XRB A1
Application of the Accounting Standards Framework
Sets down the accounting standards framework for for-profit and public benefit entities (both not-for-profit and public sector entities) that are required, or opting, to prepare general purpose financial reports.
It establishes the:
- financial reporting tiers;
- criteria for each financial reporting tier;
- accounting standards and authoritative notices that apply to each tier; and
- requirements for an entity to move from one tier to another tier.
Amendments
Previous version
Staff Guidance: Definition of public accountability in XRB A1
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Applying the definition of public accountability in Aotearoa New Zealand To determine an entity’s financial reporting tier, a key factor to consider is whether the entity has ‘public accountability’, as defined in XRB A1 Application of the Accounting Standards Framework. This XRB staff guidance provides clarification of the definition of public accountability in New Zealand and how to apply it.
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Definition of public accountability in XRB A1 - staff guidance