Special purpose financial reporting in New Zealand
Learn more about how the financial reporting requirements of many New Zealand companies have changed due to the Financial Reporting Act 2013
In brief
- Most New Zealand companies no longer have to prepare general purpose financial reports (GPFRs).
- Most companies do need to prepare special purpose financial reports (SPFRs).
- Inland Revenue has set minimum requirements that SPFRs must meet.
Changes to financial reporting in New Zealand
The financial reporting obligations of a variety of entities in New Zealand changed when the Financial Reporting Act 2013 replaced the Financial Reporting Act 1993, and amended the Companies Act 1993.
Many small to medium-sized companies (SMEs) are no longer required to prepare general purpose financial reports (GPFR). However, most still need to prepare special purpose financial reports (SPFR) for tax purposes.
What is a General Purpose Financial Report?
General purpose financial reports cater to users who are unable to demand financial reports tailored to their specific information needs.
They are prepared in accordance with accounting standards issued by the External Reporting Board (XRB) or the New Zealand Accounting Standards Board (NZASB). The standards consist of generally accepted accounting practice (GAAP) and non-GAAP standards.
SPFR requirements and frameworks
Related downloads
- Special Purpose Financial Reporting Framework for use by For-Profit Entities 2018 (pdf, 0.9 mb)
- Illustrative financial report 2018 - services (pdf, 0.3 mb)
- Illustrative financial report 2018 - products (pdf, 0.3 mb)
- Illustrative financial report 2018 - agriculture (pdf, 0.4 mb)
- NZICA’s Special Purpose Financial Reporting Framework for For-Profit Entities 2014 (pdf, 0.7 mb)
- NZICA’s illustrative financial statements – products industry 2014 (pdf, 0.5 mb)
- NZICA's illustrative financial statements - services industry 2014 (pdf, 0.4 mb)
- NZICA’s illustrative financial statements – agricultural industry 2014 (pdf, 0.6 mb)
- RAC’s illustrative financial statements – agricultural industry (pdf, 0.6 mb)
- RAC’s illustrative financial statements – agricultural industry (xlsx, 0.2 mb)
- March 2015 Perspective article: “Changes to Financial Reporting in New Zealand” (pdf, 0.4 mb)