Abstract:
This paper reviews the decision to adopt IFRS in New Zealand and the subsequent decisions made on implementation of adoption. The emphasis of the review is on due process. The paper outlines the current regulatory structure for financial reporting in New Zealand, the role of due process and describes the due process requirements that applied in New Zealand prior to implementation of the decision to adopt IFRS. The paper describes how the decision to adopt IFRS was made, how the approach to implementation was determined and reviews the adequacy of the due process followed. We conclude that the limited due process followed for the decision to move to international financial reporting standards and for each individual IAS or IFRS was adequate. However, the actual method of converting international standards to New Zealand standards did not go through sufficient due process.
