Accounting standards engender confidence in the financial reporting of the private, public and not-for-profit sectors.
Audit & Assurance standards ensure trust in an organisation's financial reports.
The aim of Aotearoa New Zealand Climate Standards is to support the allocation of capital towards activities that are consistent with a transition to a low-emissions, climate-resilient future.
Section 22 of the Financial Reporting Act 2013 requires us to take reasonable steps to consult the persons or representatives of persons who, in the opinion of the Board, would be substantially affected by the issue of the standard, notice, amendment, or revocation. It also requires us to consult with the Privacy Commissioner if a standard, an authoritative notice, or an amendment is likely to require the disclosure of personal information.
The XRB Board has developed a set of due process guidelines which the NZASB, the NZAuASB must follow before issuing a standard, amendment to a standard, or other pronouncement. [These are being revised in 2025/2026]
For a detailed description of how our standards are set, read the following documents. They set out the full processes for setting both accounting standards and auditing & assurance standards:
Before a new standard (or amendment, authoritative notice or other pronouncement for issue) can be approved, the standard-setting Board must be assured that:
The standard-setting Board prepares a signing memorandum which outlines the due process followed, the major issues raised by the constituency during that process, and the conclusions reached by the standard-setting Board in considering them.
The XRB Board Chair signs an approval certificate and the standard-setting Board can then issue the standard/amendment/ pronouncement.
When we issue a standard, amendment, or pronouncement we notify this publicly on our website and via our Accounting Alert, Auditing & Assurance Alert, or Climate Alert as appropriate.
Read Audit & Assurance Alerts here
Changes to standards are also posted to our Recent Approvals page.
Notifications also appear in the NZ Gazette — the official Government newsletter.
Under section 25 of the Financial Reporting Act 2013, the following are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements):
(a) a standard:
(b) an authoritative notice:
(c) an amendment or revocation of a standard or authoritative notice.
Under section 114 of the Legislation Act 2019, the Minister must present secondary legislation to the House of Representatives in accordance with the House’s rules and practice
Under section 117 of the Legislation Act 2019, Parliament may, by resolution within 21 sitting days, disallow a standard.
The parliamentary process surrounding this involves consideration of the issued standard by the Regulations Review Committee.
The standard setting process is governed by the Financial Reporting Act 2013.
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Overview of the Accounting Standard Setting Process