Illustrative NZ IFRS RDR financial statements - update for 2024

2024 NZ IFRS RDR Additional Resources to supplement our Illustrative NZ IFRS consolidated financial statements for December 2022 year-ends, including Reduced Disclosure Regime (RDR) concessions. For concessions effective in earlier periods (if any), readers should also refer to our RDR update for 2023.

There were no substantive changes to the financial reporting requirements this year that affected the disclosures for entities adopting the Reduced Disclosure Regime (RDR) concessions. 

Tier 2 reporters should continue to refer to the Illustrative NZ IFRS RDR 2022 financial statements for example disclosures for financial reporting periods commencing on or after 1 January 2024. 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.

NZ IFRS RDR 2021 Illustrative Financial Statements

In 2024, except for the amendments to FRS-44 New Zealand Additional Disclosures for disclosure of fees for audit firms’ services, there were no other changes to the financial reporting requirements that could affect the disclosures in our global IFRS 2024 publication. As the changes are minimal, we will not be releasing a full update to the Illustrative NZ IFRS RDR document this year.

Instead, to help preparers and auditors identify where additional disclosures may be required, we have published 2024 NZ IFRS RDR Additional Resources where we have summarised for you:

  • The changes to accounting standards that apply from 1 January 2024

  • Any recent IFRS Interpretations Committee (IFRIC®) agenda decisions

  • Additional matters for you to consider in relation to hot topics like climate change, geopolitical conflicts, macroeconomic considerations and changes in tax legislation.

We have also provided useful links to our New Zealand and global resources addressing the above matters.

Format - structure and materiality

The structure of our Illustrative NZ IFRS RDR 2022 financial statements 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.

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Stephen Hogg

Stephen Hogg

Partner, PwC New Zealand

Tel: +64 21 734 021

Tiniya du Plessis

Tiniya du Plessis

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Sara Moonlight

Sara Moonlight

Executive Director, PwC New Zealand

Tel: +64 27 249 5318

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