Financial reporting standards for the public sector: New Zealand's 21st-century experience

Carolyn J. Cordery and Kevin Simpkins

Public Money & Management, 2016, vol. 36, issue 3, 209-218

Abstract: New Zealand was seen as world-leading when public sector financial reports were prepared using sector-neutral accounting standards from 1995 onwards. The decision in 2002 to adopt IFRS was disruptive, effecting new understandings of ‘sector-neutral’, and the standard-setter's approach was unsuccessful in meeting public sector users’ needs. The development of a new strategy finalized in 2012 has created a multi-standards framework, including adapted IPSASB standards applicable from 1 July 2014. While neutrality is still prized, it is within a framework of meeting users’ needs. This paper traces the influences expediting these changes.

Date: 2016
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DOI: 10.1080/09540962.2016.1133979

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