Embraced by New Zealand accounting professionals for over 25 years, XYZ Model Financial Statements continues to be the industry standard for the preparation of compliant financial reports.

This is the go-to resource for entities currently preparing general purpose financial statements.

Whilst there is an emphasis on NZ IFRS and NZ IFRS RDR which are applicable for Tier 1 and Tier 2 for-profit entities, it also includes examples for those preparing their financial statements under NZ IFRS- Differential Reporting or "Old GAAP".

Designed specifically for entities that produce general purpose financial statements, it contains example disclosures for entities reporting under:

• Full compliance with the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS)
• Compliance with the New Zealand equivalents to International Financial Reporting Standards applying the Reduced Disclosure Regime (NZ IFRS RDR).

Benefits:

• Stay up-to-date with an overview of the recent changes to the financial reporting framework, that provides guidance in determining which of the four tiers an entity will report under
• Step-by-step guidance on how to save time and resources in producing professionally formatted financial reports
• Reduce the risk of non-compliance and penalties

What's New in 2020

• Illustrative wording to account for the impact of COVID-19 for entities that have balance dates at 31 December 2019 and those that have balance dates at 31 March 2020.  Because of the timing of the outbreak of the virus in the first quarter of 2020, the accounting consequences between the two balance dates are quite different.  Given this the outbreak of Coronavirus requires careful consideration of disclosures in the following areas, and these are illustrated:
  • asset impairments and changes in assumptions used to assess if assets are impaired
  • changes in the fair value of assets
  • increased costs and/or reduced demand requiring provisions for onerous contracts
  • changes in expected credit losses for loans and other financial assets
  • material uncertainties present in current operations that might cast doubt on the ability of the reporting entity to continue as a going concern
• Implementation of the new standards NZ IFRS 16: Leases as all Tier 1 and Tier 2 reporting entities will be affected by this new Standard.  The models illustrate:
  • transitioning from NZ IAS 17 to NZ IFRS 16 using the Modified Transition Method
  • accounting policies that will linked to both NZ IAS 17 (for the comparative period) and NZ IFRS 16 (for the year ended 31 March 2020)
  • the extensive new disclosures required by NZ IFRS 16
• Updated notes to the financial statements as a result of implementing last year these two standards
  • NZ IFRS 7: Financial Instruments Disclosures
  • NZ IFRS 15: Revenue from Contracts with Customers
• Updated commentary that summarises and evaluates the likely impact of all NZ IFRS changes and amendments that have been approved by the New Zealand Accounting Standards Board during 2019 that come into effect in 2020 and beyond, including NZ IFRS 17: Insurance Contracts.