Consultation with stakeholders before issuing any standards is a statutory obligation and an essential part of the standard-setting process. We organise many seminars and webinars as well as publish articles and newsletters on a wide range of matters. The XRB Board also engages with key stakeholder groups about broader financial reporting system matters.
Consultation helps us to:
- Understand where in New Zealand the proposed standard is likely to be needed and whether the proposed standard meets those needs.
- Establish the pros and cons of adopting the standard in New Zealand.
- Explore any unintended consequences or risks arising from adopting the standard or potential drawbacks of not adopting it.
- Assess whether the criteria for application of the standard is appropriate for New Zealand entities.