Publications


Not-for-profit


 Tier 3 FAQs - Ability to keep operating cover

Assessing and reporting on your entity’s ability to continue operating

This series of FAQs will help the governing bodies of Tier 3 not-for-profit entities understand their responsibilities to assess and report on their entity’s ability to continue operating. 

 

In periods of increased uncertainty (such as that caused by COVID-19), providing this information is an important part of helping readers to understand your performance report. 

 

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Not-for-profitAuditing


 XRB Alert 2020-3 Cover

What is the impact on going-concern disclosures in response to COVID-19?

Going concern uncertainty is a reality for not-for-profits, so good disclosure is an opportunity to communicate that reality in a clear and transparent way.

 

Here we provide an overview of the responsibilities of those charged with governance for the adequacy of going concern related disclosures in an entity’s financial statements.

 

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For-profitAuditing


 XRB Alert 2020-2 Cover

What is the impact on going-concern disclosures in response to COVID-19?

Going concern uncertainty is a reality for many companies, so good disclosure is an opportunity to communicate that reality in a clear and transparent way.

 

Here we provide an overview of Directors’ responsibilities for the adequacy of going-concern related disclosures provided in a company’s financial statements. It includes commentary on both the requirements in the accounting standards and auditor expectations.

 

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For-profitAuditing


 XRB Alert 2020-1 Cover

What can you expect from auditor reports in response to COVID-19?

Here we explain the communication tools auditors use in auditor reports and the likely impact of COVID-19 on auditor reporting, including

  • More modified auditor opinions;
  • More disclosures in Auditor Reports; And
  • The impact of going concern matters on the auditor’s thought process and auditor’s report

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For-profitAuditing


Enhanced Auditor Reporting cover

A follow-up joint review by the FMA and the XRB of the trends and changes in KAMs reporting in the three years since the new standards were introduced. The review analyses KAMs reported in 2019 audit reports and was conducted prior to COVID-19.


Not-for-profitAuditingReview


 Small Charities Assurance Needs cover

This booklet sets out the findings from our recent research looking at what drives small charities to obtain assurance over their financial statements. 

 

We also wanted to find out if the needs of funders—philanthropic funding bodies and government agencies—were appropriately addressed by small charities' assurance engagements


Not-for-profitAuditingReview


A Guide for Prescribers 

Prescribers — regulators, government departments and others — often require entities to seek professional services. This is to establish a level of trust and confidence over specified information, such as financial reports.

 

This booklet provides you an overview of all the matters you need to take into account where either new or existing legislation or policy documentation you are preparing requires an assurance engagement. 


For-profit


 Cover of Research Report "Are financial reports meeting user needs?"

This is the first comprehensive study into the needs of users of Tier 2 for-profit entity financial reports in New Zealand. The findings are consistent with our earlier similar research for Tier 1 for-profit entities operating in New Zealand domestic capital markets.

 

Both groups of users find financial statements useful and they trust them. However, both groups also want to see financial reports continue to evolve and improve, and where possible to be shorter and simpler.

 

The research will be used to drive discussion and debate around Tier 2 accounting requirements in New Zealand.


For-profitAuditing


Key Audit Matters coverKey audit matters – A stock-take of the first year in New Zealand 

The XRB and FMA have published the results of their joint analysis of Key audit matters – A stock-take of the first year in New Zealand

 

As well as reviewing the auditor’s reports of 168 entities, the survey engaged directly with investors, preparers, directors and auditors.

 

The purpose of this publication is to provide insights into the experience to date to help improve New Zealand auditor reporting.Take-up of the new requirements for extended auditor’s reports has been positive.

 


Not-for-profitAuditing


A Guide for Funders
A guide for funding organisations

Some not-for-profit (NFP) organisations are required by law to have their financial statements audited or reviewed, but not all. 

 

This booklet provides funding organisations with an overview of the different assurance options available to not-for-profits and how to choose the right one.

 

Assurance engagements give stakeholders’ confidence in the credibility of an organisation’s information. 


For-profit


Alternative Performance MeasuresAPM Survey Report

In view of the growing international and local trend for companies to disclose Alternative Performance Measures (APMs), this survey enables better understanding of how APMs are viewed by users of financial reports in New Zealand and whether they are effective in meeting user needs.

 

Our findings and indications of how APMs and related information can be improved will help us ensure corporate performance reporting remains appropriate, credible and meets user needs.