Australia and New Zealand complete convergence project

The Australian Accounting Standards Board (AASB) and the New
Zealand Financial Reporting Standards Board (FRSB) have issued
Australian Accounting Standards and New Zealand equivalents to
IFRSs, which complete the convergence work on accounting standards
for publicly accountable for-profit Australian and New Zealand
entities.

AASB chairman Kevin Stevenson said the new standards will enable
“consistency of reporting across the Tasman and reduced preparation
costs”.

“They also open the way for the relevant government agencies to
remove the burdens associated with regulation affecting financial
reporting by branches, subsidiaries and sub-consolidations” he
said.

FRSB chairman Joanna Perry said that both boards are calling on
both governments to make “legislative changes to permit an entity
to prepare a single financial report that is acceptable in both
Australia and New Zealand.”