14 Nov 2013

IRD wants feedback on financial reporting proposals

7:44 am on 14 November 2013

Inland Revenue is seeking public feedback on proposals on the minimum financial reporting requirements for small and medium-sized companies.

The proposals will apply to most companies with turnover of up to $20 million or $60 million in assets.

Under reforms set out in the Financial Reporting Bill, the companies will no longer be required to prepare general purpose financial statements.

Instead, the Government has agreed these companies will prepare simplified statements to a minimum requirement determined by Inland Revenue.

The new requirements would apply from next April. Submissions close on 20 December.