Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Trans-Tasman Financial Reporting Initiatives

9 July 2006

Ministers Welcome Trans-Tasman Financial Reporting Initiatives

The Australian Treasurer Peter Costello and New Zealand Minister of Commerce Lianne Dalziel today welcomed the initiatives that will ensure that Australia and New Zealand continue to work closely together on financial reporting issues.

At the inaugural joint meeting of the Australian and New Zealand accounting standard setting bodies in May 2006, the Chair of the Australian Accounting Standards Board (AASB), Professor David Boymal, and the Chair of the New Zealand Financial Reporting Standards Board (FRSB), Ms Joanna Perry, signed a protocol of cooperation on accounting standards.

The protocol aims to minimise differences between the accounting standards in Australia and New Zealand. This follows from initiatives last year to promote greater communication between the standard setting bodies through cross-appointments.
Australia and New Zealand are also working together on a number of other financial reporting issues that will seek to further assist trans-Tasman companies by aligning regulatory frameworks.

These initiatives include a review of the differences in the auditing regulation frameworks between the countries and an analysis of the broader legislative requirements in relation to financial reporting. This work is being progressed by the Trans-Tasman Accounting Standards Advisory Group that was established by the Australian Treasurer and the New Zealand Minister of Finance in 2004.

The Ministers welcomed these initiatives and congratulated the accounting standard setting bodies for their contribution towards establishing a single economic market between Australia and New Zealand. The Ministers noted that aligning financial reporting frameworks would assist in reducing the compliance costs for businesses with trans-Tasman operations and help to promote investment between the jurisdictions.

Background

The protocol of cooperation between the AASB and the FRSB aims to:

• minimise the differences between accounting standards issued in Australia and New Zealand;

• ensure that the AASB and the FRSB present similar positions at international forums to maximise influence; and

• ensure that staff resources are shared to the fullest extent practicable and possible.
The protocol represents part of an ongoing process to harmonise trans-Tasman accounting standards and financial reporting requirements. To date this process has involved:

• the formation of the Trans-Tasman Accounting Standards Advisory Group, which has the power to make recommendations to the Australian and New Zealand governments on means of harmonising accounting standards on each side of the Tasman;

• cross-appointments between the AASB and the FRSB, which have involved the Chairs of each Board being appointed to the other Board; and

• cross-appointments between the Financial Reporting Council (which, amongst other things, oversees the accounting standards making process in Australia) and the Accounting Standards Review Board (which approves accounting standards in New Zealand). These cross-appointments have involved the Chairs of each entity being appointed to the other entity.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election