Identifying Your Accounting Framework

The Government’s decision (via the requirements of the Financial Reporting Act 2013) to no longer require many small to medium-sized companies to prepare general purpose financial reports, together with its decision to increase financial reporting requirements for charities and the External Reporting Board’s decision to take a multi-standards, multi-tiered approach in its accounting standards framework, has increased the complexity of financial reporting in New Zealand.

This webinar seeks highlight the practical issues that have arisen for members in applying this new approach to financial reporting. Highlights include:

• Examining the size criteria that apply when determining financial reporting requirements
• Determining whether general purpose financial statements are required and, if they are, which framework to apply
• Establishing a suitable basis for financial reporting when general purpose financial statements are not required
• Hints for tricky situations that you might find yourself in.

Upon satisfactory completion of this webinar you will be able to:

• Explain the background and legislative framework
• Identify the set of accounting standards that are applicable to the entity in question
• Identify the common challenges and pitfalls that arise when trying to decide which set of standards are applicable

Gain the insights you need to determine the applicable set of standards to use in a particular set of circumstances.