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Illustrative NZ IFRS RDR 2022 financial statements
Illustrative NZ IFRS consolidated financial statements for December 2022 year-ends, including Reduced Disclosure Regime concessions
There were no changes to the financial reporting requirements this year that affected the disclosures in our example financial statements. However, ESG and in particular climate change, is a high-profile issue that is getting attention from investors and regulators. NZ IFRS does not refer explicitly to climate-related matters; however, companies must consider them in applying NZ IFRS where the effect of those matters is material to the financial statements. To help preparers and auditors identify where additional disclosures may be required, we have included a new Appendix which discusses how climate change could affect certain measurements and therefore the related disclosures in the financial statements. We have also provided useful links to our New Zealand and global resources addressing this topic.
This edition is modelled on our global IFRS 2022 publication and shows - using shading - the disclosures that can be removed if an entity is reporting under Tier 2 For-profit Accounting Requirements.
We have also made a few improvements to the disclosures and included guidance on how to deal with changes in accounting policies following IFRS IC agenda decisions.
Format - structure and materiality
The structure of our NZ IFRS RDR Limited publication provides practical ideas that you can consider to help make your own financial reports less complex and more readable. However, there’s no “one size fits all” approach. We recommend you engage with stakeholders who use your financial reports to determine what’s most relevant to them. Our intention is to provide you with a reference tool, so we’ve included illustrative disclosures for as many common scenarios as possible rather than removing disclosures based on materiality. However, too much immaterial information can obscure the information that is actually useful to readers so we recommend that you consider carefully what to include and exclude: based on what will help your stakeholders in their decision making.
Illustrative NZ IFRS consolidated financial statements for December 2016 year ends, including Reduced Disclosure Regime concessions
2017 is almost upon us, which means the mandatory date for adoption of NZ IFRS 9 Financial instruments and NZ IFRS 15 Revenue from contracts with customers (1 January 2018) is not far away. Many companies have yet to work through the impact these new standards may have on their financial reporting. Our NZ IFRS RDR Limited publication has incorporated additional appendices to demonstrate the increased disclosure requirements of these new standards.
This edition is modelled on our global IFRS 2016 publication and shows - using shading - the disclosures that can be removed if an entity is reporting under Tier 2.
Whether you are already reporting under NZ IFRS RDR or you are considering the transition to NZ IFRS 9 or NZ IFRS 15, we hope you find this publication useful.
Format - structure and materiality
Regulators locally and globally are supporting the move towards more streamlined reports as they help investors see a company’s “bigger picture” allowing more informed decisions about where to invest. The IASB continues to have disclosure reform on its agenda, having recently announced that better communication will be the central theme of the board’s key priorities over the next five years. Our NZ IFRS RDR Limited publication has been restructured to demonstrate what companies can do to tell their story more effectively.
However, the structure used is only intended to provide you with possible ideas. There’s no “one size fits all” approach so companies should engage with the stakeholders who use their financial reports to determine what’s most relevant to them.
New content
As mentioned above, this year we have provided new appendices which illustrate the disclosures that will be required when an entity adopts NZ IFRS 9 and NZ IFRS 15. None of the standards that apply for the first time in 2016 required changes to the disclosures in this publications; however, we have made a number of minor improvements to existing disclosures. We have also early adopted the amendments made to NZ IAS 7 in relation to the Disclosure Initiative, including net debt disclosures.
Illustrative NZ IFRS consolidated financial statements for December 2016 year ends, including Reduced Disclosure Regime concessions
2017 is almost upon us, which means the mandatory date for adoption of NZ IFRS 9 Financial instruments and NZ IFRS 15 Revenue from contracts with customers (1 January 2018) is not far away. Many companies have yet to work through the impact these new standards may have on their financial reporting. Our NZ IFRS RDR Limited publication has incorporated additional appendices to demonstrate the increased disclosure requirements of these new standards.
This edition is modelled on our global IFRS 2016 publication and shows - using shading - the disclosures that can be removed if an entity is reporting under Tier 2.
Whether you are already reporting under NZ IFRS RDR or you are considering the transition to NZ IFRS 9 or NZ IFRS 15, we hope you find this publication useful.
Format - structure and materiality
Regulators locally and globally are supporting the move towards more streamlined reports as they help investors see a company’s “bigger picture” allowing more informed decisions about where to invest. The IASB continues to have disclosure reform on its agenda, having recently announced that better communication will be the central theme of the board’s key priorities over the next five years. Our NZ IFRS RDR Limited publication has been restructured to demonstrate what companies can do to tell their story more effectively.
However, the structure used is only intended to provide you with possible ideas. There’s no “one size fits all” approach so companies should engage with the stakeholders who use their financial reports to determine what’s most relevant to them.
New content
As mentioned above, this year we have provided new appendices which illustrate the disclosures that will be required when an entity adopts NZ IFRS 9 and NZ IFRS 15. None of the standards that apply for the first time in 2016 required changes to the disclosures in this publications; however, we have made a number of minor improvements to existing disclosures. We have also early adopted the amendments made to NZ IAS 7 in relation to the Disclosure Initiative, including net debt disclosures.
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