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financial reporting under either New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) or New Zealand equivalents to International Financial Reporting Standards Reduced Disclosure Regime (NZ IFRS (RDR)) (being the only accounting frameworks in New Zealand that represents New Zealand Generally Accepted Accounting Principles (NZ GAAP)) .  \nThere are various reasons that an entity might now decide to (or be required to) step-up from special purpose financial reporting (SPFR) into NZ IFRS or NZ IFRS (RDR), including (but not limited to):  \n▶ Statutory requirements requiring financial statements to be prepared in accordance with NZ GAAP (i.e. exceeding the revenue, asset, shareholder thresholds under the financial reporting legislation applicable to the entity) .  \n▶ The entity’s lenders (i.e. Banks) requiring the entity to provide financial statements prepared in accordance with NZ GAAP.  \n▶ New investors requiring changes to the entity’s Constitution, Founding documents, and/or Shareholders Agreements, and inserting clauses now requiring financial statements prepared in accordance with NZ GAAP.  \n▶ The entity is looking for potential sale, listing, or additional investment opportunities where the preparation of NZ IFRS or NZ IFRS (RDR) financial statements will be required and/or will facilitate the process.  \n▶ The entity’s Directors and/or Audit Committee believes the preparation of financial statements in accordance with NZ GAAP represents best business practice and/or corporate governance.  \n▶ To ensure higher industry comparability across borders and reduce time and effort in preparing multiple financial statements to meet the group reporting requirements.  \nIrrespective of the reason WHY an entity steps-up into NZ IFRS or NZ IFRS (RDR) (NZ GAAP) reporting, HOW the step-up is required to be done remains the same.  \nUnsurprisingly, the first accounting standard in the suite of NZ IFRSs, NZ IFRS 1 First-time adoption of New Zealand Equivalents to International Reporting Standards (NZ IFRS 1), prescribes these requirements.  \nNZ IFRS 1 is a detail-heavy standard and provides various mandatory and optional accounting treatments for balances and transactions that can differ slightly from the “normal” accounting treatments prescribed in the individual NZ IFRSs that ordinarily apply.  \nThe objective of NZ IFRS 1 is to “build” an NZ IFRS or NZ IFRS (RDR)-compliant opening balance sheet, being the starting point from which the application of the rest of the suite of NZ IFRSs are subsequently applied to going forward.  \nThis Cheat Sheet has been produced as a high-level summary of key points for entities to be aware of when adopting NZ IFRS and applying NZ IFRS 1 (based on NZ IFRS’ in effect as at the time of publishing-November 2020) .  \nThe layout of this Cheat Sheet is formatted to be used as quick checklist to assist entities in highlighting the various application areas of NZ IFRS 1 which may require specific attention.  \nNEED ASSISTANCE WITH YOUR ADOPTION OF NZ IFRSOR NZ IFRS (RDR)?  \nBDO IFRS Advisory is a dedicated service line available to assist entities in navigating all things (NZ) IFRS related. Further details are provided on the following page foryour information.  \nAREAS COVERED IN THIS CHEAT SHEET  \nIn order to navigate through this area of accounting, this Cheat Sheet is broken down into the following sections:  \n1. The date that NZ IFRS or NZ IFRS (RDR) is adopted, and NZ IFRS 1 is applied  \n2. Retrospective application of NZ IFRS or NZ IFRS (RDR)– requirements and exemptions  \n3. Mandatory exceptions to be applied atthe date of transition to NZ IFRS or NZ IFRS (RDR)  \n4. Your go forward requirements  \n1. The date that NZ IFRS or NZ IFRS (RDR) is adopted, and NZ ","cbCaila6zlxTULhD","https://ap.wps.com/l/cbCaila6zlxTULhD","pdf",926171,8,"English","# Background\n## Why entities adopt NZ IFRS or NZ IFRS (RDR)\n# Areas covered in this cheat sheet\n## The date NZ IFRS or NZ IFRS (RDR) is adopted and NZ IFRS 1 is applied\n## Retrospective application of NZ IFRS or NZ IFRS (RDR) requirements and exemptions\n## Mandatory exceptions on the transition date\n## Go-forward requirements","[{\"question\":\"What is the objective of NZ IFRS 1 during first-time adoption?\",\"answer\":\"To build an NZ IFRS or NZ IFRS (RDR)-compliant opening balance sheet, which becomes the starting point for applying the rest of the NZ IFRSs going forward.\"},{\"question\":\"How do you determine the date of transition to NZ IFRS or NZ IFRS (RDR)?\",\"answer\":\"The transition date is the beginning of the earliest comparative period presented in the first NZ IFRS/RDR compliant financial statements.\"},{\"question\":\"What is covered under the cheat sheet’s main sections?\",\"answer\":\"It covers the adoption/transition date and NZ IFRS 1 application, retrospective application and exemptions, mandatory exceptions at the transition date, and the entity’s go-forward requirements.\"}]","Cheat Sheet - Adopting NZ IFRS or NZ IFRS (RDR) for the First Time (NZ IFRS 1) | PDF",1791941311]