Domestic Accounting Standards
Domestic (New Zealand-specific) standards may be developed for inclusion in For-profit Accounting Standards or PBE Accounting Standards.
These standards (usually FRSs or PBE FRSs) either:
- prescribe additional disclosures to those in For-profit Accounting Standards based on IASB pronouncements; or
- cover topics that do not affect IFRS-compliant financial statements.
The process the NZASB follows here is set out below.
You can read this in conjunction with the commentary on Process 4 in the following document:
The steps in the diagram below refer to the steps in the commentary in EG A2.