NZICA in project to reduce IRFS disclosure requirements

The New Zealand Institute of Chartered Accountants (NZICA) and the Institute of Chartered Accountants of Scotland (ICAS) are working on a project to reduce disclosure requirements in International Financial Reporting Standards (IFRS).

The New Zealand Institute of Chartered Accountants (NZICA) has welcomed the release of a new standard by the International Accounting Standards Board (IASB), though "more work is required to make the revised standard relevant for New Zealand businesses."

Concerns over the Inland Revenue Department (IRD) warning  that the use of cloud-based accounting services may breach tax laws have been dismissed by both Xero chief executive Rod Drury and MYOB general manager Julian Smith.

The Green Party opposed the first reading of the Taxation (Tax Administration & Remedial Matters) Bill last night on the grounds that the Bill will abolish gift duty—a left-over tax from a time when New Zealand had estate duties.

Revenue Minister Peter Dunne today signalled a "wholesale" model for the Inland Revenue Department, with other services being provided by businesses with expertise in the tax area.

The total amount businesses have lost due to fraud has increased significantly, up from $301.1 million in 2008 to $345.4 million this year, according to the latest KPMG Fraud and Misconduct Survey for Australia and New Zealand.

MYOB general manager Julian Smith has said the company is to focus the bulk of its $90 million R&D investment fund on finding ways to get more New Zealand businesses online and using the internet more productively.