XRB A1

Application of the Accounting Standards Framework

Sets down the accounting standards framework for for-profit and public benefit entities (both not-for-profit and public sector entities) that are required, or opting, to prepare general purpose financial reports.

It establishes the:

  1. financial reporting tiers;
  2. criteria for each financial reporting tier;
  3. accounting standards and authoritative notices that apply to each tier; and
  4. requirements for an entity to move from one tier to another tier. 
  • XRB A1 – This version is effective for reporting periods beginning on or after 1 Jan 2022

    Date of issue: Dec 2015

    Date compiled to: 31 Jan 2022

Previous version

  • XRB A1 – This version is effective for reporting periods beginning on or after 1 Jan 2020 (early adoption permitted)

    Date of issue: Dec 2015

    Date compiled to: 29 Feb 2020

  • XRB A1 – This version is effective for reporting periods beginning on or after 1 Jan 2018

    Date of issue: Dec 2015

    Date compiled to: 31 Jan 2019

Staff Guidance: Definition of public accountability in XRB A1

Applying the definition of public accountability in Aotearoa New Zealand

To determine an entity’s financial reporting tier, a key factor to consider is whether the entity has ‘public accountability’, as defined in XRB A1 Application of the Accounting Standards Framework. This XRB staff guidance provides clarification of the definition of public accountability in New Zealand and how to apply it.