Statutory functions

Our main statutory functions are prescribed by Section 12 of the Financial Reporting Act 2013 and are as follows:

• To issue:
  • Reporting strategies and frameworks for the issue of standards
  • Financial reporting standards that describe how to report an entity’s financial activities to make financial information meaningful and comparable for users
  • Climate standards that describe how to report an entity’s climate-related risks and opportunities
  • Auditing and assurance standards that establish the objectives and requirements for conducting audits and other assurance engagements, and professional and ethical standards that apply to all assurance practitioners applying the XRB auditing and assurance standards
• Liaising with national and international organisations that exercise functions that correspond with, or are similar to, those conferred on the XRB

XRB standards and guidance apply to for-profit, not-for-profit and public sector entities.

The XRB is not a regulator; monitoring and enforcement functions are carried out by the Financial Markets Authority (FMA).