Role and Responsibilities
The XRB Board is the governing body of the XRB.
It has three core responsibilities:
The Board is responsible for establishing the XRB’s strategic plan and monitoring and reporting on its progress.
It also approves the operating policies, procedures, authorities and delegations for the XRB.
All the functions and responsibilities of the XRB organisation ultimately rest with the XRB Board.
However, the XRB Board has delegated the standard-setting function to two other standard-setting Boards: the NZASB and NZAuASB. This arrangement allows the XRB Board to focus on the standards framework at the strategic level, while the standard-setting Boards focus on the standards' detail.
Financial reporting strategy
The financial reporting strategy function is a key responsibility of the XRB Board.
Initially, this function involved finalising the current accounting and assurance standards frameworks following a consultation process from 2011.
Now work involves monitoring the NZASB and the NZAuASB's implementation of the financial reporting strategy, ongoing consideration of the adequacy of that framework and identifying areas for improvement.
This requires reasonable degree of “environmental scanning” (both domestically and internationally) and ongoing engagement with stakeholders.
For both accounting and assurance standards, there is ongoing consideration of how New Zealand can most effectively contribute to international standard-setting processes. A key issue is how we can influence developments in areas of particular importance or concern to New Zealand.
Trans-Tasman harmonisation is also important, and involves identifying areas for further harmonisation or collaboration, recognising where there are roadblocks to be addressed and pinpointing what strategies might be needed.
The XRB Board’s governance role and responsibilities are essentially the same as for any other governing body.
The key aspects are:
- establishing the XRB’s strategic direction and publishing it (via a multi-year strategic plan)
- establishing the XRB’s annual performance objectives and publishing them (via the annual Statement of Intent)
- monitoring the XRB’s performance against its performance objectives for the year (through internal reporting)
- reporting on the XRB’s performance to the Minister and the public (via the Annual Report)
- approving operating policies, procedures, authorities and delegations for the XRB.
Monitoring the standard-setting boards
As a large part of the XRB’s core business is undertaken by the NZASB and the NZAuASB, the XRB's overall performance is heavily dependent on the performance of those Boards.
The approach is to agree the performance expected of each Board with it at the beginning of each year and then monitor their actual performance against expectation through regular reporting during the year.
Meet our XRB Board members
The XRB Board comprises nine members, appointed by the Governor General on the recommendation of the Minister of Commerce.
The members of the XRB are all part time and are remunerated in accordance with rates determined by the Remuneration Authority.
Michele leads PwC's National Assurance practice and is a member of PwC’s Executive team.
Michele's clients span all sectors and industries but her specialist areas include financial services and the public sector. She is a specialist in international financial reporting standards (IFRS) and has extensive experience advising organisations on complex financial reporting matters, in particular, those relating to financial statements and prospectuses of issuer clients in securities markets.
Michele is an expert in financial reporting and is a strong believer in the value that transparent reporting, good governance and quality audit collectively play in building confidence in NZ business and capital markets. Michele is Deputy Chair of the External Reporting Board, was the inaugural chair of the New Zealand Accounting Standards Board and former member of the Australian Accounting Standards Board and the Trans Tasman Accounting and Auditing Standards Advisory Board. Michele is a member and Fellow of the New Zealand Institute of Chartered Accountants.
Michele is committed to supporting the growth of NZ women leaders. She is a board member and Deputy Chair of Global Women and Chairs the Global Women, Women in Leadership Programme, which works to develop and assure leadership opportunities for qualified women, and mentor and shape emerging leaders.
Michael is a Professor of Accounting at Massey University, Albany. His research interests are in the area of corporate financial reporting, financial analysis and governance. He is currently an associate editor of the Australian Journal of Management and is on the editorial board of seven other journals. His consulting activities include litigation support for business valuations and accounting opinions.
Prior to his academic career he was a chartered accountant with a large accounting firm in Auckland and London. He is actively involved in professional accounting activities. He served on the Financial Reporting Standards Board of the Institute of Chartered Accountants of New Zealand for 10 years, the International Joint Working Group of Standard Setters, Financial Instruments, IFRIC and the International Financial Reporting Standards Advisory Council.
Kimberley is self-employed, with various roles in accounting standard-setting. In addition to her role as a member of the XRB, Kimberley is Chair of the NZASB and a member of 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.
Bill is a retired partner of PwC, having been a partner for 18 years. For his last eight years he led the PwC Australia Risk & Quality Group, which was responsible for risk management and quality control, including methodologies and technologies, across all the firm's business units. He served on Global and Asian Risk and Quality Leadership teams.
He also spent six years leading the PwC Australian Professional Standards Group responsible for the firm's financial reporting and auditing policies and advice. He was also previously Chair of the Australian Auditing & Assurance Standards Board.
John is Financial Services Audit Partner at KPMG. He is the head of KPMG's Financial Services Line of Business and Audit Practice. He is also the editor of the Financial Institutions Performance Survey.
John is a licensed auditor and his audit experience covers a wide range of commercial sector clients including Banking, Insurance, Funds Management, and the Automotive Industry. He has particular expertise in financial services auditing and related Reserve Bank and Trustee reporting requirements.
John is also a trustee of the Kidscan Charitable Trust.
LLB (Hons), LLM, CA, CFInstD
Jane Taylor is a professional director with extensive experience in commerce, law and governance.
Jane is currently Chair of NZ Post Limited, Landcare Research New Zealand Limited, and Predator Free NZ Ltd. She is Deputy Chair of Radio NZ Limited, and a Director of Silver Fern Farms Limited, Hirepool Group Limited, Kiwi Bank Limited and OTPP New Zealand Forest Investments Limited.
FCA, FCPA (Aust)
Fergus Welsh is a Chartered Accountant with specialist knowledge of public benefit entity reporting issues. He has more than 25 years public sector financial management experience working across a number of government agencies. Fergus is currently the Group Manager - Financial Advice and Control at the Ministry of Health.
Prior to that he held roles as Chief Financial Officer and Chief Accountant at the New Zealand Treasury, and has also been the New Zealand Government Representative on the Governing Board of the Joint Accreditation System of Australia and New Zealand (JAS-ANZ).