Strategic Objective 5

Public interest:
‘To advocate in the public interest’

Accounting Standards

In both the public and members’ interests, the Institute is heavily committed to, and involved in, the development of new and amended financial reporting standards.  Quality accounting standards contribute to the provision of quality financial information for decision-making and accountability purposes.

Accounting standards are developed to align with world’s best practice, modified for New Zealand conditions.  As a result of international developments in accounting by small and medium-sized entities, the Institute consulted widely in the past year on the appropriateness of the international proposals for New Zealand.  This consultation led to agreement that the Institute, together with other parties, should participate in developing materials as a basis for consultation about appropriate financial reporting requirements for all types of entities.  This work is continuing in 2009.

The full list of standards developed or contributed to by the Institute is available on the Institute's website.

New standards or other pronouncements issued = 2
Existing standards or other pronouncements amended = 52
Discussion papers or exposure drafts published for comment = 15
Submissions to international standard-setting bodies and other parties = 10

This compares with 31 standards and other pronouncements worked on in 2007.

Submissions and advocacy

The Institute has a policy of actively advocating for the public interest on a range of issues, predominantly economic, tax and regulatory.

» print this page