| Abstract: | This paper reviews the decision to adopt IFRS in New Zealand and the subsequent decisions made on implementation of adoption. The emphasis of the review is on due process. The paper outlines the current regulatory structure for financial reporting in New Zealand, describes how the decision to adopt IFRS was made, and evaluates the due process followed in making the decision to adopt IFRS and in implementation of the decision. We conclude that the limited due process followed in making the decision to move to IFRS and in developing each New Zealand standard was adequate. However, the method adopted for converting international standards to New Zealand standards did not go through sufficient due process. |
