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Good news for 95 percent of New Zealand companies

Good news for 95 percent of New Zealand companies

New financial reporting requirements coming into force tomorrow are a positive development for New Zealand small and medium businesses, says John Hodge, General Manager - Technical and Quality Assurance at the New Zealand Institute of Chartered Accountants (NZICA).

The new Financial Reporting Act means that up to 95 percent of New Zealand companies may no longer have to meet previously-prescribed financial reporting standards. Many will still have to produce accounts for the Inland Revenue Department.

Last month the IRD issued its minimum financial reporting requirements for these companies.

“Chartered Accountants are well placed to provide advice and information to their business clients to help them adapt to the new requirements,” says Mr Hodge.

“NZICA has contributed to the development of the new requirements, working with key Government agencies to provide policy input.”

NZICA is developing new, optional, reporting guidelines that will give small and medium New Zealand businesses the tools to easily and consistently record and manage the financial health of their businesses. These Special Purpose Financial Reporting guidelines will also be useful for companies when dealing with shareholders, boards, lenders and simultaneously meeting the IRD minimum requirements.

“The NZICA Small to Medium Enterprises (SME) guidance package will provide credible and flexible accounting guidance to preparing simplified financial statements” commented Mr Hodge.

The NZICA SME guidance package includes three sets of illustrative financial statements aimed at what NZICA views as the most common New Zealand SME industry groups. This package will be available from NZICA in the near future.

NZICA, in conjunction with the IRD and the External Reporting Board (XRB), delivered a series of roadshows around New Zealand during February and March. The purpose of the roadshows was to explain the recent changes to financial reporting resulting from the Financial Reporting Act.

NZICA is also developing an interactive Financial Reporting Tool that will provide further practical help to chartered accountants and their clients.

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