Illustrative NZ IFRS consolidated financial statements for December 2013 year ends including Reduced Disclosure Regime consessions
This publication provides an illustrative set of consolidated financial statements, prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS). It also identifies disclosure concessions and additional clarifications for entities that are eligible and elect to report under NZ IFRS – Reduced Disclosure Regime (NZ IFRS RDR).
The financial statements are of a fictional group, (NZ IFRS RDR Limited ('the company') and its subsidiaries (together 'the group')).
The group has adopted External Reporting Board Standard A1 Accounting Standards Framework (For-profit Entities Update) ('XRB A1') for the year ended 31 December 2013. The group meets the criteria of a Tier 2 entity under XRB A1 and has elected to report in accordance with Tier 2 For-profit Accounting Standards (ie under NZ IFRS RDR).
NZ IFRS RDR Limited previously applied full NZ IFRS in its consolidated financial statements and is preparing its financial statements under NZ IFRS RDR (Tier 2 For-profit Accounting Standards). NZ IFRS RDR Limited's recognition and measurement accounting policies are not changed as a result of moving to Tier 2 For-profit Accounting Standards.
The illustrative financial statements reflect a combined example of best practice both in New Zealand and overseas. Nevertheless, the form and content of each entity's financial statements are the responsibility of the Directors. Therefore disclosure and presentation styles should be tailored to reflect the nature and characteristics of the particular entity and the preferences of the Board of Directors.
The illustrative financial statements are for the group only. Under New Zealand legislation, the parent financial statements are also required to be presented as required by the Financial Reporting Act 1993. A company reporting under the Financial Reporting Act 2013, will not be required to prepare company financial statements if it prepares group financial statements.