© 2013 Grant Thornton International Ltd. All rights reserved. Financial Reporting Past, present and into the future Mark Hucklesby National Technical Director.

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Presentation transcript:

© 2013 Grant Thornton International Ltd. All rights reserved. Financial Reporting Past, present and into the future Mark Hucklesby National Technical Director GTNZ e

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. Setting the scene Some financial reporting history The New Zealand story, so far … The IASB's conceptual framework project What lies ahead

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved.

Evolution of the mobile phone

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. And how some view our response …

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. Sector neutral

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. 1,700 Pieces of Legislation FRA '93 Coy'sU/T's Public Finance

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved.

X RDR

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. IFRS around the world

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. 1,700 Pieces of Legislation FRA '93 FRA '13 Coy'sU/T's Public Finance CharitiesP/Ship's Inc. Soc. Trusts

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. Financial reporting development principles Public accountability Economic significance Separation of ownership and governance

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. The Financial Reporting Framework – Future Old GAAP Differential Reporting NZ IFRS Differential Reporting X X X

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. The new framework decision tree

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. An overview … Required to prepare GPFR? PBE or For-profit entity? SPFR PBE Standards Tier 1 criteria apply? Elect Tier 2? NZ IFRS RDR Elect Tier 3 or Tier 4 criteria (until 30 March 2016) NZ IFRS Yes For Profit No Yes PBE No Yes No

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. Standard XRB A1 – For Profit entities Tier 1 = Default ("pure IFRS") If meet relevant criteria may elect to be in another Tier Tier 2 NZ IFRS RDR Tier 4 Old Kiwi GAAP (temporary) Tier 3 NZ IFRS Diff Rep (temporary)

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. Standard XRB A1 – Public Benefit Entities Tier 1 = Default ("modified" IPSAS) If meet relevant criteria may elect to be in another Tier Tier 2 NZ IPSAS RDR Tier 4 Old Kiwi GAAP (temporary) Tier 3 NZ IFRS Diff Rep (temporary)

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. The Financial Reporting Framework now in place For-Profit Entity Public Benefit Entity PBE IPSAS (NFP) RDR NZ IFRS NZ IFRS RDR SPFR Framework (Optional) PBE IPSAS (NFP) Simple Format Cash (NFP) Simple Format Accrual (NFP) IRD Minimum PBE IPSAS (PS) RDR PBE IPSAS (PS) Simple Format Cash (PS) Simple Format Accrual (PS)

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved.

So where to from here?

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved. Get the conceptual framework right

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved.

© 2013 Grant Thornton International Ltd. All rights reserved. Thanks for listening!

© 2015 Grant Thornton New Zealand Audit Partnership. All rights reserved.