New Zealand's accounting community moved one step closer to the adoption of International Financial Reporting Standards (IFRS) last week following the International Accounting Standards Committee Foundation's decision to renounce its copyright in IFRS in respect of New Zealand.
Speaking following the announcement, general manager of standards and quality assurance at the Institute of Chartered Accountants, Dr Alan Teixeira explained that:
"The Institute is nearing the end of an ambitious programme to have the New Zealand equivalents of the International Financial Reporting Standards in place shortly after 1 July this year."
"This agreement ensures these new standards can be made available to all New Zealanders. The Institute would like to thank the Government for its work in bringing this agreement about."
The IFRS framework will now apply in New Zealand from January 1 2007, although entities can choose to adopt it on a voluntary basis from January 1 2005.
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