We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

New Zealand accounting standards - Assignment Example

Comments (0)
Summary
International Accounting Standards Board conducts public meetings to ensure transparency in order to produce new or updated financial reporting standards.This procedure has been adopted to ensure transparency and to involve the opinion of the public…
Download full paper
GRAB THE BEST PAPER

Extract of sample
New Zealand accounting standards

Download file to see previous pages... International Accounting Standards Board conducts public meetings to ensure transparency in order to produce new or updated financial reporting standards.This procedure has been adopted to ensure transparency and to involve the opinion of the public. The procedure ensures constant engagement with the stakeholders like investors, analysts, regulators, business leaders, accounting standard-setters and the professional accountants and auditors at national and international levels (Smart, Bourke, & Awan, 2008). ANSWER 2a: External Reporting Board (XRB) is an independent crown entity developed under section 22 of the Financial Reporting Act 1993 (as amended in 2011). Main responsibilities of XRB are: Development and implementation of the overall strategy related to financial reporting standards, auditing and assurance standards. Responsible for preparing and issuing of accounting standards. Responsible for preparing and issuing of auditing and assurance standards (XBR, 2011). Other responsibilities of XRB include preparing and issuing of ethical and professional standards and providing guidelines for conduct. Liaising with organizations on national and international levels on matters that apply functions that are in correspondence with or share similar features with those presented in XRB (NZICA, 2011). ANSWER 2b: Initially, New Zealand Institute of Chartered Accountant (NZICA) was responsible for development and implementation of financial reporting standards. ...
It has been planned to achieve the same in the current year, i.e.2012. Under the Financial Reporting Act 1993 (FRA), the responsibilities for financial reporting standards setting have been divided between two bodies which are: New Zealand Institute of Chartered Accountants (NZICA) and the Accounting Standards Review Board (ASRB). Accounting Standards Review Board (ASRB) is also an independent crown entity. The mechanism has been changed and the new mechanism is as follows: 1. The Financial Reporting Standards Board (FRSB), which is a board of NZICA, will submit the draft standards to the Accounting Standards Review Board (ASRB) for consideration.   2. NZICA is responsible for setting up of auditing and assurance standards for its members. 3.  The Professional Standards Board (PSB), which is another board of NZICA, submits draft standards to NZICA’s Board for consideration and approval. 4. Standards approved from NZICA are then obligatory on members.   5. Non-members of NZICA can carry out statutory audits provided they belong to an overseas professional accounting body, providing that the Registrar of Companies has approved the individual or the professional accounting body to which they belong.   6. Hence, the standards approved by the NZICA Board do not form any binding in formal status in relation to overseas-qualified auditors who are not members of NZICA (NZICA 2010a). ANSWER 2c: On whole, it is expected that External Reporting Board (XRB) will provide better quality of financial reporting standards. It is expected because of the reason that the new financial reporting arrangement has recently been approved by Minister of Commerce of New Zealand and it has been considered as a significant milestone in the establishment of the new ...Download file to see next pagesRead More
Comments (0)
Click to create a comment
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
A New Zealand Automotive Workshop
If an automotive workshop ensures that these core areas are operating well, then the business is more than likely going to be a success. These core areas are components of the business that the consumer rarely sees or thinks about. The client just sees the result of a well ran business, which is what the automotive repair shop is striving for.
16 Pages(4000 words)Assignment
Fonterra Ltd, a diary company in New Zealand
The bulk exports of Fonterra are exported from New Zealand to 140 countries in the world. Total collection of milk in the milk tankers of Fonterra Ltd. is around 14 billion liters. The company’s total assets employed is NZ$15.5 billion while the annual turnover of the company as of 31st July 2011 is NZ$19.9 billion.
10 Pages(2500 words)Assignment
Accounting Information Systems of Air New Zealand

It is evidently clear from the discussion that the New Zealand government bought full ownership in 1961 then it was privatized in 1989 and was rescued by the government again through the ownership of 80% of its shares through the injection of fresh money in 2001. Air New Zealand provides both international and domestic routes to its clientele.

11 Pages(2750 words)Assignment
Managerial Accounting
The present intraday market capitalisation of the company is approximately $313.5 million. In 2011 the company had a global sales record of $229.8 million. The cash from operation of the company was $32.7 million. Oyster Bay Marlborough Sauvignon Blanc won the premium white wine for the consecutive sixth year at the Australian Liquor Industry Awards in 2010.
10 Pages(2500 words)Assignment
The adoption of International accounting standards
Although it costs firms initially, it saves firms from surprises and protects investors who may also be employees as stakeholders. More specifically IAS 19 deals with employee benefits and IAS 39 deals with financial instruments.
2 Pages(500 words)Assignment
Human Resources Management in New Zealand
A technique which permits a number of members of the hiring company to take an interview at one same time is known as the panel interview. This type of interview consists of an interviewee and an interview committee. The members of the team in conducting the interview include a hiring manage, department heads, line managers, HR personnel, stakeholder representatives etc.
5 Pages(1250 words)Assignment
Environmental Management in a New Zealand
The concerns of the public found expression in the environmental planning processes, the interactions between the various interest
10 Pages(2500 words)Assignment
New Compensation Structure And Customer Service Standards

The reason for changing the management structure is clear, but the author would like the review to relay constant messages to sale associates throughout all retail outlets. The change increased because of negative feedbacks on Aggresshop customer blog. The new commission plan is to comply with the organization standards.

1 Pages(250 words)Assignment
ECON100- Business Economics and the New Zealand Economy
The long run boost in house prices are influenced by the demand for housing surpassing supply. However, there are other factors influencing demand and supply. It has been approximated more houses must be constructed each year to meet the prospect
3 Pages(750 words)Assignment
Water Shortage in New Zealand
The elaboration had been done on the way the data is collected and the sources from where it was obtained. Apart from this, the survey related to the data collection is laid down in the methodology section. The water restriction, metering and charges levied on the territorial population have been a major subject in the methodology section.
6 Pages(1500 words)Assignment
Let us find you another Assignment on topic New Zealand accounting standards for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us