New Zealand


  • Service: Audit, Advisory, Accounting Advisory Services
  • Type: Business and industry issue
  • Date: 1/06/2012

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Simon Lee

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Reporting news- 12RN08 

Welcome to this week's Reporting News, a regular summary of publications on reporting matters to keep you informed about financial reporting developments.

Reporting updates

FMA draft guidance note: Disclosing non-GAAP financial information

On 22 May 2012 the FMA published a draft Guidance Note: Disclosing non-GAAP financial information (“the draft guidance note”). The draft guidance note sets out the FMA’s views on when non-GAAP financial information should or should not be used and what additional disclosure should be made so that the information disclosed is not misleading.


This Reporting Update summarises the key features of the draft guidance note:

MED discussion: Auditing and Assurance for Larger Registered Charities

Recently the MED published a discussion paper on the possible need for audit and assurance for financial statements of larger registered charities. This is in an effort to make larger charities compliant with GAAP and give more confidence to users of the financial statements.


This Reporting Update summarises the proposed changes:

  • 12RN-08B Auditing and Assurance for Larger Registered Charities [PDFL 900KB]



In the Headlines


No In the Headlines in this issue.



Other KPMG Publications

Illustrative condensed interim financial statements

This publication will help in preparing condensed interim financial reports in accordance with IAS 34 Interim Financial Reporting.




  • The publication reflects IFR in issue as at 20 May 2012 that are required to be applied by an entity with an annual period beginning on 1 January 2012.
  • Two new appendices have been introduced to illustrate disclosures for entities that early adopt IAS 19 Employee Benefits (June 2011) and IFRS 9 Financial Instruments (October 2010). The latter has been updated to reflect Mandatory Effective Date and Transition Disclosures – Amendments to IFRS 9 and IFRS 7.


We illustrate one possible format for condensed interim financial reports based on a fictitious multinational corporation; the corporation is not a first-time adopter of IFRS.


IFRS for Investment Funds – Issue 4, May 2012

This publication will guide you through the practical application issues that investment funds may encounter when applying the classification requirements of IFRS 9 Financial Instruments that is to supersede IAS 39 Financial instruments: Recognition and Measurement. It discusses the key requirements and includes interpretative guidance and illustrative examples.


IFRS 9 classification requirements represent a significant change from IAS 39 for financial assets and a limited one for financial liabilities. This publication covers the key issues related to classification under IFRS 9 which may be of a particular interest to investment funds.


IFRS Newsletter – The Balancing Items – Issue 1, May 2012

The IASB has published Exposure Draft ED/2012/1 Annual Improvements to IFRSs 2010-2012 Cycle as part of its annual improvements process to make non urgent but necessary amendments to IFRS.  The exposure draft proposed improvements to 11 standards and proposed consequential amendments to other standards.  Comments on the exposure draft are due by 5 September 2012.  The IFRS Newsletter: The Balancing Items brings into focus those narrow-scope amendments to IFRS.


IFRS Newsletter – The Balancing Items – Issue 2, May 2012

The IASB has published Annual Improvements to IFRSs 2009-2011 Cycle as part of its annual improvements process to make non urgent but necessary amendments to IFRS. 


The new cycle contains amendments to the following five standards with consequential amendments to other standards and interpretations:


  • IFRS 1 First-time Adoption of International Financial Reporting Standards
  • IAS 1 Presentation of Financial Statements
  • IAS 16 Property, Plant and Equipment
  • IAS 32 Financial Instruments: Presentation
  • IAS 34 Interim Financial Reporting.


NZ Accounting Standards Board Communiqué 2012/7 – 17 May 2012

The New Zealand Accounting Standards Board held its most recent meeting in Wellington on 16 May 2012. The main matters considered at the meeting related to the new Accounting Standards Framework.


The board continued to develop the Exposure Draft for Tier 1 and 2 public sector PBE standards. Discussion included the following matters.


  • Agreeing to develop a policy document for public comment that addresses how future differences between PBE standards and NZ IFRSs should be dealt with from a PBE group perspective.

  • Initial approval of ED PBE FRS 47 First-time Adoption of PBE Standards by Entities Other Than Those Previously Applying NZ IFRSs.


  • Consideration of a draft Explanatory Guide based on the guidance in TPA-9 Service Performance Reporting. This guidance will be included as non-integral implementation guidance to PBE IPSAS 1 Presentation of Financial Statements.


  • Agreeing to amend to definition of close family members of key management personnel in IPSAS 20 Related Party Disclosures so that fewer extended family members would fall within the definition.


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