The External Reporting Board (XRB) is an independent Crown Entity, established under section 22 of the Financial Reporting Act 1993, and subject to the Crown Entities Act 2004.
The functions of the XRB are prescribed by the Financial Reporting Act 1993 and comprise:
- developing and implementing an overall strategy for financial reporting standards and auditing and assurance standards (including developing and implementing tiers of financial reporting and assurance);
- preparing and issuing accounting standards;
- preparing and issuing auditing and assurance standards, including the professional and ethical standards that will govern the professional conduct of auditors; and
- liaising with national and international organisations that exercise functions that correspond with, or are similar to, those conferred on the XRB.
For the purposes of removal of any doubt - The functions of the XRB do not extend to providing specific accounting or auditing and assurance advice.
Click here for the relevant provisions of the Financial Reporting Act 2013.
Our Outcome Goals
The XRB’s outcome goal is:
To contribute to the creation of dynamic and trusted markets through the establishment of an accounting and assurance standards framework that:
- engenders confidence in New Zealand financial reporting
- assists entities to compete internationally
- enhances entities’ accountability to stakeholders.
Further information about our outcome goal, and how it links to the Government’s overarching outcome goal, can be found in our Statement of Intent (SOI).
The XRB activities are focused on the delivery of three outputs:
- developing financial reporting strategy;
- preparing and issuing accounting standards; and
- preparing and issuing auditing and assurance standards.
Further information about our outputs, including performance measures, can be found in our SOI.
The XRB organisation (the XRB) consists of:
- The XRB Board itself (XRB Board);
- The New Zealand Accounting Standards Board (NZASB)
- The New Zealand Auditing and Assurance Standards Board (NZAuASB); and
- The XRB Staff Team (Staff).
View our current organisation structure.