New Accounting Standards for For-Profit Entities

This page provides For-Profit entities a snapshot of new and amending standards to consider when preparing financial statements. 

For these new and amending standards application is required for periods beginning on or after 1 January of the following years.

2023

2024

2025

Row 1

Row 2

Row 3

Row 4

Row 5

Balance date when first time application is required

Select your balance date for new standards requiring first-time adoption in each reporting period:

Application required for periods beginning on/after 1 January 2022

  • Annual improvements to NZ IFRS (amends NZ IFRS 1, NZ IFRS 9 and NZ IAS 41)
  • Onerous Contracts - Cost of Fulfilling a Contract (Amendments to NZ IAS 37)
  • Property, Plant and Equipment: Proceeds Before Intended Use (Amendments to NZ IAS 16)
  • Reference to the Conceptual Framework (Amendments to NZ IFRS 3)

Application required for periods beginning on/after 1 January 2022

  • Annual improvements to NZ IFRS (amends NZ IFRS 1, NZ IFRS 9 and NZ IAS 41)
  • Onerous Contracts - Cost of Fulfilling a Contract (Amendments to NZ IAS 37)
  • Property, Plant and Equipment: Proceeds Before Intended Use (Amendments to NZ IAS 16)
  • Reference to the Conceptual Framework (Amendments to NZ IFRS 3)

Application required for periods beginning on/after 1 January 2022

  • Annual improvements to NZ IFRS (amends NZ IFRS 1, NZ IFRS 9 and NZ IAS 41)
  • Onerous Contracts - Cost of Fulfilling a Contract (Amendments to NZ IAS 37)
  • Property, Plant and Equipment: Proceeds Before Intended Use (Amendments to NZ IAS 16)
  • Reference to the Conceptual Framework (Amendments to NZ IFRS 3)

Application required for periods beginning on/after 1 January 2022

  • Annual improvements to NZ IFRS (amends NZ IFRS 1, NZ IFRS 9 and NZ IAS 41)
  • Onerous Contracts - Cost of Fulfilling a Contract (Amendments to NZ IAS 37)
  • Property, Plant and Equipment: Proceeds Before Intended Use (Amendments to NZ IAS 16)
  • Reference to the Conceptual Framework (Amendments to NZ IFRS 3)

Application required for periods beginning on/after 1 January 2023

  • NZ IFRS 17 Insurance Contracts
  • Disclosure of Accounting Policies (Amendments to NZ IAS 1)
  • Definition of Accounting Estimates (Amendments to NZ IAS 8)
  • Initial Application of NZ IFRS 17 and NZ IFRS 9—Comparative Information (Amendments NZ IFRS 17)
  • International Tax Reform – Pillar Two Model Rules (Amendments to NZ IAS 12)

Application required for periods beginning on/after 1 January 2023

  • NZ IFRS 17 Insurance Contracts
  • Disclosure of Accounting Policies (Amendments to NZ IAS 1)
  • Definition of Accounting Estimates (Amendments to NZ IAS 8)
  • Initial Application of NZ IFRS 17 and NZ IFRS 9—Comparative Information (Amendments NZ IFRS 17)
  • International Tax Reform – Pillar Two Model Rules (Amendments to NZ IAS 12)

Application required for periods beginning on/after 1 January 2023

  • NZ IFRS 17 Insurance Contracts
  • Disclosure of Accounting Policies (Amendments to NZ IAS 1)
  • Definition of Accounting Estimates (Amendments to NZ IAS 8)
  • Initial Application of NZ IFRS 17 and NZ IFRS 9—Comparative Information (Amendments NZ IFRS 17)
  • International Tax Reform – Pillar Two Model Rules (Amendments to NZ IAS 12)

Application required for periods beginning on/after 1 January 2023

  • NZ IFRS 17 Insurance Contracts
  • Disclosure of Accounting Policies (Amendments to NZ IAS 1)
  • Definition of Accounting Estimates (Amendments to NZ IAS 8)
  • Initial Application of NZ IFRS 17 and NZ IFRS 9—Comparative Information (Amendments NZ IFRS 17)
  • International Tax Reform – Pillar Two Model Rules (Amendments to NZ IAS 12)

Application required for periods beginning on/after 1 January 2024

  • Supplier Finance Arrangements (Amendments to NZ IFRS 7 and NZ IAS 7)
  • Non-current Liabilities with Covenants (Amendments to NZ IAS 1)
  • Disclosure of Fees for Audit Firms’ Services (Amendments to FRS 44)
  • Lease Liability in a Sale and Leaseback (Amendments to NZ IFRS 16)
Standards