Pitopito Kōrero

Farewell from April Mackenzie

After five hugely rewarding and enjoyable years as Chief Executive of the External Reporting Board (XRB), it is time for me to say farewell. Having been a standard setter for much of my career, it is a privilege to end it on a high and retire from this important standard setting organisation.   

I am proud of the people I have worked with. Their commitment, professionalism and pragmatism have enabled the XRB to make continuous improvement and change in our stride.   

One of the most validating developments of the past five years was...read more

Release of He Tauira

On 6 December, the XRB Board approved the release of the draft framework, He Tauira. It is a voluntary non-financial reporting framework specifically designed to guide entities in Aotearoa New Zealand to consider how they articulate their long-term intergenerational impact, through a distinctive lens examining their operations and their broader effects on the external world.

Download He Tauira here, as well as the accompanying user guide, Mā te mahi. 

About differential reporting for climate-related disclosures

On 13 December, MBIE released a discussion document on Adjustments to the climate-related disclosures regime. One of the points made in that document relates to the possibility for the XRB to issue differential reporting standards for climate-related disclosures (see paragraph 44 onwards).

We have issued a document on differential climate reporting, aiming to:

• provide information on our plan to consult on Aotearoa New Zealand Climate Standards (NZ CS), focusing on the topic of differential climate-related reporting
• help readers of the MBIE discussion document to understand the context for the discussion of reporting thresholds and answer two questions in the document regarding differential climate reporting.

Read the document here.

Transition planning guidance issued

In partnership with the Sustainable Business Council, the XRB has published two targeted guidance documents on transition planning: a short overview about the why and what of transition planning, and a guide for executives.

These new guidance documents aim to provide targeted insights to specific readers, in addition to our existing guide for directors published with the Institute of Directors and a brief questions to get started guide.

The XRB has also published guidance on disclosures relating to transition planning. 

IPSASB climate exposure draft

We are seeking input to a submission to the International Public Sector Accounting Standards Board in response to its exposure draft of a global public sector climate-related disclosure standard.

The International Public Sector Accounting Standards Board (IPSASB) has issued its exposure draft (SRS ED) of the world’s first climate-related disclosure standard for governments around the world. Read more here.

The XRB’s Sustainability Reporting Board intends to submit a response to the IPSASB’s consultation which is open until 28 February 2025.
Please reach out if you wish to input into the SRB’s submission. Contact the project team at sustainability@xrb.govt.nz or call +64 4 550 2030 to speak with a member of the team. 

Assurance over sustainability information

The International Auditing and Assurance Standards Board (IAASB) has recently issued ISSA 5000, General Requirements for Sustainability Assurance Engagements.  ISSA 5000 covers a wide range of assurance engagements, including over GHG emissions disclosures, climate statements, as well as other sustainability reports. It aims to be able to be applied by all assurance practitioners. The XRB is monitoring uptake and implementation of the standard as we consider whether ISSA 5000 should be issued by the XRB.

In brief

Updates

• Consultation on ISA (NZ) Less Complex Entities (LCEs) walkthrough webcast.

Events

Consultation on ISA (NZ) Less Complex Entities (LCEs)

• • Virtual feedback forum – users and preparers of audited financial statements – ISA (NZ) for LCE » XRB 10 February 2025
  • Virtual feedback forum – audit practitioners – ISA (NZ) for LCE » XRB 11 February 2025
  • Drop in session 1 – ISA (NZ) for LCE » XRB - 13 February 2025
  • Drop in session 2 – ISA (NZ) for LCE » XRB - 14 February 2025
  • Panel discussion on the proposed auditing standard for Less Complex Entities » XRB  17 February 2025

Current consultations

• International Public Sector Accounting Standards Board exposure draft of global public sector climate-related disclosure standard
• RDR Concessions: Amendments to the Classification and Measurement of Financial Instruments » XRB closes 31 January 2025
• Audits of Less Complex Entities (LCEs) » XRB closes 27 February 2025