The New Zealand Bankers’ Association welcomes the recent introduction of the Financial Reporting Bill by Commerce Minister Craig Foss.
The Bill seeks to remove or reduce unnecessary and excessive reporting requirements. This will significantly cut costs for small and medium-sized companies. It will also further reduce barriers to doing business in New Zealand by better aligning our reporting requirements with those in other countries.
“We commend the government’s decision to streamline financial reporting requirements. This will support New Zealand business growth and development, which is vital to improving our economic performance,” said New Zealand Bankers’ Association chief executive Kirk Hope.
Small and medium-sized companies will no longer be required to prepare general purpose financial reports. Instead they will be able to file reports which are more appropriate to their businesses. Guidelines for these special purpose reports are being developed by the New Zealand Institute of Chartered Accountants (NZICA). The New Zealand Bankers’ Association is keen to work with NZICA to ensure the cost burden for small and medium-sized companies is minimised and information is consistent and standard