The ‘NZ’ in 'NZ IFRS': Public Benefit Entity Amendments

Australian Accounting Review Forum, Vol. 18, No. 46, pp. 185-190, 2008

6 Pages Posted: 10 Nov 2009

See all articles by Michael E. Bradbury

Michael E. Bradbury

Massey University

Rachel F. Baskerville

Victoria University of Wellington - School of Accounting and Commercial Law

Date Written: 2008

Abstract

In 1992, New Zealand adopted a sector-neutral approach to standard setting – where the difference in accounting treatment is driven by differences in the nature of transactions and not by ownership or the objectives of the reporting entity. This study reviews the impact of adaptations of International Financial Reporting Standards (IFRS) to ensure their successful application in a sector-neural environment. A fundamental question of the move to IFRS is whether the public benefit entity amendments in NZ IFRS have contaminated the IFRS for profit-orientated entities or diluted the available guidance for public benefit entities. This suggests that it is worthwhile for Australia and New Zealand to monitor and reconsider their sector-neutral approach to adopting IFRS.

Keywords: sector neutral, public sector, IFRS

JEL Classification: M40

Suggested Citation

Bradbury, Michael E. and Baskerville, Rachel F., The ‘NZ’ in 'NZ IFRS': Public Benefit Entity Amendments (2008). Australian Accounting Review Forum, Vol. 18, No. 46, pp. 185-190, 2008. Available at SSRN: https://ssrn.com/abstract=1503674

Michael E. Bradbury

Massey University ( email )

School of Accountancy
Private Bag 102 904
Auckland
New Zealand
64 9 414 0800 (Phone)
64 9 441 8133 (Fax)

Rachel F. Baskerville (Contact Author)

Victoria University of Wellington - School of Accounting and Commercial Law ( email )

Faculty of Commerce and Administration
PO Box 600
Wellington
New Zealand
006444636951 (Phone)
006444635076 (Fax)

HOME PAGE: http://www.victoria.ac.nz/sacl/staff/rachel-baskerville.aspx

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