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As the impact of COVID-19 continues to unfold in New Zealand and around the world, Directors and those preparing financial statements need to be cognisant of not only what’s happening now, but what is likely to happen next. Here’s our 10 ten questions organisations need to ask to ensure that financial statements yet to be issued are presented fairly.

Some areas of accounting have what could be described as geography issues; you’ve got a map of an area, but there might be two versions showing slightly different boundaries. This is currently the case for onerous contracts, however, the standards for these types of contracts are currently being updated to improve consistency and replace the variations in accounting practices that currently exist.

The requirements of Public Benefit Entities International Public Sector Accounting Standards (PBE IPSAS) for Not-for-Profit reporting entities are continuing to change. Navigating the Changes to PBE IPSAS for Not-for-Profits gives chief financial officers, and audit and risk committee members a high-level awareness of these recent changes to PBE IPSAS. It covers both brand new standards, and changes that have been made to existing ones.

Every year, the requirements of New Zealand Equivalents to International Financial Reporting Standards (IFRS) change. New standards, interpretations and amendments are published that will affect companies’ future financial reporting. Our publication, Navigating the Changes to New Zealand Equivalents toInternational Reporting Standards, is designed to give chief financial officers, and audit and risk committee members a high-level awareness of these recent changes to NZ IFRS. It covers both new standards and interpretations that have been issued, and amendments made to existing ones.

Louis Glickman famously surmised the best investment on earth is earth; however, as a property developer, you need to know when you can recognise the profit on that investment.

IFRS News provides insights about developments in International Financial Reporting Standards (IFRS).

Grant Thornton has prepared a number of example financial statements which have been tailored to suit a number of different scenarios.

XYZ has been New Zealand’s premier financial reporting publication for manyyears and Grant Thornton New Zealand has again edited and updated the publications for 2018.

In our latest IFRS Viewpoint, we discuss accounting for client money.

In our latest IFRS Viewpoint, we explore acceptable methods of accounting for holdings in cryptocurrencies and touch on other potential issues.

External publications relating to the accounting for financial instruments published by Grant Thornton International.

Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition focuses on an area where the Standards have proved difficult to apply or lack guidance.

After twenty years of development, the International Accounting Standards Board published IFRS 17 ‘Insurance Contracts’ last year and the New Zealand Accounting Standards Board adopted what was issued by IASB the almost word-for-word.

With encouragement from regulators and from the External Reporting Board (XRB), many organisations around the world are making innovations in their financial statements.

Technical and financial reporting guidelines available to download.