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Timetable for NZ IFRS Implementation

Page udated 31 Oct 2007

This page outlines the phases and timetable for implementation of NZ IFRS.

The phases for implementing NZ IFRS for the Crown financial statements are:

  • Submissions on standards - reviewing and commenting on NZ IFRS exposure drafts to ensure they are applicable to the public sector. While a significant amount of this phase’s work has been completed, exposure drafts continue to be issued for revisions and additions to approved NZ IFRS.
  • Policy choice - developing NZ IFRS accounting policies for the Crown financial statements and implementation guidance. Developing implementation guidance will be ongoing as issues arise in implementing NZ IFRS.
    Systems and transition – updating disclosures and systems to capture the policy changes. The intention is to capture comparative NZ IFRS data throughout the 2006/07 financial year in parallel with current reporting requirements.
  • Full adoption - refining forecasting policies under NZ IFRS, preparing the 2007 Budget on an NZ IFRS basis, and publishing NZ IFRS financial reports for the Crown. The first interim report will be for the period ending 30 September 2007. The first audited financial statements will be for the year ending 30 June 2008.
  • NZ IFRS information will be collected in parallel with current GAAP information throughout the transition period. The reporting basis and NZ IFRS information to be collected for key dates are


Key DatesReporting BasisNZ IFRS Information to Be Collected
Transition Period
1 July 2006

Current NZ GAAP

A 1 July 2006 NZ IFRS opening balance sheet for comparative information.

July 2006 – June 2007

Current NZ GAAP

NZ IFRS financial performance, position and cash flow information for comparative data.

2007 Budget Economic and Fiscal Update (produced around May 2007)

Current NZ GAAP and NZ IFRS

NZ IFRS data will be presented in the 2007 Budget along with data presented under current GAAP. Budget and forecast information will be collected for the first time in the first few months of calendar year 2007.

30 June 2007 audited CFS (published 3rd week of Sept 2007)

Current NZ GAAP

A NZ IFRS closing balance sheet is required in order to create the opening NZ IFRS balance sheet for 1 July 2007.

Full Implementation Period
Interim CFS for 3 months to 30 Sept 2007 (published 1st week Nov 2007)

NZ IFRS

First set of interim accounts published under NZ IFRS. Requires full NZ IFRS comparatives as at 30 Sept 2006

Interim CFS for 4 months to 31 Oct through to 11 months to 31 May (published within 5 or 6 weeks of month end)

NZ IFRS

Interim accounts published under NZ IFRS containing comparatives for the equivalent period in the previous year.

2007 December Economic and Fiscal Update (published 2 nd/3rd week of Dec 2007)

NZ IFRS

2007 DEFU will apply NZ IFRS only.

2008 Budget Economic and Fiscal Update (published around 3rd week of May 2008)

NZ IFRS

2008 BEFU will apply NZ IFRS only.

30 June 2008 audited CFS (published 3rd week Sept 2008)

NZ IFRS

The first audited set of NZ IFRS financial statements, including prior year comparatives.

 

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