Welcome to 2017

Welcome to the first edition of Accounting Alert for 2017.

2017 is shaping up to be a busy year for the accounting profession, particularly for those for-profit entities that report under New Zealand equivalents to International Financial Reporting Standards, as they will need to prepare for their transition to two new and complex accounting standards that are effective from 1 January 2018:

• NZ IFRS 9 Financial Instruments
• NZ IFRS 15 Revenue from Contracts with Customers.  

To assist with this transition, we will include practical guidance on the adoption of these new standards in future editions of Accounting Alert .

Public benefit entities will also face a busy year as they prepare for the adoption from 1 January 2019 of a suite of new standards on subsidiaries, associates and joint arrangements.  We’ll include more information on these new standards in later editions of Accounting Alert.     

If there are items that you’d like to see information on in future editions of Accounting Alert, please email us at [email protected]