Amendments to For-profit Domestic Accounting Standards due to NZ IFRS 18
Amends the following for-profit domestic accounting standards:
- FRS-42 Prospective Financial Statements
- FRS-43 Summary Financial Statements
- FRS-44 New Zealand Additional Disclosures
The amendments to FRS-42 and FRS-43 ensure that the presentation requirements for prospective and summary financial statements are consistent, where appropriate, with the requirements for the presentation of historical financial statements under NZ IFRS 18 Presentation and Disclosure in Financial Statements.
The amendment to FRS-44 ensures consistency with the requirements in NZ IFRS 18 and changes to NZ IAS 7 Statement of Cash Flows (as amended by NZ IFRS 18).
Commencement and Application
Application of the amendments is required for accounting periods which begin on or after 1 January 2027.
Application to an earlier accounting period is permitted for accounting periods that end after this amending standard takes effect on 25 September 2025 – refer to the commencement and application sections in parts C–E of this amending standard.
The amendments to FRS-42 and FRS-43 apply to both Tier 1 and Tier 2 for-profit entities. The amendment to FRS-44 amends a paragraph for which Tier 2 for-profit entities have a disclosure concession.