In September 2014 the FMA hosted a half-day discussion forum in Auckland titled ‘Beyond International Financial Reporting Standards (IFRS): Quality Financial Reporting’. The forum aimed to facilitate a clearer understanding of disclosure challenges within the New Zealand environment. Discussions also included ways to improve financial statements so they are a clear and effective reporting and communications tool.
Following this event, we produced a summary of the main themes raised at the forum. Our primary message is that financial statement information should focus on the specific needs of its primary users. We encourage entities to be bold and reduce immaterial disclosures. The summary report on how to improve financial statements is for all those involved in the preparation, audit and review of financial statements.