Docstoc

International Financial Reporting Standards IFRS

Document Sample
International Financial Reporting Standards IFRS Powered By Docstoc
					  NZ International Financial
Reporting Standards (NZ IFRS)



            Casey Webster
     Audit Manager – Ernst & Young
                  Outline
• Background
• Key Differences – GAAP Vs IFRS
• Impact on Iwi Organisations
• Audit Perspective
               Background
• NZ - Effective 1 January 2007
• NZ equivalents to IFRS
• Public Benefit Vs Profit Oriented Entities
• Differential Reporting
• Measurement & Recognition
• Disclosure
             Key Differences
• Financial Instruments
• Taxation
• Intangible Assets
• Employee Benefits
• Investment Properties
• Impairment
Financial Instruments NZ IAS 39
• No recognition & Measurement Standard under
  NZ GAAP

• All financial assets/liabilities recorded under
  NZ IFRS

• Designation

• Impact on financial statements
         Taxation NZ IAS 12
• Balance Sheet Approach
• Temporary Differences
• Recognition criteria
• Disclosure
 Intangible Assets NZ IAS 38

• No standard under NZ GAAP
• Recognition
Employee Benefits NZ IAS 19
• Vested and non-vested benefits recognised
• Post employment benefits
Investment Properties NZ IAS 40
• Initial Recognition
• Fair Value
• Changes in Fair Value
• International and Australian Standards
• Valuations
      Impairment NZ IAS 36
• No Standard
• FRS-3: Accounting for PP&E
• Key Requirements
       Financial Statements &
            Disclosures
• Increased Disclosures
• Names of Primary Financial Statements
• Expenditure
• Fixed Assets
• Related Parties
• Income & Expense
        Māori Organisations
• Special Purpose Financial Statements
• Compliance with NZ IFRS
• Reporting Responsibilities
                                                 Entity Filing and Audit Requirements
                                                            Companies other than Issuers                                                          Other
   Issuers                                                                                                                                       Entities
                                                     Non-Exempt Companies                                                  Exempt
                          Overseas A                   Overseas B            New Zealand        Non-active Entity         Companies
• Securities       – Not an Issuer                 – Not an Issuer        – Not an Issuer      • Not an Issuer; and      • Not an Issuer      • Not an Issuer
  issued to
                   – Not Non-active; and           – Not Non-active;      – Not Overseas       • In the period:          • Not Overseas       • Not a
  public
                                                     and                                                                                        Company
                   – Incorporated outside                                 – Not Exempt         – Has not derived         • No subsidiaries
• Recipient of
                     NZ; or                        – > 25% control1                             any income; and
  money from                                                              – Not Non-active                               • Not a subsidiary
                                                    overseas, but
  conduit issuer   – Sub of company                                                            – Has no expenses;
                                                    small; or             – Registered under                             • And 2 of:
                     incorporated outside                                                       and
                                                                            Companies Act                                − Assets < $1m
                     NZ, with no NZ parent         – Has a parent
                                                                                               – Has not disposed        − Turnover < $2m
                     that has filed individual       incorporated in NZ
                                                                                                of any assets; and
                     and group statements;           that has filed                                                      − FTE       <5
                     or                              individual and                            – Has no
                                                     group statements                           transactions that
                   – > 25% control1
                                                     in accordance with                         give rise to tax
                    overseas, and
                                                     FRA                                        obligations
                   – Large (2 of):
                   – Assets     > $10m
                   – Turnover > $20m
                   – FTE        > 50                                        Audit required
                                                                          unless unanimous
                           Audit Required                                                       No Audit Required          Audit required           Audit
                                                                             shareholder
                                                                                                                         unless unanimous      requirements
                                                                              resolution
                                                                                                                            shareholder        dependent on
     Register Audited FS2                                                                                                    resolution           relevant
                                                                                                                                                 legislation
               Required to prepare Financial Statements

                                            Reporting entities

                                                 Financial Reporting Act applies

                                     1) 25% overseas control but not a subsidiary of an overseas company.             2) FS = Financial Statements
         Audit Perspective
• Completeness
• Recognition & Measurement
• Disclosures

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:5
posted:9/18/2011
language:English
pages:14