Organisations trying to wrap their minds round changes surrounding financial reporting can tap in to new resource from the New Zealand Institute of Chartered Accountants (NZICA).
New standards – “NZ IFRS” or New Zealand Equivalents to the International Financial Reporting Standards – will apply for general purpose financial reports from the start of January next year. This means that New Zealand companies will need to collect NZ IFRS information from this year. NZICA aims to ensure that everyone understands the impacts on the way information is collected and presented.
It has produced an easy-to-understand e-learning solution – series of six DVD workshops presented by KPMG. Joanna Perry, KPMG partner and chairman of the Institute’s Financial Reporting Standards Board, says the DVDs are way for people who missed the series of presentations around the country to get up to speed in their own time.
“IFRS – The First Series” is three-DVD e-learning product (each DVD covers two workshops) that can be used for personal, client or team training. It comes with set of course papers which includes technical paper, slides and case studies. It also includes frequently asked questions from the workshops.
The IFRS are intended to be single set of global accounting standards that will produce high-quality financial information that can be read and understood by investors and other stakeholders anywhere in the world, giving them the details they need to make economic decisions.According to the NZICA some of the bene-fits of the new standards are:
• By adopting IFRS, companies are adopting global financial reporting basis that will enable them to be understood in global marketplace. This helps in accessing world capital markets and promoting new business.
• consistent financial reporting basis allows multinational company to apply common accounting standards with its subsidiaries worldwide, which improves internal communications, quality of reporting and group decision-making.
• In increasingly competitive markets, IFRS allows company to benchmark itself against its peers throughout the world, and allows investors and others to compare the company’s performance with competitors globally.
For more information on the NZICA DVDs email [email protected] or phone the NZICA on 0-4-474 7840.
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