2027 Review of the Accounting Standards Framework
The XRB is currently in the process of reviewing the Accounting Standards Framework (ASF), which set out what and how entities must report. We need your input as we work through this process, from giving real-time feedback into our considerations along the way, through to your thoughts on the discussion paper, once it is released in May 2027.
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The current ASF has two key objectives:
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XRB's approach to this upcoming review
The XRB is currently discussing the scope and approach to this review, including detailed considerations across the sectors within the ASF, the tiers and thresholds used within each sector, and the financial reporting frameworks which could be viable for each tier of reporting entity.
We expect to release a public discussion paper in May 2027 to seek your feedback on what elements of the ASF are appropriate and what elements may need to be changed in order to ensure the ASF remains fit‑for‑purpose, internationally aligned and locally relevant.
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Purpose Statement The purpose of the 2027 Accounting Standards Framework review is to assess whether New Zealand’s tiered, multi-standard, sector‑based accounting standards framework remains fit‑for‑purpose, internationally aligned and locally relevant, and continues to support high‑quality, decision‑useful financial reporting in the public interest. The review is future-focused, evidence-based, and designed to explore viable options for the framework. It seeks to identify the key challenges, risks, opportunities and trade‑offs that arise under different options. While we recognise that any changes in the framework will involve costs, the review will examine whether the framework continues to meet user needs and whether it achieves an appropriate balance between the benefits of reporting and the costs imposed on preparers and others. |
Current XRB considerations on the ASF
You can read our detailed considerations for each element and follow along with the considerations being made by the New Zealand Accounting Standards Board (NZASB) below.
We emphasise that a range of options is currently being explored and that no decisions have been made. The options under consideration are outlined below, and we welcome your feedback.
Any proposed changes would be subject to public consultation and, where required, Ministerial approval.
Elements of the ASF to be considered
Have your say
We are interested in hearing your views as we are framing up our thought processes across each element. Share your views by completing the short survey for each element by scanning the relevant QR code to give us real-time feedback and letting us know if there are other challenges that we should consider further. Your feedback is valuable to the XRB and will help inform our views of the discussion paper we seek to issue in 2027.
| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
| Background and context to the ASF review | Overview video | Overview slides | August 2026 Board paper | |
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Information will be included here for this element of the ASF when it is being considered by the NZASB. |
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
| For-profit overarching considerations | - | - | August 2026 Board paper | |
| Tier 1 framework options | Overview video | Overview slides | August 2026 Board paper | |
| Tier 2 framework options | Overview video | Overview slides | August 2026 Board paper | |
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Have your say on this element of the ASF by completing the short survey below. Please click on the image or scan the QR code.
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
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Information will be included here for this element of the ASF when it is being considered by the NZASB. |
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
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Information will be included here for this element of the ASF when it is being considered by the NZASB. |
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
| Sectors | Overview video | Overview slides | August 2026 Board paper | |
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Have your say on this element of the ASF by completing the short survey below. Please click on the image or scan the QR code.
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
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Information will be included here for this element of the ASF when it is being considered by the NZASB. |
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
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Information will be included here for this element of the ASF when it is being considered by the NZASB. |
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
| Special purpose reporting | Overview video | Overview slides | August 2026 Board paper | |
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Have your say on this element of the ASF by completing the short survey below. Please click on the image or scan the QR code.
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
| Tier 2 entities opting in | Overview video | Overview slides | August 2026 Board paper | |
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Have your say on this element of the ASF by completing the short survey below. Please click on the image or scan the QR code.
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
| Definition of public accountability | Overview video | Overview slides | August 2026 Board paper | |
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Have your say on this element of the ASF by completing the short survey below. Please click on the image or scan the QR code.
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
| Mixed Groups | Overview video | Overview slides | August 2026 Board paper | |
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Have your say on this element of the ASF by completing the short survey below. Please click on the image or scan the QR code.
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
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Information will be included here for this element of the ASF when it is being considered by the NZASB. |
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
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Information will be included here for this element of the ASF when it is being considered by the NZASB. |
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
| Possible approach to locally modified standards | Overview video | Overview slides | August 2026 Board paper | |
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Have your say on this element of the ASF by completing the short survey below. Please click on the image or scan the QR code.
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| Topic considered |
Link to background videos |
Link to public NZASB slides |
Link to public NZASB papers |
Link to public NZASB minutes |
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We invite you to provide any comments on the ASF review by completing the short survey below. Please click on the image or scan the QR code.
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If you have any other comments or feedback on the Accounting Standards Framework you would like to share prior to the 2027 discussion paper, or have issues completing any of the above surveys, please email accounting@xrb.govt.nz.