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Parliament passes new auditor regulation Bill

Commerce Minister Simon Power today welcomed Parliament's passing of the Auditor Regulation and External Reporting Bill.

NZICA welcomes FMA

The New Zealand Institute of Chartered Accountants (NZICA) has welcomed the official formation of the Financial Markets Authority (FMA).

Public Trust board appointments

Justice Minister Simon Power has announced the appointment of Dinu Harry and the reappointment of Rodger Finlay to the board of Public Trust.

Deloitte CEO on FMA board

Deloitte New Zealand chief executive Murray Jack has been named as one of the board members of the soon-to-be established Financial Markets Authority (FMA).

NZICA questions benefit of international tax changes

International tax changes will add to the costs of doing business abroad and do little to make New Zealand better off, according to the New Zealand Institute of Chartered Accountants (NZICA).

External Reporting Board appointments announced

Commerce Minister Simon Power has today announced the members of the soon-to-be established External Reporting Board (XRB).

Auditor regulation Bill changes welcomed

Commerce Minister Simon Power has welcomed the Commerce Select Committee report on the Auditor Regulation and External Reporting Bill, which will establish a new licensing regime for major audits.

Tax relief announced for quake victims, but NZICA says issues remain

The New Zealand Institute of Chartered Accountants (NZICA) has welcomed tax relief measures for Christchurch residents and businesses, but said issues still remain.

Accounting and finance set for jobs growth

Signs are positive for growth and stability in New Zealand accounting and finance roles, according to a recent survey from recruitment company Robert Half International.

KPMG Fraud Barometer hits $100 million

The value of fraud hit the $100 million mark in the second half of 2010, and accounting fraud remained the most common type of fraud, according to the latest KPMG Fraud Barometer.

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).

Fraud costing charities $30,000 a week

Since 2009 courts have prosecuted individuals who have stolen more than $3 million from New Zealand charities, yet there seems little appetite among not-for-profit groups to adopt a more formal risk management approach.

National Finance accountant appeals prison sentence

Former National Finance accountant John Gray has appealed his jail sentence for false accounting and theft by a person in a special relationship, saying he should get home detention.

Corporate Tax Group co-convenor joins Deloitte

Deloitte has announced the appointment of former Corporate Tax Group co-convenor Patrick McCalman as a tax partner in the firm's Wellington office.

April 1 tax changes to rebalance economy

The second round of Budget 2010 tax changes will help make business more competitive and further rebalance the economy towards savings and exports, Finance minister Bill English and Revenue Minister Peter Dunne say.

Your part in the tragedy (XI) - When the bullets don't bounce off anymore...

One of the problems we face as advisers is the subject of immortality. I may have already mentioned the fact that I was born in 1956, which makes me 28 of course, and in my busy life I was forced to confront immortality reasonably early on into proceedings. Primarily it was other folk's lack of immortality that drew my attention but more recently my own came in for an enforced review, triggered by the untimely departure of a close friend who was 2 years younger than me.

Government considers earthquake tax issues

The Government is considering further tax issues in response to the Christchurch earthquake, said Revenue Minister Peter Dunne today.

Top fund managers named

Research house Morningstar has announced the winners of its annual Fund Manager of the Year Awards.

NZICA hosts forum to get Christchurch back in business

The New Zealand Institute of Chartered Accountants (NZICA) has organised a forum of around 100 business leaders gathering in Christchurch today to help plan the city's return to business.

New Zealand "cited as a model" for tax reform

Revenue Minister Peter Dunne told the International Fiscal Association Conference that New Zealand is a model for tax reform and warned advocates of a capital gains tax to "move on and find a new obsession."

Deloitte acquisition expands small business services

Deloitte has announced the acquisition of Wellington-based chartered accountants Openside CA and the appointment of its chief executive, Stephen Nicholas, as a Deloitte accounting and advisory partner.

The taxing business of winning elections

Just under three-quarters of business owners would be likely to vote for the political party that put forward plans to simplify provisional tax rules, according to the MYOB Business monitor survey.

Xero relocates Thiel to lead US push

Online accounting software company Xero is relocating its chief technology officer Peter Thiel to the US to drive product development.

NZICA members rally to support Christchurch

The New Zealand Institute of Chartered Accountants (NZICA) has launched the Equip Canterbury online tool that relays requests for support from its 3,000 Christchurch-based members to the rest of its 32,000 members in New Zealand and abroad.

New IRD anti avoidance guide on the way

The Inland Revenue Department is preparing a new interpretation statement on the general anti avoidance provisions in the Income Tax Act.

IFRS amendment welcomed, though concerns remain

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."

Don't get hooked on phishing scam

A new scam email containing the Inland Revenue's name and logo is circulating promising recipients a tax refund, available if they follow a link to a website and fill in personal details including their debit card number.

Time to get real with money

New Zealanders have been spending too much, saving too little, the collective credit is maxed out and it's time to 'get real', according to the Savings Working Group's interim report.

Inland Revenue job cuts

Inland Revenue has announced it is cutting 27 jobs in regional offices as part of wider changes to where and how it delivers services.

Ross Jackson named as new NZICA president

The New Zealand Institute of Chartered Accountants (NZICA) has elected Ross Jackson as its new president.

News Round Up: December 19

AUT offers accounting masters; Tax 'anomalies and distortions' highlighted by SWG; Looking for bloggers.

Sam Knowles appointed to Xero board

Foundation Kiwibank chief executive Sam Knowles has accepted a position on the board of Xero following the resignation of long-standing director Guy Haddleton.

Business as usual for tax agents, IR says

Inland Revenue has assured the Institute f Chartered Accountants that there has been no change in its policy with regard to either engagement with tax agents or its approach to dealing with taxpayers.

Finance audit ban and fine for accountant

Wanganui accountant David Fraser has been fined $25,000, banned from auditing finance companies for five years and censured by the accounting industry body for omissions made in auditing New Plymouth-based Kiwi Finance.

IRD alert puts accountancy service under a cloud

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.

News Round Up: December 13

In this week's round up of accounting news we have an update on an important GST case; From Xero to finalist; GST case update; Tax rules for trust income to be amended and MYOB has a new network.

Client cash flow problems hurting accountants

Confidence about the economy in a year’s time has slipped slightly and the residential real estate, commercial property and accountancy sectors remain ‘moribund’, according to the latest BNZ Confidence Survey.

[Comment] Gift duty: A check on widespread tax avoidance?

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.

More business sellers seeking accountants’ advice

Business owners are feeling the impact of the slow and uncertain economic recovery, and more would now approach an accountant to advise on a sale, according to the latest ASB Succession Planning Monitor.

LAQC changes now real

Proposed new rules confirmed today as part of the wider tax shake-up will eliminate landlords’ and businesses’ ability to claim depreciation on buildings and tighten the rules for LAQCs.