Navigating the financial reporting changes

March 31st was the first time that many New Zealand companies will prepare their financial statements under the new Financial Reporting Act 2013. 

The Financial Reporting Act 2013 came into force on 1 April 2014. These changes will allow different levels of financial reporting to reflect the complexity of the business. This is an important breakthrough in simplification of reporting for business. 

“The changes to the legislation have allowed legislators and accounting standards setters to overhaul the system and ensure that standards meet the needs of the users. At its most simplest it means the corner shop will be reporting at the level most appropriate for them while the local supermarket reports at a level that reflects the greater complexity and needs of their larger business model,” says Chartered Accountants Australia and New Zealand Reporting Leader Dr Michael Fraser CA. 

To ensure that our members are best placed to help their clients through such a significant reform we’ve developed an online Financial Reporting and Assurance tool that is available to all our members. The tool assists members in navigating the new preparation, audit and filing requirements for a range of entities under the new legislation. 

“Our team has been working with members, legislators and standard setters for several years to make sure they’re prepared to help their clients through this change. In addition to creating the online tool we’ve been consulting with members, holding information sessions and providing online updates throughout this time.

“Business people around New Zealand can be confident if they need an answer on how the new Financial Reporting Act affects them, or any other business challenges their Chartered Accountant has a wealth of information at their fingertips to walk them through the changes,” says Fraser.

Mark Hucklesby, Partner and National Technical Director at Grant Thornton, says the online tool will be of huge benefit to him and his firm.

“We’ve been working with Chartered Accountants ANZ for some time on this transition and making sure that we’re well placed to help our clients. This online tool is perfect for ensuring that we navigate through this huge change seamlessly.”