INDEPENDENT NEWS

Bankers’ Association welcomes reduced business costs

Published: Tue 7 Aug 2012 04:04 PM
Bankers’ Association welcomes reduced business costs
The New Zealand Bankers’ Association welcomes the recent introduction of the Financial Reporting Bill by Commerce Minister Craig Foss.
The Bill seeks to remove or reduce unnecessary and excessive reporting requirements. This will significantly cut costs for small and medium-sized companies. It will also further reduce barriers to doing business in New Zealand by better aligning our reporting requirements with those in other countries.
“We commend the government’s decision to streamline financial reporting requirements. This will support New Zealand business growth and development, which is vital to improving our economic performance,” said New Zealand Bankers’ Association chief executive Kirk Hope.
Small and medium-sized companies will no longer be required to prepare general purpose financial reports. Instead they will be able to file reports which are more appropriate to their businesses. Guidelines for these special purpose reports are being developed by the New Zealand Institute of Chartered Accountants (NZICA). The New Zealand Bankers’ Association is keen to work with NZICA to ensure the cost burden for small and medium-sized companies is minimised and information is consistent and standard.
ENDS

Next in New Zealand politics

Concerns Conveyed To China Over Cyber Activity
By: New Zealand Government
GDP Decline Reinforces Government’s Fiscal Plan
By: New Zealand Government
New Zealand Provides Further Humanitarian Support To Gaza And The West Bank
By: New Zealand Government
High Court Judge Appointed
By: New Zealand Government
Parliamentary Network Breached By The PRC
By: New Zealand Government
Tax Cuts Now Even More Irresponsible
By: New Zealand Labour Party
View as: DESKTOP | MOBILE © Scoop Media