Under the Financial Reporting Act 2013, entities that do not fall under the definition of ‘large’ or have ‘public accountability’ do not have to prepare general purpose financial statements in accordance with NZ GAAP. Entities that no longer have to prepare general purpose financial statements under the Financial Reporting Act 2013 are still required to prepare special purpose financial statements for tax purposes. Inland Revenue has provided the minimum requirements for financial statements in an Order in Council. These include:
New Zealand signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI) in June 2017. New Zealand has ratified the MLI and the MLI is now in force in New Zealand.
Last Reviewed - 15 September 2019