From 1 July 2007 the Government’s financial statements and forecasts are required to be prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS). As such, Budget 2007 documentation will be prepared predominantly on an NZ IFRS basis.
The transition from existing accounting standards to NZ IFRS will have a number of impacts, including the value at which certain assets, liabilities, revenue and expenses will be recorded in the Government’s financial statements, as well as changes to reporting formats.
The Treasury will host a briefing for interested media and analysts on Wednesday 9 May 2007 between 2pm and 3pm on Level 5, No. 1 The Terrace. The briefing will:
- Outline the impact of NZ IFRS on the Crown’s accounts (using preliminary results to December 2006);
- Explain changes to the format of the key financial statements, and consequential changes to fiscal indicators;
- Identify how to interpret the measurement and presentation changes when looking at forecasts;
Provide an opportunity to address any questions and provide guidance regarding the above points.
The information presented at the briefing will be publicly released immediately after it concludes.
Please RSVP by Friday 4 May to Chad Morgan (firstname.lastname@example.org), advising your name and organisation.