The ‘NZ’ in ‘NZ IFRS’: Public Benefit Entity Amendments

Michael Eric Bradbury · Rachel F. Baskerville

25 citations0/0 files storedAustralian Accounting Review

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

In 1992, New Zealand adopted a sector‐neutral approach to standard setting – where the difference in accounting treatment is driven by differences in the nature of transactions and not by ownership or the objectives of the reporting entity. This study reviews the impact of adaptations of International Financial Reporting Standards (IFRS) to ensure their successful application in a sector‐neural environment. A fundamental question of the move to IFRS is whether the public benefit entity amendments in NZ IFRS have contaminated the IFRS for profit‐orientated entities or diluted the available guidance for public benefit entities. This suggests that it is worthwhile for Australia and New Zealand to monitor and reconsider their sector‐neutral approach to adopting IFRS.

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2006Due Process and the Adoption of IFRS IN New Zealand 2002Due Process Failure in Sector‐neutral Accounting Standard‐setting

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2012The Impact of IFRS Adoption on Public Sector Financial Statements 2015Large audit firm premium and audit specialisation in the public sector

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