What we do


Our work is focused on preparing and issuing:

  • accounting standards
  • standards for assurance practitioners.

XRB cannot provide specific professional accounting or auditing and assurance advice.


Our core functions are to:

  • develop and implement an overall strategy for New Zealand’s financial reporting standards, and auditing and assurance standards, including developing and implementing tiers of financial reporting and assurance
  • prepare and issue accounting standards
  • prepare and issue auditing and assurance standards, including professional and ethical standards that govern the professional conduct of auditors
  • liaise with national and international organisations that have similar functions.

We create standards to give New Zealanders confidence and trust in the financial reporting of all New Zealand entities in the private, public and not-for-profit sectors.


Preparing standards

Our approach is to adopt international standards which are modified to reflect unique New Zealand conditions. We also look to harmonise our standards with Australia. This approach is designed to ensure we keep pace with international practice and also reduce our standard-setting costs.

The Accounting Standards Framework involves multiple standards across different entity types and four reporting tiers.

This reflects the different needs of the for-profit, public and not-for-profit sectors. The different reporting tiers ensure our standards are appropriate to the size of the organisation.

The Auditing and Assurance Standards Framework covers standards for all auditing and other assurance engagements, as well as professional and ethical standards that govern the professional conduct of auditors.

International convergence 

International collaboration is a key role for the XRB.

We work with international accounting and assurance bodies to ensure the standards we set are consistent and focused on global competitiveness.

Our aim is to ensure New Zealand is considered positively by our international counterparts and that our own specific local requirements can be considered when new standards are being developed.