BDO Financial Reporting Insights

By James Lindsay | 25 September 2023

September 2023

Our September 2023 edition of Financial Reporting Insights keeps you up to date with the latest New Zealand and global developments in financial and sustainability reporting.

By James Lindsay | 25 September 2023

Incorporated Societies – It's time to apply for registration under the Incorporated Societies Act 2022 and get ready for financial reporting

Attention Incorporated Societies: registration under the Incorporated Societies Act 2022 opens on 5 October 2023. Are you ready for transition and need to prepare financial statements?

By James Lindsay | 25 September 2023

Big changes on the way for Tier 1 and Tier 2 for-profits’ primary financial statements’ presentation

Just when you thought the big changes to financial reporting were over, the IASB is about to release a new standard that will significantly change the presentation requirements of IFRS Accounting Standards.

By James Lindsay | 22 September 2023

How does the acquirer in a business combination account for the acquiree’s lease restoration provisions?

In a business combination, the acquirer needs to take care when an acquire has a lease restoration provision.

By James Lindsay | 21 September 2023

Month-to-month leases are not always short-term leases

Month-to-month leases and undocumented leases often have an enforceable period and lease term longer than twelve months, which means they must be capitalised on the statement of financial position.

By James Lindsay | 20 September 2023

How to determine the exchange rate when a currency is not exchangeable into another currency

How do you account for foreign currency transactions and balances when the foreign currency in not exchangeable with your functional currency?

By James Lindsay | 29 August 2023

Sustainability reporting – consider more than just New Zealand requirements

Although the New Zealand Climate-Related Disclosures (CRD) regime only scopes in certain entities for climate reporting in New Zealand, requirements of other jurisdictions may also scope in New Zealand entities for climate reporting.

By Nick Innes-Jones and James Lindsay | 28 August 2023

Construction Contracts (Retention Money) Amendment Act 2023

For all head contractors who hold retention monies in commercial construction contracts please note that the Construction Contracts (Retention Money) Amendment Act 2023 (the Act) is now effective.

By James Lindsay | 27 August 2023

Pillar two disclosures in 30 June interim and annual financial statements

Recent amendments to IAS 12 Income Taxes impact the way entities account for and disclose deferred taxes relating to the OECD’s Pillar Two ‘top-up’ taxes. Find out what this means for your 30 June 2023 interim and annual financial statements.

By James Lindsay | 25 August 2023

XRB’s Need to Know Series – Accounting for-profit

For those that missed it, the External Reporting Board (XRB) have made available a recording of their latest Need to Know Series – Accounting for-profit webinar detailing updates in the Tier 1 and Tier 2 for-profit accounting standards space.

By James Lindsay | 23 August 2023

Choosing a framework for reporting climate risks – NZ CS, IFRS S2 or TCFD?

There have been many recent developments in the world of climate reporting. Do you know what framework(s) applies to you?