The New Zealand Accounting Standards Review
Board (ASRB) has outlined an accounting framework consisting of two
sets of accounting standards for general purpose financial
reports.
One set of standards will apply to for-profit
entities and the other to public benefit entities.
The ASRB said it is preparing a position paper
explaining the rationale for its multi-standard approach which will
be accompanied by two consultation papers.
New Zealand currently has a set of standards
equivalent to IFRSs and a number of domestic standards and
additional requirements developed for profit making entities.
New Zealand and Australia are also in the
process of converging their standards for for-profit entitles, with
a final amendments coming to effect in July this year.
The ASRB is believed to be considering the
possible adoption of International Public Sector Accounting
Standards for public benefit entities.
The standard-setter is expected to
publish exposure drafts for the standards in April.
