International accounting board members visit New Zealand

Recently, the XRB had the pleasure of hosting two members of international accounting boards, who came to hear what we in Aotearoa thinks about some key international challenges, while experiencing some of the sights and sounds of our country.

International Public Sector Accounting Standards Board (IPSASB) Chair

In February 2025, Ian Carruthers, the Chair of the International Public Sector Accounting Standards Board (IPSASB), visited Wellington, where he had a busy week of presentations, activities, and thought-provoking discussions.

This included presenting to the XRB Board, the New Zealand Accounting Standards Board, and the Sustainability Reporting Board about the international public sector environment and the growing demands for good financial and sustainability reporting. Ian highlighted the significant contribution New Zealand plays in shaping global reporting standards and how New Zealand is leading the way in public accountability and transparent reporting.

Ian Carruthers with fellow panel members, David Eng and prof Sally Davenport.

Ian also got in front of the camera to film some educational videos on the latest IPSAS accounting standards – IPSAS 47 Revenue and IPSAS 48 Transfer Expenses. These videos will be part of the XRB's upcoming Exposure Draft consultations on whether to adopt these standards into the NZ PBE standards. Make sure to subscribe to our accounting alerts to stay in the loop.

The highlight of Ian's visit was an engaging panel discussion on public sector performance reporting in New Zealand. Joined by representatives from the Office of the Auditor-General, New Zealand Treasury, and Victoria University of Wellington, Ian shared his thoughts on the opportunities and challenges in performance reporting. He encouraged public sector entities to keep striving for meaningful and appropriate reporting, even when it's not easy.

Here is the link to the audio recording of the Public Sector Performance Reporting Panel, A Waste of Time or No Time to Waste, hosted by the XRB and Victoria University of Wellington.

International Accounting Standards Board (IASB) Vice-Chair

In November 2024, Linda Mezon-Hutter, the Vice-Chair of the International Accounting Standards Board (IASB), visited Auckland, where she addressed accounting professionals about the IASB's current and upcoming work programme and how the IASB is considering challenges in the rapidly evolving global financial reporting landscape.

Linda, along with IASB technical principal Anne McGeachin and other New Zealand representatives, also discussed the new standard, NZ IFRS 18 Presentation and Disclosure in Financial Statements. NZ IFRS 18 will bring a significant refresh to the financial statements for for-profit entities, and they explored what this means for New Zealanders. This standard has been gazetted and will be effective for reporting periods beginning on or after 1 January 2027.

Watch the IFRS 18 insights panel, which included preparer and auditor views on IFRS 18.

All in all- what a privilege for the XRB having hosted two very distinguished guests in such a short space of time!