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This article applies to:

  • Product: ONESOURCE Statutory Reporting
  • Subject: Templates

Version 24 - September 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 on or after 1 January 2025:
Lack of Exchangeability – Amendments to NZ IAS 21 and NZ IFRS 1
The following standards have been issued and will apply for the first time in later periods, and are available for early adoption:
  • Amendments to XRB A2 resulting the Regulatory Systems (Economic Development) Amendment Act 2025 [effective date 29 September 2025]
  • Amendments to the Classification and Measurement of Financial Instruments – Amendments to NZ IFRS 9 and NZ IFRS 7 [effective date 1 January 2026]
  • Contracts Referencing Nature-Dependent Electricity – 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] (includes consequential amendments to multiple other standards, including New Zealand-specific disclosures in FRS 42, FRS 43 and FRS 44, and particularly NZ IAS 7 and NZ IAS 8, with the same effective date)
  • 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, New Zealand’s External Reporting Board (XRB) issued a statement that it will not be issuing a New Zealand equivalent to IFRS 19 Subsidiaries without Public Accountability: Disclosures, choosing instead to retain New Zealand’s existing Reduced Disclosure Regime (RDR).
The following previously issued standards applied for the first time for periods beginning on or after 1 January 2024. For companies with non-December balance dates these will first apply during 2025 (e.g. years ended 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

Local accounting law changes

The Regulatory Systems (Economic Development) Amendment Act 2025 amends the definition of whether a group of companies is “large” with effect from 29 September 2025, to clarify that an entity is “large” if it has, at the end of the period, one or more subsidiaries that are “large” in respect of that accounting period. This will particularly impact new entities purchasing large subsidiaries.

Early adoption for accounting standards

Early adoption is permitted for:
  • Amendments to the Classification and Measurement of Financial Instruments – Amendments to NZ IFRS 9 and NZ IFRS 7

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