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REVIEW OF FINANCIAL REPORTING BY ISSUERS
CYCLE 5

Financial Reporting Surveillance Programme

29 October 2007
CONTENTS

EXECUTIVE SUMMARY
INTRODUCTION

The Commission's Financial Reporting Surveillance Programme
New Zealand Generally Accepted Accounting Practice (NZ GAAP)
Identifying issues
CYCLE 5: AN OVERVIEW
Scope
Overall Comments
Outcome of Matters Raised
Follow-up action
FUTURE ADOPTION OF NZ IFRS
CYCLE 5 FINDINGS ON THE APPLICATION OF NZ IFRS
Significant matters
Other matters
Improvements in disclosures
CYCLE 5 FINDINGS ON THE APPLICATION OF PREVIOUS NZ GAAP
Significant matters
Other matters
Improvements in disclosures
QUALITY OF FINANCIAL REPORTING
ALTERNATIVE NON-GAAP MEASURES
REFERRALS TO THE NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS (NZICA)
ADOPTION OF IFRS GLOBALLY
International observations
IOSCO
ONGOING REVIEW AND ENFORCEMENT