The future for financial reporting in New Zealand

Article Abstract:

The 1987 crash of the New Zealand share market and the high rate of business failures that followed it point to the need for better financial reporting standards in the country. Recent developments show that New Zealand is trying to meet this need. One of these developments is the introduction of the Financial Reporting Bill, which proposes the creation of an Accounting Standards Review Board, into Parliament in 1991. The following year, the New Zealand Society of Accountants (NZSA) introduced a proposed financial reporting framework for the public and the private sector alike. The NZSA framework contains an explanatory introduction, a statement of concepts (SOC), a SOC as applied to the public sector, a model for differential reporting, and proposed changes in accounting standards in the areas of accounting policies disclosure and financial reports presentation.

Standards, New Zealand, Corporation reports, Company reports, Corporations, New Zealand

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Pan-European groups

Article Abstract:

A significant problem in forming a pan-European business venture is the result of differences in national laws taxing the dividends of shareholders from countries other than that in which the parent company is resident. A recent innovative corporate structure making use of stapled stock arrangements can overcome this problem. Waterford Glass (Ireland)'s acquisition of Wedgewood (UK) entailed issuing UK residents non-voting income shares so that they could receive dividends in either Irish punts or the equivalent in pounds sterling. This arrangement was achieved by stapling ordinary shares of the parent company with non-voting income shares of a subsidiary located in the shareholders's country that will pay the shareholder dividends. The arrangement reduces tax costs by eliminating cross-border dividend flows and increases the marketability of shares.

Europe, Taxation, Finance, Stocks, Dividends, Waterford Wedgwood PLC, Corporations, European

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