The New Zealand International Financial Reporting Standards [NZIFRS] How they might affect your tertiary organisation… Jeff Long Director Finance University.

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Presentation transcript:

The New Zealand International Financial Reporting Standards [NZIFRS] How they might affect your tertiary organisation… Jeff Long Director Finance University of Canterbury

30 years in the making… Single set of international financial reporting standards (IASB) NZ Accounting Standards Review Board (ASRB) Applies from 1 January 2007

How this affects you NOW! 2007 is really 2005 Comparative reporting of previous year required 2005 adjustments can go against retained earnings

A stable platform… 36 standards 12 interpretation statements

Who is involved? New Zealand Institute of Chartered Accountants (NZICA) NZ Treasury Office of the Auditor General Deloitte KPMG Ernst Young PricewaterhouseCoopers

For TEIs this will mean changes… NZ IAS: 17 Leases Leases on equipment Leases on land and buildings

NZ IAS 18: Revenue Recognition When is revenue counted as revenue? Recommend ‘stage of completion’ approach rather than time of receipt Any “excess income ?”

NZ IAS 19: Employee Benefits Long service leave Study / Research leave Sick leave

NZ IAS 24: Related Parties Disclosure Council, other elected members & the Vice Chancellor Key management personnel “Authority and responsibility for planning, directing, and controlling activities, directly or indirectly, including any Director.”

NZ IAS 36: Asset Impairment Impairment Net selling price, or Value in use: future cash flows Cash Generating Units (CGU)

A Positive! Depreciated replacement cost (DRC) A worry! Impairment may relate to … asset obsolescence or an asset wearing out or asset damage or changes in use

NZ IAS 40: Investment Property Exceptions for PBEs But what about… Changes to ‘fair value’

IFRS a good thing? Fortunately NZ GAAP is well developed! But…