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REVIEW OF FINANCIAL REPORTING BY ISSUERS
CYCLE 5
Financial Reporting Surveillance Programme
29 October 2007
CONTENTSEXECUTIVE SUMMARY
INTRODUCTION
The Commission's Financial Reporting Surveillance ProgrammeCYCLE 5: AN OVERVIEW
New Zealand Generally Accepted Accounting Practice (NZ GAAP)
Identifying issues
ScopeFUTURE ADOPTION OF NZ IFRS
Overall Comments
Outcome of Matters Raised
Follow-up action
CYCLE 5 FINDINGS ON THE APPLICATION OF NZ IFRS
Significant mattersCYCLE 5 FINDINGS ON THE APPLICATION OF PREVIOUS NZ GAAP
Other matters
Improvements in disclosures
Significant mattersQUALITY OF FINANCIAL REPORTING
Other matters
Improvements in disclosures
ALTERNATIVE NON-GAAP MEASURES
REFERRALS TO THE NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS (NZICA)
ADOPTION OF IFRS GLOBALLY
International observationsONGOING REVIEW AND ENFORCEMENT
IOSCO