NZ IFRS.

New Zealand reporting entities must comply with New Zealand converged IFRS (previously known as International Accounting Standards or IAS) by 2007, with early adoption allowed from 2005. The Financial Reporting Standards Board (FRSB) has issued over 30 new financial reporting standards (NZ IFRS) to harmonise New Zealand financial reporting with IFRS, however NZ IFRS has additional requirements for profit-orientated entities and for public benefit entities to those required under IFRS. These standards raise significant business and accounting issues. The planning and approach needs to be considered now. Your profits and earnings per share will change. Your statement of financial position may look very different and this may affect financial ratios and debt covenants. Knowing the scale of the change in these numbers is essential in planning your future business strategy. Deloitte has a global website called IASPlus, which provides a wealth of information including up-to-date news on IFRS developments, as well as summaries of standards and reference materials.