New Zealand delays IFRS for small entities

The New Zealand Accounting Standards Review Board (ASRB), on the recommendation of the Financial Reporting Standards Board (FRSB), has decided to delay the mandatory adoption of the New Zealand equivalents to international financial reporting standards (NZ IFRS) for certain small entities. A government review of the financial reporting requirements applying to small and medium-sized companies under the Financial Reporting Act will commence in mid-2008. (View the ASRB Press Release and the related ASRB Announcement).