We're proud to announce the publication of an updated ‘Diverse 2011’ illustrative financial statements - applying the Reduced Disclosure Regime (RDR).
Recently the External Reporting Board (“XRB”) released the first set of standards as part of the new Accounting Standards Framework, introducing the new Reduced Disclosure Regime.
For entities wishing to early adopt the Reduced Disclosure Regime, we have now issued illustrative financial statements – Diverse Group Limited 2011 Special Edition – Illustrative Financial Statements under NZ IFRS (Reduced Disclosure Regime) (“Diverse 2011 RDR”).
Introducing Diverse 2011 RDR
Diverse 2011 RDR has been designed to illustrate one possible application of the reduced disclosure regime for those for-profit entities who are adopting the Reduced Disclosure Regime (NZ IFRS RDR) for the first time after applying NZ IFRS.
It shows which disclosures are no longer required under the NZ IFRS RDR standards released in November 2012:
- yellow highlights indicate those disclosures that are not required under NZ IFRS RDR
- green highlights indicate new or changed disclosure requirements introduced by NZ IFRS RDR.
The Reduced Disclosure Regime
The Reduced Disclosure Regime (‘RDR’ or Tier 2 for-profit accounting standards) is effectively the ‘halfway’ mark between the current Differential Reporting Framework and full NZ IFRSs. It requires full compliance with the recognition and measurement requirements of NZ IFRSs, but with significantly reduced disclosure requirements.
This suite of standards will benefit those entities that do not have public accountability (as defined in XRB A1), but are required currently to prepare full NZ IFRS financial statements.
Want to know more or need help to update your financial statements?
Contact your usual KPMG contact or Sanel Tomlinson (09 367 5915) or Simon Lee (04 816 4678).