Hi. I read with interest that there are new (NZ) Government regulations for small business accounts that mean we can save money on end of year accounts by adopting the new Special Purpose Financial Reporting framework and that this is an option for the first time this March (covering YE march 2015). I went online to check this out and found a 100 page document from the NZCIA which seemed designed to put people off further enquires! I saw another document that said we may be able to use reports directly from accounting software to calculate end of year tax and submit reports acceptable to IR. I see some references to Xero providing templates for Australian firms and Accounts Online are getting into this but nothing from MYOB. Does anybody know anything about this?
I have done some research into the new Special Purpose Financial Reporting framework (SPFR). From the information I can obtain is that it a new framework that makes sure that financial reports are getting run and the required accounting information is getting reported on.
I would recommend consulting with the IRD or an Accountant in regards to make sure that your reporting follows this new framework. If you do required some additional information relating to the new framework and updated process or just to get a brief summary overview take a look at NZICA Optional Special Purpose Financial Reporting framework for SMEs