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  • Accounting Alert June 2021

Adopting NZ IFRS or NZ IFRS (RDR) for the first time

BDO’s IFRS Advisory department has published their most recent CHEAT SHEET publication relating to the adoption of NZ IFRS or NZ IFRS (RDR) for the first time, where an entity has not been previously using the Special Purpose Financial Reporting framework issued by CAANZ.

The publication highlights the key potential accounting treatment differences that entities may need to navigate as part of their step-up to NZ IFRS or NZ IFRS (RDR), both as part of the initial adoption accounting, and subsequent ongoing accounting treatment.

The publication includes a checklist to assist entities in highlighting the areas that may require specific attention as part of an entity’s wider adoption project. It should also be remembered that the documentation of an entity's adoption to NZ IFRS or NZ IFRS (RDR) forms part an and entity's Accounting Records under the Companies Act (and other similar legislation) - click here for previous CHEAT SHEET on this topic.

Entities requiring assistance with the analysis and/or documentation of the adoption of NZ IFRS or NZ IFRS (RDR) are encouraged to reach out to external experts where necessary (BDO’s IFRS Advisory department being such experts).

The CHEAT SHEET can be accessed here.