The nightmare that is the new international accounting standards, IFRS, has been exempted for NZ small businesses until the government finishes its review next year. Over on the Xero blog there is a post about it and I’d concur with Hamish’s comment for small businesses to keep an eye on this and start flexing their collective muscle if it looks like they’ll be bought under the IFRS rules.
IFRS means expense – NZ SME’s have enough compliance cost as it is!
