IFRS small business reporting paper due next month – MED

The delay of the much awaited paper is "disappointing" says Grant Thornton's National Technical Director, Mark Hucklesby.

The Ministry's paper is likely to incorporate new standards recently published by the International Accounting Standards Board (IASB) and these are much more simple than current standards, he says.

That makes it a highly important move for New Zealand businesses, because even the largest of the non listed ones are SMEs in world terms and will come under this standard.

So a swift adoption will help reduce compliance costs for New Zealand firms at a time of recession, he says.

The SME standard is about one tenth of the length of full IFRS and the number of potential disclosure items will be nearer to 300 than the current 3000.

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