New Zealand under Labour

Article Abstract:

New Zealand's Labour government combines liberal economic policies and tax reform to help encourage growth in the face of a difficult international economic framework. The agriculture-dependent New Zealand economy has been hard hit by a global glut of foodstuffs in relation to demand from those who can afford them, which contributed to a declining agricultural sector and falling land prices. The government has deregulated the financial sector, cut assistance to industry and agriculture, lowered quotas and tariffs, and encouraged competition in the transportation sector. Government sponsorship of tax reform has been aimed at rationalization of tax policies, eliminating inefficiencies, and promoting economic growth. Public support for New Zealand tax reform stems from how ineffective the previous system was and the fact that it was revenue-neutral and accompanied by big income tax cuts.

Economic policy, Political aspects, New Zealand, Labour Party (New Zealand)

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Reporting financial instruments - a middle way?

Article Abstract:

Accounting for financial instruments in the UK is a contentious issue. The Accounting Standards Board prefers fair value accounting, while banks oppose the application of this approach to assets that are excluded from their trading book. Corporations, for their part, reject the notion of accounting for long-term debt at market value. One proposal to resolve this argument is to account for financial instruments in the balance sheet based on their market values, while giving banking institutions and all other corporate entities the option to report changes in the financial instruments' market values in the statement of total recognized gains and losses until the maturity of the financial assets or liabilities. This approach accommodates the needs and preferences of all the parties.

United Kingdom, Accounting and auditing, Financial instruments

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