Most companies will no longer need to prepare general purpose financial reports
Amendments to the Companies Act 2013 and Financial Reporting Act 2013 mean most small- to medium-sized companies are no longer required to prepare general purpose financial accounts. Instead, they are required to prepare special purpose financial reports to minimum requirements set by the IRD. This applies to financial reports for income years starting on 1 April 2014 and later. So it’s actually next year the change in reporting will be realised.
We will be working throughout this year to ensure you understand and know what your reporting requirements are. For more information from IRD, click here.