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This article applies to:

  • Product: ONESOURCE Statutory Reporting
  • Subject: Templates

Version 23 - March 2025 (CUD release)

Content update information

This CUD release focuses on the legislative content changes for the period ending December 2025.
  • Financial period type: 12-Months (Annual)
  • Target industry type: Manufacturing, Services, and Generic (excluding Financial Services)

IFRS legislative changes

The following previously issued standards will apply for the first time for periods beginning January 1, 2025:
  • Lack of Exchangeability – Amendments to NZ IAS 21 and NZ IFRS 1
The following standards have been issued for future periods and are available for early adoption:
  • Amendments to the Classification and Measurement of Financial Instruments – Amendments to NZ IFRS 9 and NZ IFRS 7 [effective date 1 January 2026]
  • NZ IFRS 18 Presentation and Disclosure in Financial Statements [effective date 1 January 2027]
  • Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to NZ IFRS 10 and NZ IAS 28 [effective date 1 January 2028]
In July 2024, the External Reporting Board (XRB) of New Zealand announced that it won't issue a New Zealand equivalent to IFRS 19 -Subsidiaries without Public Accountability: Disclosures. Instead, New Zealand will continue using its existing Reduced Disclosure Regime (RDR).
The following standards first applied to periods beginning January 1, 2024. For companies with non-December balance dates, these will apply during 2025 (for example, year ending for March 2025 or June 2025):
  • Lease Liability in a Sale and Leaseback – Amendments to NZ IFRS 16
  • Disclosure of Fees for Audit Firms’ Services – Amendments to FRS 44
  • Non-current Liabilities with Covenants – Amendments to NZ IAS 1
  • Supplier Finance Arrangements – Amendments to NZ IAS 7 and NZ IFRS 7

Early adoption for accounting standards

Early adoption is permitted for:
  • Lack of Exchangeability – Amendments to NZ IAS 21 and NZ IFRS 1
  • Amendments to the Classification and Measurement of Financial Instruments – Amendments to NZ IFRS 9 and NZ IFRS 7
  • NZ IFRS 18 Presentation and Disclosure in Financial Statements
  • Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to NZ IFRS 10 and NZ IAS 28

Local accounting law changes for December 2025 financial year

There no local accounting law changes.

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