of experience and perspective.

Members of the NZASB are appointed by the XRB and are all part time. They are remunerated in accordance with rates determined by the Remuneration Authority.

Kimberley Crook - Chair

Kimberley Crook - Chair


Kimberley is self-employed, with various roles in accounting standard-setting. In addition to her role as Chair of the NZASB, Kimberley is a member of the XRB and the Australian Accounting Standards Board. She is also a consultant to the International Accounting Standards Board.

Kimberley is a former EY partner, where she was the firm’s New Zealand IFRS leader and part of its Financial Accounting Advisory Services team. She provided advice on the application of accounting standards across a range of technical issues to clients in the corporate, public and not-for-profit sectors.

Kimberley has previously held senior staff positions at international and local standard-setting bodies. Kimberley was a member of the FRSB.

Nives Botica Redmayne

Nives Botica Redmayne


Nives is currently a Senior Lecturer in Accountancy at the Massey University School of Accountancy, Massey Business School, Palmerston North campus.

She received her PhD from Massey University in 2005.  Her doctoral research was an investigation into the effects of political risk and corporate governance on audit effort in the production of audit services in the NZ public sector.  Her main area of research and expertise is in assurance and financial reporting, in particular financial reporting in for-profit and not-for-profit, regulation and governance.  Nives also contributes to the development of professional standards, guidance and policies for practicing auditors and regulators in New Zealand. 

Nives is the Rest of North Island Region (RONI) Councillor and the Trans-Tasman Councillor for Chartered Accountants Australia and New Zealand. She is also appointed by the Financial Markets Authority (FMA) as a member of the Auditor Oversight Committee (AOC).  Nives is also a board member for a number of Manawatu community groups, societies and charities.

Francis Caetano

Francis Caetano


Francis is the Group Financial Controller at Auckland Council, New Zealand’s largest territorial local authority. His responsibilities include preparation of the Council’s external financial reports, advising on the application of accounting standards as well as updating and maintaining financial control processes within Council.

Francis has over 30 years’private and public sector financial reporting experience, internationally as a Partner with Deloitte’s Southern African practice and recently with Audit New Zealand specialising in Local Government and Crown Entity sectors.

He has a specific interest in the practical application of accounting standards that achieve the right reporting outcome being informative, clear and concise rather than purely theoretically correct.

Charles Hett

Charles Hett

Charles is a qualified actuary and has wide-ranging experience of Financial Services businesses in New Zealand and wider afield, both as a consultant and executive.

Charles established and led the Deloitte New Zealand actuarial team from 2008-17. He now acts as a Consultant Actuary to Deloitte.  He has also acted as statutory Appointed Actuary for a number of NZ insurers.

His corporate roles include AMP, CIGNA International and TOWER.

Charles has been involved with the IASB insurance accounting project over many years. He is also on the board of Transparency International (NZ Chapter). Charles is a Fellow of both the (UK) Institute and Faculty of Actuaries and the New Zealand Society of Actuaries.

Karl Hickey

Karl Hickey


Karl is Senior Finance Manager, Financial Policy and Governance, at ANZ Bank Ltd. In this role he is involved in the review of financial reports for ANZ and its associated entities operating in a range of industries.

He is also responsible for providing NZ GAAP policy interpretations and liaising with other significant New Zealand banks and financial institutions.

Previously Karl was Executive Director of the Technical Consulting Group at Ernst & Young, which included being a member of the financial instruments panel and subject matter expert for agriculture. Karl was a member of the FRSB.

Lyn Hunt

Lyn Hunt


Lyn is a partner at PwC and leads their Accounting Consulting Services team. Her role involves providing accounting advice to clients on a wide range of complex financial reporting issues under both IFRS and International Public Sector Accounting Standards. She is an IFRS specialist with particular expertise in business combinations, revenue, share-based payments and income tax.

Lyn has extensive experience in corporate reporting through financial reporting and operational audit roles for a FTSE 100 company in the UK, through the provision of assurance services to clients across a range of industries, and as an accounting advisor.

Kris Peach

Kris Peach

Kris has extensive experience in accounting standard setting. She is currently Chair and CEO of the Australian Accounting Standards Board. Previously she served as AASB member for 8 years, and as a member of the Australian Urgent Issues Group.

Kris was also a partner in KPMG’s International Standards Group and Australia’s Department of Professional Practice, interpreting complex technical accounting issues for a wide range of public and private entities.

She also had a number of international financial reporting leadership roles within the firm.

Angela Ryan

Angela Ryan


Angela is a Principal Accounting Advisor at The Treasury. In this role she provides accounting policy advice on a range of issues affecting the whole of government financial statements. She has also project managed the Government’s NZ IFRS implementation process.

Angela was a past Deputy Chair of the International Public Sector Accounting Standards Board (IPSASB).

Previously, she was an IFRS advisor at ANZ National Bank Ltd and held various accounting roles in other commercial and public sector organisations.

Angela has been a member of the NZICA PBE Working Group and was a member of the FRSB.

Richard Smyth

Richard Smyth


Richard is the Deputy Chief Financial Officer at SKYCITY Entertainment Group Limited, New Zealand’s largest publicly listed entertainment company.  His responsibilities include SKYCITY’s external financial reporting, group taxation (including both New Zealand and Australia) and providing accounting and tax advice across the Group. 

Previously Richard was a Director within PwC’s IFRS Advisory Team. 

Richard was a member of the Financial Reporting Standards Board of the then New Zealand Institute of Chartered Accountants between 2006 and 2009 and a member of the External Reporting Advisory Panel (XRAP) until appointed to the NZASB in September 2017.