Pitopito Kōrero

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April 2024

XRB Stakeholder Survey launched 

Stakeholders will be receiving an email from Verian (formerly Kantar Public/Colmar Brunton) inviting you to participate in our annual Stakeholder Survey. The survey is designed to help us understand your views on our performance overall and where potential improvements could be made and will take 5 to 10 minutes to complete. The survey will run until 15 May. 

New Director Accounting Standards

We are delighted to announce that Michelle Lombaard has joined the XRB as the Director Accounting Standards. Michelle has most recently been with Deloitte, where she was Director, Assurance and Advisory in the Wellington team. Michelle has experience across several sectors including energy, agriculture, and Māori businesses. She brings a wealth of experience and knowledge to this important role as we continue to develop our accounting standards work programme.

Boost for Public Interest Entity audits 

Proposed changes to auditing requirements for Public Interest Entities have been published by the International Auditing and Assurance Standards Board (IAASB) and the XRB are currently exploring how to tailor these proposals for New Zealand. The proposals aim to meet heightened user expectations and enhance confidence in financial statements for these types of entities.

In New Zealand, public interest entities include those entities that are required to report in accordance with the Tier 1 reporting criteria – this includes large public sector and not-for-profit entities and their auditors.

Read our consultation document here and register to attend our virtual feedback forum  to provide your views.  We are also hosting targeted group discussions with key sector groups – if you are interested in participating, please email assurance@xrb.govt.nz

New requirements to improve investor communication

IFRS 18 Presentation and Disclosure in Financial Statements introduces new requirements to improve how information is communicated in the financial statements – in particular, information in the statement of profit or loss.
The XRB is expected to approve NZ IFRS 18 Presentation and Disclosure in Financial Statements in May this year. In the meantime, to get an idea of the changes that NZ IFRS 18 will introduce, read IFRS 18 on one page. Further detail can be found on the IASB’s website.
NZ IFRS 18 will replace NZ IAS 1 Presentation of Financial Statements once it becomes mandatory on 1 January 2027, and is expected to apply to all for-profit reporting entities in New Zealand.

In brief

Events

  • Public Interest Entity Amendments 8 May

Consultations

  • Deferral of the mandatory date for the amending standard Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to NZ IFRS 10 and NZ IAS 28). Closes 22 April
  • Auditors Responsibilities Relating to Fraud. Closes 15 May
  • Public Interest Entity amendments Closes 4 June.  

Unless stated otherwise - all events listed are virtual. 

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