• Accounting Alert November 2020

Adopting NZ IFRS or NZ IFRS (RDR) for the first time (NZ IFRS 1)

BDO’s IFRS Advisory department has published their most recent CHEAT SHEET publication relating to the first-time adoption of NZ IFRS or NZ IFR (RDR).

The objective of the publication is to walk readers through the background and requirements that an entity must navigate, being the application of NZ IFRS 1 First-time adoption of New Zealand Equivalents to International Financial Reporting Standards.

NZ IFRS 1 is a detail-heavy accounting standard and provides various mandatory and optional accounting treatments for balances and transactions on initial adoption of NZ IFRS (that can differ slightly from the “normal” accounting treatments prescribed in the individual NZ IFRSs that ordinarily apply).

The publication includes a link to access a downloadable checklist to assist entities in highlighting the various application areas of NZ IFRS 1 which may require specific attention.

The Cheat Sheet can be accessed here.

For more on the above, please contact your local BDO representative.