Summary of Questions for Submission
Question 1 - Reporting Entities
- Do you agree that it is appropriate to have different reporting requirements for different types and sizes of entities in New Zealand? If not, what reporting requirements should there be and why?
- If you believe that there should be different reporting requirements for different types and sizes of entity, do you agree with the ASRB proposal on how the different types and sizes of entity should be determined? Are there any additional factors or considerations that you believe are appropriate to consider in determining the tier of a given entity?
- Do you agree that the ASRB's proposed two-out-of-three combination of assets, turnover and employees is appropriate? Do you agree that the figures used are appropriate?
- Do you agree with the removal of reporting requirements for tier 3 entities under the ASRB proposal? If not, what reporting requirements should there be and why?
- Do you believe that optional compliance with a "best practice" guide would prove beneficial? If so, do you agree that meeting the best practice guide should mean automatic compliance with the general reporting requirements (for example, of the Companies Act 1993) through a deeming provision?
- Do you agree that the current tier 2 categorisation of large entities without reporting responsibilities, and small entities with reporting responsibilities, is appropriate?
- If the ASRB proposal was adopted, are you aware of significant reporting issues that may arise for any entities?
- If, instead of the ASRB proposal, a two-tier structure like that operating in Australia was adopted, are you aware of significant reporting issues that may arise for any entities?
Question 2 - Auditing and Filing Requirements
- Should audit and filing requirements correspond directly with tiers of reporting entity? If not, what alternatives would be appropriate? A mechanism to allow audit and filing requirements to shift independently of reporting requirements, or some other approach?
- Which entities (either of tiers 1, 2 and 3, or some other measure) should be required to have their financial statements audited and why?
- Which entities (either of tiers 1, 2 and 3, or some other measure) should be required to file their financial statements and why?
- If you do not believe all entities should be required to file financial statements, do you believe some value would be gained from some form of alternative (whether those provided or otherwise) for those that do not file their reports?
- Are there any further issues (for example, in relation to trans-Tasman co-ordination or a possible joint institution) that need to be considered?
Question 3 - Entity Neutrality
- Do you agree that some form of entity neutrality is desirable?
- If not, what reporting requirements do you believe entities not currently subject to the Financial Reporting Act 1993 should be required to fulfil?
- If you do agree that entity neutrality is desirable, are there nevertheless some forms of entity that should be exempt from the reporting requirements?
- Are there any further issues (for example, in relation to trans-Tasman co-ordination or a possible joint institution) that need to be considered?
Question 4 - Sector Neutrality
- Do you agree with the approach to sector neutrality being adopted by the ASRB?
- Are there implications for the institutional arrangements regarding standard setting for the New Zealand public sector? If so, what are they and how should they be addressed?
- Are there any further issues (for example, in relation to trans-Tasman co-ordination or a possible joint institution) that need to be considered?