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Financial reporting guide An overview of the New Zealand financial reporting framework

December 2017

The New Zealand Financial Reporting Framework consists of two parts:

• ►Thestatutoryfinancialreportingframework,whichsetsoutthestatutorypreparation,auditandfilingrequirementsforvarioustypesofentities

• ►Theaccountingstandardsframework,whichestablishestheaccountingstandardstobeappliedbyentitieswithstatutoryreportingobligations

ThebelowflowdiagramhasbeendesignedtoassistyouinnavigatingyourwaythroughtheNewZealandfinancialreportingframeworkandthisGuide.

Thestatutoryfinancialreportingframeworksetsoutthefinancialreportingrequirementsfordifferenttypesofentities,includingrequirementsto:

• ►PreparefinancialstatementsorgroupfinancialstatementsinaccordancewithNewZealandgenerallyacceptedaccountingpractice(NZGAAP)ornon-GAAPstandards,hereafterreferredtoasgeneralpurposefinancialreports(GPFR).

• ►Havethosefinancialstatementsaudited.

• ►RegisterorlodgethosefinancialstatementswiththeRegistrarorotherwisedistributethosefinancialstatementstointerestedpersons (forexample,shareholdersormembers).

TheunderlyingprincipleoftheNewZealandstatutoryreportingsystemistoprovideinformationtoexternaluserswhohaveaneedforanentity’sfinancialstatementsbutareunabletodemandthem.

ThestatutoryframeworkusesthreeindicatorstodrivewhoshouldprepareGPFR:

• ►Publicaccountability(e.g.,FMCreportingentities,publicsectorentitiesandregisteredcharities).

• ►Economicsignificance(i.e.,entitysize).

• ►Separationofowners/membersoftheentityanditsmanagement.

Statutory reporting framework

New Zealand financial reporting framework

Doesanentityhaveastatutoryobligationtopreparefinancialstatements in accordance withNZGAAP?

Refertotheentity’srelevantlegislation (seesectionStatutory reporting framework below)

IstheentityrequiredtoordoesitelecttoapplyNZGAAP?

Refertorequirementsinthecompany’sconstitution,trustdeed,bankingandotheragreements

IstheentityrequiredtoapplytheIRD’sminimumrequirementsforfinancialreporting?

RefertoTaxAdministration(FinancialStatements)Order2014

Prepareaspecialpurpose financialreportunder IRD’sminimumrequirements

OR

NZICAspecificpurposeframework

NoreportingobligationsinNZ

PreparethefinancialstatementsinaccordancewithNZGAAP

(seesectionAccounting standards frameworkbelow)

No

Yes Yes

No

No

Yes

2 | New Zealand Financial Reporting Guide 2017

A—AlargeNewZealandcompanyorlargeoverseascompany(A)isnotrequiredtoprepareeitherparentorgroupfinancialstatementsifAisasubsidiaryofabodycorporateincorporatedorregisteredinNewZealand(B)andgroupfinancialstatementsthatcomplywithNZGAAPcomprisingB,AandallsubsidiariesofB havebeenprepared.AlargeNewZealandcompanyorlargeoverseascompanythatisexemptfrompreparationrequirementsisalsoexemptfromauditandfilingrequirements.

B—IfalargeNewZealandcompanyhastopreparefinancialstatementsthatcomplywithNZGAAP,thecompanycanoptoutfromanauditbymeansofaresolutionpassedbynotlessthan95%ofthevotesofthoseshareholdersentitledtovoteandvotingonthequestionifthecompanyisnotexpresslyrestrictedfromdoingsoinitsconstitution.

C—Ifalargeoverseascompanyisrequiredtoprepare,haveanauditandfilefinancialstatementsinNewZealandthatcomplywithNZGAAP,thecompanyisrequiredtoprepare,haveanauditandfilefinancialstatementsthatcomplywithNZGAAPforitslargeNewZealandbusiness(i.e.,branch)with“large”definedasassetsgreaterthan$20morrevenueexceeding$10m.

The table below highlights statutory reporting requirements for companies, partnership and registered charities.

Entity GPFR requirement Audit requirement Filing requirement

FMCreportingentities. ►√ ►►√ ►►√

LargeNewZealandcompanies(with“large”definedastotalassetsgreaterthan$60morrevenueexceeding$30m)withnooverseasownershiporlessthan25%overseasownershipthatarenotsubsidiariesofacompanyincorporatedoverseas.

►√►►A ►√A,B ►X

LargeNewZealandcompanies(with“large”definedasassetsgreaterthan$60morrevenueexceeding$30m),with25%ormoreoverseasownershipthatarenotsubsidiariesofacompanyincorporatedoverseas.

►√►A ►►√A ►►√A

LargeNewZealandcompanies(with“large”definedastotalassetsgreaterthan$20morrevenueexceeding$10m)withlessthan25%overseasownershipthataresubsidiariesofacompanyincorporatedoverseas.

►►►√A ►√A,B ►►►X

LargeNewZealandcompanies(with“large”definedastotalassetsgreaterthan$20morrevenueexceeding$10m)with25%ormoreoverseasownershipthataresubsidiariesofacompanyincorporatedoverseas.

►►►√A ►►√A ►►►►√A

LargeoverseascompaniesthatcarryonbusinessinNewZealand(with“large”definedasassetsgreaterthan$20morrevenueexceeding$10m).

►√►A,C ►√►A,C,D ►√►A,C

Companieswith10ormoreshareholders. ►√►A,E ►√►A,E ►X

Largepartnerships,includinglargelimitedpartnerships(with“large”definedastotalassetsgreaterthan$60morrevenueexceeding$30m).

►√► ►√F ►X

Retirementvillages. ►√ √ ►√►

PublicentitiesasdefinedunderthePublicAuditAct2001. ►√► ►√ G

RegisteredcharitiesundertheCharitiesAct2005. ►√► H √►

D—AlargeoverseascompanyisnotrequiredtohaveanauditofitsfinancialstatementsorgroupfinancialstatementsifitsNewZealandbusinessisnotlarge(with“large”definedasassetsgreaterthan$20morrevenueexceeding$10m)andunderthelawinforceinthecountrywheretheoverseascompanyisincorporatedorconstituted,thequalifyingfinancialstatementsarerequiredtobeprepared,butarenotrequiredtobeaudited.

E—Canoptoutifaresolutionpassedbynotlessthan95%ofthevotesofthoseshareholdersentitledtovoteandvotingonthequestionandthecompanyisnotexpresslyrestrictedfromdoingsoinitsconstitution.

F—Canoptout,ifwithin6monthsfromthestartofanaccountingperiod,aresolutionispassedorsignedbypartnerswhotogetherhavecontributedatleast95%ofthecapitalcontributionsofallthepartners.

G—Requirementscontainedinpublicsectorlegislation.

H—Registeredcharitieswithtotaloperatingexpenses$1mormorearerequiredtohaveanauditperformedbyaqualifiedauditor.Registeredcharitieswithtotaloperatingexpensesgreaterthan$500,000arerequiredtohaveanauditorreviewoftheirfinancialstatementsperformedbyaqualifiedauditor.

3 | New Zealand Financial Reporting Guide 2017

Other requirements

• ►Deadlinesforpreparation,auditandfiling(whereapplicable)requirementsforGPFRare:

• ►FourmonthsforallFMCreportingentities.

• ►►►Fivemonthsforcompanies.

• ►Sixmonthsforregisteredcharities.

• ►Separatefinancialstatementsforaparentcompanydonotneedtobepreparedifgroupfinancialstatementsareprepared.However,therequirementsoftheFinancialReportingAct1993remaineffectiveforsomereportingentitiesundertransitionalprovisionsoftheFinancialReportingAct2013.Thoseentitiescontinuetopresentseparateparentfinancialstatementswhengroupfinancialstatementsareprepared.

• ►►RetirementvillageoperatorsarenotincludedinthedefinitionofanFMCreportingentityandthereforedonotautomaticallyfallwithinthetoptierofreporting.However,operatorsstillneedtoprepareGPFRandhaveanaudit.

• FriendlysocietiesandbranchesarerequiredtoprepareGPFRunlessamajorityofthemembersoptoutofcompliancebywayofaresolution.However,entitieswithoperatingexpenditureover$30mcannotoptoutofpreparingthefinancialstatements.Additionally,friendlysocietiesandbranchesthatareFMCreportingentitiesorinsurerscontinuetohavefinancialreportingobligations.

• ►TheFinancialMarketConductAct2013requiresallcreditunionstocomplywiththefinancialreportingobligationsthatapplytoFMCreportingentitiesandotherfinancialmarketparticipants.

• ►►ForFMCreportingentities,failuretocomplywithfinancialreportingobligationsmayresultinanoffenceforboththeentityanditsdirectors(ratherthanjustthedirectorsasiscurrentlythecase),withamaximumpenaltyofimprisonmentforatermnotexceeding5yearsandafinenotexceeding$500,000(inthecaseofanindividual)or$2.5m(inthecaseofanentity).

TheFinancialReportingAct2013alsoprovideslegislationtoempowertheExternalReportingBoard(XRB)toissuefinancialreportingstandardsforawiderrangeofentities,includingregisteredcharities.

The Exposure Draft of the Incorporated Societies Bill

TheLawCommissioncommencedareviewoftheIncorporatedSocietiesAct1908.ItpublishedanissuespaperinJune2011withthemainrecommendationtoreplacethe1908ActwithanewIncorporatedSocietiesAct.Inresponsetotheissuespaper,inNovember2015theMinistryofBusiness,InnovationandEmployment(MBIE)issuedtheExposureDraft(ED)oftheIncorporatedSocietiesBillforpubliccomment.ThecommentperiodwasclosedinJune2016.CurrentlytheMBIEisworkingtowardstheBillbeingintroducedintotheHousein2018,withaviewtoenactmentin2019.Thenewlegislationwillthenlikelycomeintoforceintwosteps–in2021and2023.Inadditiontootheramendmentstothe1908Act,theEDproposedchangestofinancialreporting.Theproposedchanges,iffinalisedasproposed,willrequireallsocietiestoprepareGPFR.TherealsowillbearequirementtolodgethemwiththeRegistrarwithinsixmonthsoftheendofthesociety’sfinancialyear.Thismeansthatincorporatedsocietieswillhavethesamepreparationobligationsasregisteredcharities:

• Societieswithannualoperatingexpenditure$2millionorlessinoneorbothofthetwoprecedingfinancialyearswillbeabletoprepareaperformancereportinaccordancewiththeXRB’ssimpleformatreportingstandardsfornot-for-profitentities(Tiers3or4)

• SocietiesthatdonotqualifyforTier3or4reportingwillberequiredtopreparefinancialstatementsinaccordancewiththemoreextensiveTier1or2PublicBenefitEntity(PBE)Standards.

FurtherinformationontheEDandtheMBIEprocessontheBillisavailableon the MBIEwebsite.

4 | New Zealand Financial Reporting Guide 2017

TheXRBisresponsibleforsettingaccountingstandardsforentitieswithstatutoryrequirementstoprepareGPFR.TheXRBhasissuedamulti-standardsframeworkthatrequiresdifferentsetsofaccountingstandardstobeappliedbyfor-profitentitiesandpublicbenefitentities(PBEs).

Therefore,undertheXRB’smulti-standardsapproach,determiningwhetheranentityisaPBEorafor-profitentityisthefirststepinestablishingtheparticularfinancialreportingrequirementsforanyentitythathasastatutoryrequirementtopreparethefinancialstatementsunderNZGAAP.PBEsaredefinedasfollows:

“Reporting entities whose primary objective is to provide goods and services for community or social benefit and where any equity has been provided with a view to supporting that primary objective rather than for a financial return to equity holders” (XRB A1, Appendix A).

For-profitentitiesarereportingentitiesthatarenotPBEs.

Theaccountingstandardsframeworkforfor-profitentitiesandPBEsisoutlinedinthetablesbelow.ThetablesalsoincludereferencestotheapplicableEYresourcesthatprovidearelevantsetofillustrativefinancialstatements.Additionalguidanceisalsoprovided,followingthetables,toassistindeterminingtheappropriateaccountingstandardstobeapplied byfor-profitentitiesandPBEs,includingthequalifyingcriteriaand otherconsiderations.

Accounting standards framework

*RefertothediscussionbelowonTier1for-profitentitiesforthedefinitionof“publiclyaccountable” **For-profitpublicsectorentitiesarefor-profitentitiesthatarepublicentitiesasdefinedinthePublicAuditAct2001

For-profit entitiesThetierstructureofthefor-profitaccountingstandardsframeworkconsistsoftwotiers.

Criteria of the tier Applicable Accounting Standards

Applicable EY publication

Tier 1 • ►“Publiclyaccountable”entities(asdefinedbytheIASB,includingentitiesdeemedtobepubliclyaccountable*)

• ►Largefor-profitpublicsectorentities**(i.e.expenses>$30m)

NZIFRSinfull GoodGroupNewZealandLimitedfortheyearended31December2017

ThepublicationisavailableontheIFRSpageoftheEYwebsite(ey.com/nz/ifrs)

Tier 2 • ►Not“publiclyaccountable”*

• ►Non-largefor-profitpublicsectorentities**

NZIFRSwithReducedDisclosureRegime (NZIFRSRDR)

5 | New Zealand Financial Reporting Guide 2017

Tier 1 for-profit entities

For-profitentitiesthatmeettheTier1criteriaarerequiredtocomplywithNZIFRSinfull.

Underthefor-profitaccountingstandardsframeworktierstructure,thefollowingfor-profitentitiesmeettheTier1criteria:

• ►“Publiclyaccountable”entities(seebelow);or

• ►Largefor-profitpublicsectorentities(i.e.withexpenses>$30million).

Anentityis“publiclyaccountable”ifit:

• ►meetstheInternationalAccountingStandardsBoard(IASB)definitionofpublicaccountability;or

• ►isdeemedtobepubliclyaccountableinNewZealand.

UndertheIASBdefinition,anentityispubliclyaccountableif:

• ►itsdebtorequityinstrumentsaretradedinapublicmarketoritisintheprocessofissuingsuchinstrumentsfortradinginapublicmarket(adomesticorforeignstockexchangeoranover-the-countermarket,includinglocalandregionalmarkets);or

• ►itholdsassetsinafiduciarycapacityforabroadgroupofoutsidesasoneofitsprimarybusinesses.Thisistypicallythecaseforbanks,creditunions,insuranceproviders,securitiesbrokers/dealers,mutualfundsandinvestmentbanks.

AnentityisdeemedtobepubliclyaccountableintheNewZealandcontextif it is:

• ►anFMCreportingentitythatisconsideredtohaveahigherlevelofpublicaccountabilitythanotherFMCreportingentities,specifically:

a)anissuerofequitysecuritiesordebtsecuritiesunderaregulatedoffer

b)amanagerofregisteredschemes,butonlyinrespectoffinancialstatementsofaschemeorfund

c)alistedissuer

d)aregisteredbank

e)alicensedinsurer

f)acreditunion

g)abuildingsociety,or

• ►anFMCreportingentitythatisconsideredtohaveahigherlevelofpublicaccountabilitybyanoticeissuedbytheFinancialMarketsAuthority,or

• ►anentityunderthetransitionalprovisionsoftheFinancialReportingAct2013.

Tier 2 for-profit entities

Theterm“Tier2for-profitentities”referstoentitiesthatqualifyforandelecttoapplyNZIFRSReducedDisclosureRegime(NZIFRSRDR).

Afor-profitentitymayelecttoreportunderNZIFRSRDRifitis:

• ►Not“publiclyaccountable”(seethediscussionaboveonTier1for-profitentities);and

• ►Inrespectoffor-profitentitiesinthepublicsector,isnotlarge(i.e.withexpenses≤$30million).

Small and medium-sized for-profit entities

Smallandmedium-sizedfor-profitentities(SMEs),thatarenotrequiredtoprepareGPFRunderthestatutoryframework,insteadneedtopreparespecialpurposefinancialstatements(SPFR)fortaxpurposes,usingminimumstandardssetbytheInlandRevenueDepartment.Also,guidelineshavebeenissuedbytheCharteredAccountantsAustraliaandNewZealandforentitiespreparingSPFR.

6 | New Zealand Financial Reporting Guide 2017

Public benefit entitiesAfourtierstructureforPBEshasbeenestablished,withreportingrequirementsforeachofthefourtiers.

ThePBEtierstructureincludes:

• asetofPBEStandardstobeappliedbylargeandmedium-sized(Tier1and2)publicsectorandnot-for-profitPBEs.

• SimpleFormatReportingstandardsforTiers3and4publicsectorandnot-for-profitPBEs.

*RefertothediscussionaboveonTier1for-profitentitiesforthedefinitionof“publiclyaccountable”

Criteria of the tier Applicable Accounting Standards Applicable EY Publication

Tier 1 • ►“Publiclyaccountable”entities(asdefinedbytheIASB,includingentitiesdeemedtobepubliclyaccountable*)

• ►Largeentities(i.e.expenses>$30m)

PBEStandardsinfull GoodCityCouncilfortheyearended30June2018

ThepublicationisavailableontheIRFSpageoftheEYwebsite(ey.com/nz/ifrs)

Tier 2 • ►Medium-sizedentities(expensesbetween$30mand$2m)thatarenotpubliclyaccountable*

PBEStandardsReducedDisclosureRegime(PBEStandardsRDR)

Tier 3 • ►Smallentities(expenses≤$2m)thatarenotpubliclyaccountable*

PBESimpleFormatReporting–Accrual(PublicSector)

PBESimpleFormatReporting–Accrual(Not-for-profit)

►PleasecontactyourlocalEYrepresentative

Tier 4 • ►Microentities(expenses<$125,000andpermittedbylegislationtobeinTier4)thatarenotpubliclyaccountable*

PBESimpleFormatReporting–Cash(PublicSector)

PBESimpleFormatReporting–Cash(Not-for-profit)

►

7 | New Zealand Financial Reporting Guide 2017

Tier 3 PBEs

Theterm“Tier3PBEs”referstoPBEsthatqualityforandelecttoreportunderPBESimpleFormatReporting–Accrual.Thisstandardincludestemplatesandsimplifiedrequirementsforthefinancialstatements.Thisshouldresultinreducedcompliancecosts,especiallycomparedwith NZIFRS.SimpleFormatReportingStandards–AccrualaccountingisconsideredaGAAPframeworkandthusentitiesapplyingitwillbecomplyingwithGAAPinNewZealand.Tier3PBEsarerequiredtoprepareaccountsonanaccrualbasis.

APBEmayelecttoreportunderPBESimpleFormatReporting–Accrual if it:

• ►isnot“publiclyaccountable”(seethediscussionaboveonTier1for-profitentities);and

• ►hastotalexpenses≤$2million.

Tier 4 PBEs

Theterm“Tier4PBEs”referstoPBEsthatqualifyforandelecttoreportunderPBESimpleFormatReporting–Cash.Thestandardincludessimplifiedtemplatesandreportingrequirementsforthefinancialstatements.Tier4PBEsarepermittedtopreparefinancialstatementsonacashbasis.PBESimpleFormatReporting–Cashaccountingisanon-GAAPframework.

APBEmayelecttoreportunderPBESimpleFormatReporting–Cashifitispermittedbylegislationtoreportinaccordancewithnon-GAAPstandards(i.e.thecashbasisofaccounting)becauseit:

• ►isnot“publiclyaccountable”(seethediscussionaboveonTier1for-profitentities);and

• ►hasoperatingpayments<$125,000.

Tier 1 PBEs

PBEsthatmeettheTier1criteriaarerequiredtocomplywithPBEStandardsinfull.PBEStandardsarebasedonInternationalPublicSectorAccountingStandards(IPSAS),withsomemodificationsfortheNewZealandenvironment.

UnderthePBEtierstructure,thefollowingPBEsmeettheTier1criteria:

• ►“Publiclyaccountable”entities(seethediscussionaboveonTier1 for-profitentities);or

• ►Large(i.e.withexpenses>$30million).

Tier 2 PBEs

Theterm“Tier2PBEs”referstoentitiesthatqualifyforandelecttoapplyPBEStandardsReducedDisclosureRegime(PBEStandardsRDR).

APBEmayelecttoreportunderPBEStandardsRDRifitis:

• ►not“publiclyaccountable”(seethediscussionaboveonTier1for-profitentities);and

• ►notlarge(i.e.withexpenses≤$30million).

8 | New Zealand Financial Reporting Guide 2017

Are you ready for the new accounting standards?Asweenter2018,manyNewZealandbusinesseswillpassthedateofinitialapplicationofaseriesofsignificantaccountingchanges,includingthenewrevenuerecognitionstandard,NZIFRS15Revenue from Contracts with CustomersandthefinalversionofNZIFRS9 Financial Instruments.Isyourbusinessreadyforthecomingwaveofaccountingchange?

Tohelpyouunderstandandprepareforthenewaccountingstandards,wedevelopedanumberofEYthoughtleadershipmaterials.Someofthesematerialsarelistedbelow.PleaserefertoEYwebsite(ey.com/ifrs)forthemostrecentEYpublicationsandwebcasts.WealsoencourageyoutocontactoneofEYmemberfirmAssurancepartnersoramemberoftheEYFinancialAccountingAdvisoryServicesteamtodiscusswaysinwhichwecanhelpyouadoptthenewNZIFRSstandards.Inthebackofthispublication,youwillfindourcontactdetails.

NZ IFRS 9

Classification and measurement

• ►IFRSDevelopments,Issue130:IASBissuesanAmendmenttoIFRS9

• ►ApplyingIFRS:IFRS9fornon-financialentities

• ►ApplyingIFRS:ClassificationoffinancialinstrumentsunderIFRS9

Impairment

• ►EYIFRS9impairmentbankingsurvey

• ►ApplyingIFRS:ImpairmentoffinancialinstrumentsunderIFRS9

• ►BaselCommitteeproposesguidanceonaccountingforexpectedcreditlosses

Hedging

• ►IFRSDevelopmentsIssue109:Nextstepsfortheaccountingfordynamicrisk management project

• ►ThoughtCenterwebcast:HedgeAccountingfornon-financialentities

• ►ApplyingIFRS:HedgeaccountingunderIFRS9

Other

• ►IFRSDevelopmentsIssue77: IASBissuesadiscussionpaperonaccountingformacrohedging

• ►ApplyingIFRS:Creditvaluationadjustmentsforderivativecontracts

NZ IFRS 15

General materials

• ►ApplyingIFRS:Acloserlookatthenewrevenuerecognitionstandard(UpdatedOctober2017)

• ►ApplyingIFRS:PresentationanddisclosurerequirementsofIFRS15

Industry materials

• ►ApplyingIFRSinEngineeringandConstruction:Thenewrevenuerecognition standard

• ►ApplyingIFRSinMiningandMetals:Thenewrevenuerecognitionstandard - mining and metals

• ►ApplyingIFRSinRetailandConsumerProducts:Thenewrevenuerecognitionstandard-retailandconsumerproducts

• ►ApplyingIFRSinRealEstate:Thenewrevenuerecognitionstandard-realestate

• ►ApplyingIFRSinTelecommunications:Thenewrevenuerecognitionstandard-telecommunications

• ►ApplyingIFRSinSoftwareandCloudServices:Thenewrevenuerecognitionstandard-softwareandcloudservices

• ►ApplyingIFRSinTechnology:Thenewrevenuerecognitionstandard–technology

• ►ApplyingIFRSinAssetManagement:Thenewrevenuerecognitionstandard–assetmanagement

• ►ApplyingIFRSinAutomotiveIndustry:Thenewrevenuestandard–automotive

• ►ApplyingIFRSinLifeSciences:Thenewrevenuerecognitionstandard-life sciences

• ►IFRSDevelopmentsforOil&Gas: Thenewrevenuerecognitionstandard-oil and gas

• ►IFRSDevelopmentsforOil&Gas:Thenewrevenuerecognitionstandard-oilfieldservices

• ►IFRSDevelopmentsforPowerandUtilities:Thenewrevenuerecognitionstandard

9 | New Zealand Financial Reporting Guide 2017

10 | New Zealand Financial Reporting Guide 2017

EYFinancialAccountingAdvisoryServicesandAssuranceprofessionalsbringtogetherawealthofaccountingknowledgefromdiverseexperiencesadvisingarangeofclientsacrossthepublic,corporateandnot-for-profitsectors.

WecanhelpyourorganisationapplytheNewZealandfinancialreportingframework as well as assist with the interpretation and implementation of newaccountingstandardsapplicabletoyourorganisation.

Forthenewaccountingstandardsthatbecomeeffectivein2018,NZIFRS9andNZIFRS15,wecanleverageourexperienceonthemajorprojectsto:

• ►AssistyourorganisationinimplementingnewNZIFRS9andNZIFRS15requirementsusinganestablishedmethodology

• ►Supportandadvisethedesignandimplementationofmodels,processes,

How we can help yousystemsandcontrolchangestocapturetheinformationnecessarytoapplythenewrules

• ►Providetailoredtrainingontheimplicationsofthenewrequirements

• ►Supportyouinassessingtheimpactonregulatorycapitalandtax

• ►Providecomparisonswithyourpeerstohelpdeterminethedirectionofyourproject

• ►HelpyoutobetterunderstandhowtheopportunitiesandchallengesofNZIFRS9andNZIFRS15couldimpactyourbusiness,andenableyoutomakeinformeddecisionsabouthowtoadopt

• ►Sharemarketinsightswithyouoncurrentmethodologies,peers’viewsandpreferablesolutionoptions

ContactsFormoreinformation,pleasecontactyourusualEYadvisororamemberoftheFinancialAccountingAdvisoryServicesteam:

Christchurch WellingtonAuckland

David Pacey Tel:+64212425716david.pacey@nz.ey.com

Bruce LoaderTel:+64274899984bruce.loader@nz.ey.com

Stuart MutchTel:+64274899378stuart.mutch@nz.ey.com

Grant TaylorTel:+64274899410grant.taylor@nz.ey.com

Graeme Bennett Tel:+64274899943graeme.bennett@nz.ey.com

John Hodge Tel:+64274329184john.hodge@nz.ey.com

Alex KnyazevTel:+6421853152 alex.knyazev@nz.ey.com

Lara Truman Tel:+64274899896lara.truman@nz.ey.com

Kim WilsonTel:+64276049465kim.wilson@nz.ey.com

Yulia BogatovaTel:+64274899408 yulia.bogatova@nz.ey.com

Charis HallidayTel:+64275543047charis.s.halliday@nz.ey.com

Gali SlyuzbergTel:+64274899565gali.slyuzberg@nz.ey.com

David BorrieTel:+6421923431david.borrie@nz.ey.com

11 | New Zealand Financial Reporting Guide 2017

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