Domestic Accounting Standards

Domestic (New Zealand-specific) standards may be developed for inclusion in For-profit Accounting Standards or PBE Accounting Standards.  

These standards (usually FRSs or PBE FRSs) either:

  1. prescribe additional disclosures to those in For-profit Accounting Standards based on IASB pronouncements; or
  2. cover topics that do not affect IFRS-compliant financial statements.

The process the NZASB follows here is set out below.

You can read this in conjunction with the commentary on Process 4 in the following document:

pdf EG A2 378 KB

The steps in the diagram below refer to the steps in the commentary in EG A2.

Diagram showing process for setting domestic accounting standards