New Zealand Accounting Standards Board (NZASB)
Role and Responsibilities
Accounting standards that encourage high quality financial reports, that are meaningful and well-accepted by users and recognised internationally are crucial to the achievement of the XRB’s outcome goal.
The NZASB has delegated authority from the XRB Board to develop and issue New Zealand's accounting standards.
The Board considers all accounting standards across business, government and not-for-profit sectors, how they are applied and issues guidance on them, where necessary, to achieve it strategic objectives.
NZASB is a committee of the XRB Board established under Schedule 5 of the Crown Entities Act.
NZASB's Outcome Goal
To establish accounting standards for general purpose financial reporting which will encourage the preparation of financial reports that engender confidence in New Zealand financial reporting, assist entities to compete internationally, and enhance entities’ accountability to stakeholders.
NZASB Summary Work Plan
This is a summary of the significant standard-setting projects that the NZASB is expected to consider over its next four meetings.
It includes milestones for each current domestic and international standard-setting project. All dates are indicative based on current information. They are also subject to change due to factors outside the NZASB’s control. The NZASB’s projects and activities are significantly influenced by the work programmes of the IASB and the IPSASB. Some active projects do not have any significant milestones in the period covered by the Plan.
The Work Plan does not include all activities of the NZASB. For example, it does not fully represent outreach activities and working with international standard-setting bodies.
NZASB Summary Work Plan 384 KB
NZASB Board Members
The NZASB has up to 10 members with a focus on diversity of experience and perspective.
Members of the NZASB are appointed by the XRB and are all part time. They are remunerated in accordance with rates determined by the Remuneration Authority.
Kimberley Crook - Chair
Kimberley is a partner with EY, where she is the firm’s New Zealand IFRS leader, and part of its Financial Accounting Advisory Services team. She provides advice on the application of accounting standards across a range of technical issues to clients in the corporate, public and not-for-profit sectors.
Kimberley was previously NZICA Technical Director – Accounting Standards and has also held senior staff positions at the International Accounting Standards Board and the UK Accounting Standards Board. Kimberley was a member of the FRSB.
Stephanie is Group Financial Controller for Fonterra Co-operative Group Ltd, New Zealand’s largest issuer. Her responsibilities include the preparation of Fonterra’s external financial reports.
Previously Stephanie was Head of External Reporting at Westpac New Zealand Ltd and prior to that Executive Director in the financial accounting advisory team at Ernst & Young.
Her accounting experience includes involvement with listed and unlisted issuers, closely held companies, State Owned Enterprises, Crown Entities and charities.
Todd is the Assistant Auditor-General, Accounting and Auditing Policy at the Office of the Auditor-General, a role he started at the beginning of 2016. He is responsible for developing the Office’s position on accounting and auditing policy matters for application in public sector audits, and providing high-quality technical advice to auditors of public entities and others within the Office.
Previously, Todd spent two years leading the Accounting Standards team at the XRB, and before that he worked for many years as the Director, Accounting Policy at the Office of the Auditor-General. Todd provided technical support to Angela Ryan, the New Zealand member of the International Public Sector Accounting Standards Board, during 2015.
He was a member of the Financial Reporting Standards Board between 2003 and 2008 during which time he was involved in a number of working groups.
Francis is the Group Financial Controller at Auckland Council, New Zealand’s largest territorial local authority. His responsibilities include preparation of the Council’s external financial reports, advising on the application of accounting standards as well as updating and maintaining financial control processes within Council.
Francis has over 30 years’private and public sector financial reporting experience, internationally as a Partner with Deloitte’s Southern African practice and recently with Audit New Zealand specialising in Local Government and Crown Entity sectors.
He has a specific interest in the practical application of accounting standards that achieve the right reporting outcome being informative, clear and concise rather than purely theoretically correct.
Charles is a qualified actuary and has wide-ranging experience of Financial Services businesses in New Zealand and wider afield, both as a consultant and executive.
Charles established and led the Deloitte New Zealand actuarial team from 2008-17. He now acts as a Consultant Actuary to Deloitte. He has also acted as statutory Appointed Actuary for a number of NZ insurers.
His corporate roles include AMP, CIGNA International and TOWER.
Charles has been involved with the IASB insurance accounting project over many years. He is also on the board of Transparency International (NZ Chapter). Charles is a Fellow of both the (UK) Institute and Faculty of Actuaries and the New Zealand Society of Actuaries.
Karl is Senior Finance Manager, Financial Policy and Governance, at ANZ Bank Ltd. In this role he is involved in the review of financial reports for ANZ and its associated entities operating in a range of industries.
He is also responsible for providing NZ GAAP policy interpretations and liaising with other significant New Zealand banks and financial institutions.
Previously Karl was Executive Director of the Technical Consulting Group at Ernst & Young, which included being a member of the financial instruments panel and subject matter expert for agriculture. Karl was a member of the FRSB.
Lyn is a partner at PwC and leads their Accounting Consulting Services team. Her role involves providing accounting advice to clients on a wide range of complex financial reporting issues under both IFRS and International Public Sector Accounting Standards. She is an IFRS specialist with particular expertise in business combinations, revenue, share-based payments and income tax.
Lyn has extensive experience in corporate reporting through financial reporting and operational audit roles for a FTSE 100 company in the UK, through the provision of assurance services to clients across a range of industries, and as an accounting advisor.
Kris has extensive experience in accounting standard setting. She is currently Chair and CEO of the Australian Accounting Standards Board. Previously she served as AASB member for 8 years, and as a member of the Australian Urgent Issues Group.
Kris was also a partner in KPMG’s International Standards Group and Australia’s Department of Professional Practice, interpreting complex technical accounting issues for a wide range of public and private entities.
She also had a number of international financial reporting leadership roles within the firm.
Angela is a Principal Accounting Advisor at The Treasury. In this role she provides accounting policy advice on a range of issues affecting the whole of government financial statements. She has also project managed the Government’s NZ IFRS implementation process.
Angela has just been appointed Deputy Chair of the International Public Sector Accounting Standards Board (IPSASB) for a one-year term commencing January 2017.
Previously Angela was an IFRS advisor at ANZ National Bank Ltd and held various accounting roles in other commercial and public sector organisations.
Angela has been a member of the NZICA PBE Working Group and was a member of the FRSB.