In a joint submission to the XRB’s Amendments to For-profit Domestic Accounting Standards due to NZ IFRS 18, CA ANZ and CPA Australia support the proposed amendments to FRS-42 Prospective Financial Statements, FRS-43 Summary Financial Statements and FRS-44 New Zealand Additional Disclosures to align with the requirements of NZ IFRS 18 Presentation and Disclosure in Financial Statements.

We agree that it is important for the presentation and disclosure requirements for prospective and summary financial statements to be consistent with the requirements for the presentation and disclosure of historical financial statements under NZ IFRS 18, where appropriate. In our view the cost of not adopting these proposed amendments would be greater than the cost of adopting the proposed amendments, as entities would essentially have to maintain two different formats over time.