CA ANZ and CPA Australia welcome the PIR as it is an important exercise in establishing whether the Tier 3/4 standards remain fit for purpose and what, if any, improvements are required to ensure their ongoing applicability.  

The Tier 3/4 standards are widely used in New Zealand across the NFP sector, including a significant number of Māori NFP organisations that are registered charities and other public sector entities. Feedback from our members and other stakeholders indicates that whilst the framework that includes the Tier 3/4 standards has been a worthwhile exercise and has been implemented well overall, there are significant areas for improvement, in particular within the Tier 4 Reporting Standard.  

Our submission includes detailed feedback provided to us by our members, some valuable resources that are designed to assist preparers and auditors to effectively interact with the NFP accounting standards framework in New Zealand and recommendations for the NZASB to consider as part of this review.