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PwC supportive of the Financial Reporting Bill
1 August 2012
News
Release
PwC
supportive of the Financial Reporting
Bill
"PwC
welcomes the much anticipated Financial Reporting Bill that
was introduced to Parliament yesterday.
The Bill revamps
the current financial reporting framework and significantly
reduces costs for small and medium sized companies. The cut
in these compliance costs aligns New Zealand on an
international scale and streamlines the financial reporting
requirement for entities.
The Bill also clarifies
compliance obligations for charities, and includes a new
power which allows the External Reporting Board to issue
accounting standards for registered charities.
Partner,
Michele Embling says “Overall this is a positive move for
New Zealand business in creating a financial reporting
framework that functions efficiently and
effectively”.
-ends-
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