XRB Update
2 October 2026

Kia ora,

Over the past few weeks, I’ve had the opportunity to connect with standard setters from around the world. A recurring theme is how we manage change.

At the XRB, we do not "set and forget" our frameworks and standards. We play an active stewardship role, continually monitoring developments, gathering evidence, engaging with our international peers, drawing on expertise, and talking to people on the ground, to fully understand if our frameworks are fit for purpose.

In this edition you’ll read about:

• how we are responding to emerging trends

• our major review of New Zealand’s accounting standards framework

• our work to align with global sustainability reporting developments

• additional updates from the XRB and our global network

No one knows exactly what the future holds, but by remaining connected, we can help ensure our financial and climate reporting, and assurance standards remain trusted, relevant and future fit.

Ngā mihi,

Wendy Venter

Chief Executive

Technology: a central theme of the IAASB’s audit evidence and risk response proposals  

The use of emerging technologies, like AI, is transforming how entities operate and how assurance practitioners plan and perform their work.  

These tools provide opportunities, but they also introduce new risks to audit quality that we need to understand and manage.  The good news is that:

You can have your say. We are consulting on the International Auditing and Assurance Standards Board (IAASB)'s proposed revisions to the audit evidence and risk response standards, so they remain clear, practical and responsive to technological change while continuing to support high-quality audits.

There are proposed changes to three key auditing standards: ISA 330 The Auditor’s Responses to Assessed Risk, ISA 500 Audit Evidence, and ISA 520 Analytical Procedures.

Feedback is due to the XRB by 11 November 2026.

For more information see our audit evidence and risk response page

Read the consultation document

Provide feedback to the by written submission, email or through our engagement events

Sign-up to our audit and assurance news for latest updates

We are continuing to lay the groundwork for our first comprehensive review of New Zealand’s Accounting Standards Framework (ASF) since its establishment.

In September we held the first of three sessions in our ASF "Need-to-know" explainer series, designed to break down key concepts using slides, videos and interactive polls.

Our draft climate reporting roadmap consultation is now closed

Thank you to all of you who shared your insights and perspectives on the proposed future strategic direction for climate reporting in New Zealand. The draft climate reporting roadmap consultation has now closed.

We know many of you invest considerable time and effort in climate reporting, so we are grateful for your participation.

We are now analysing the written submissions received through the consultation process and will continue to publish submissions on our website.

As part of next steps, we are also considering the broader legislative environment, including proposed amendments to the definition of climate reporting entity not being enacted in primary legislation, through the Financial Markets Conduct Amendment Bill. We are assessing the implications of this for the timing of our standard-setting decisions in consultation with the Financial Markets Authority (FMA) and the Ministry of Business, Innovation and Employment (MBIE). In the meantime, the FMA has extended its ‘no-action’ relief for climate reporting entities affected by the Bill not passing.

Read the latest submissions

View the FMA’s media release

Informed by feedback: refinements to NZCS 1

We are in the final stages of our due process for amending NZ CS 1 Climate-Related Disclosures in relation to greenhouse gas emissions exclusions. Submissions closed on 29th July and we have made some refinements to the descriptions of exclusions and examples of justifications based on what you had to say. Thank you for your input.

The final amending standard will be taken to the next Sustainability Reporting Board meeting on 13 October for approval.

Register to observe our SRB board meeting

Read the submissions to this consultation

Keeping you informed

• The inaugural Accounting Standards Advisory Forum (ASAF) cross Tasman discussion group meeting got off to a positive start, bringing together practitioners and preparers from New Zealand and Australia to discuss reporting challenges and share practical experiences.

• A key theme from the International Auditing and Assurance Standards Board (IAASB) meeting in New York was the demand for the standard setter to provide more implementation support. This reflects a key XRB strategic priority. Discussions focused on what due process is needed for the development of guidance material

• Consultation on the proposed amendments to the auditing standards for audits of less complex entities has now closed. Feedback from our outreach events indicated strong support for the proposals, alongside appreciation for the XRB's willingness to listen and responsiveness to concerns raised.

• The XRB was pleased to support Europe’s standard setter, EFRAG, earlier this month as it engages with New Zealand on proposals designed for large non-EU companies that have significant business activities in Europe.

• At its September board meeting in Ghana, the International Public Sector Accounting Standards Board (IPSASB) progressed several areas relevant to New Zealand. It added new work on provisions and disclosures about uncertainties in the financial statements and agreed to monitor the International Accounting Standards Board’s work on intangible assets, both topics previously recommended by the XRB. The IPSASB also considered application challenges relating to its revenue standard, which will help inform the XRB’s development of a new Public Benefit Entity standard.

• Congratulations to Angela Ryan on her reappointment to the IPSASB for a third term, beginning next year.

• The XRB Annual Report 2025/26 has been published on our website.

• Audit evidence and risk response
  Comments due to XRB by 11 November

• Risk Mitigation Accounting - Proposed amendments to IFRS 9 and IFRS 7
  Comments due to XRB by 16 November

• Request for Information - Post-implementation Review IFRS 9 and IFRS 7 - Hedge Accounting Requirements
  Comments due to XRB by 11 January 2027

• Virtual Deep dive: Audit evidence and risk response proposals
  6 October at 10.00am

• Assurance Need-to-know
  13 October at 12.30pm

• Introduction to the Review of the Accounting Standards Framework – Part 2
  20 October at 12.30pm

• Need-to-know – Accounting update for for-profit entities
  3 November at 12.00pm

• Need-to-know – Accounting update for public sector entities in Tier 1 and Tier 2
  17 November at 12.00pm

• Need-to-know – Accounting update for not-for-profit entities in Tier 1 and Tier 2
  23 November at 12.00pm

• Need-to-know – Accounting update for public benefit entities in Tier 3 and Tier 4
  26 November at 12.00pm

• Introduction to the Review of the Accounting Standards Framework – Part 3
  8 December at 12.00pm