We are shortly about to see a very significant discussion document released in New Zealand regarding financial statements.  The Ministry of Economic Development (MED), the government ministry responsible for our financial reporting legislation, is due to release a number of important discussion documents at the end of July.  One of these will consider options for which entities in future will be required by law to prepare and file financial statements in New Zealand.

Officials expect to release a discussion document on IFRS reporting standards for Small and Medium-sized Entities sometime in August - and not a moment too soon, say some accountants.