5 Nov 2014

Accounting reform to give firms more choice

6:58 am on 5 November 2014

Significant changes are under way in New Zealand's accounting industry, as yet another important piece of financial markets reform is set to become law.

The Accounting Infrastructure Reform Bill, which recently passed its third reading, will open up competition and deliver greater efficiency in the accounting and audit sector.

CPA Australia, an accounting industry association with over 150,000 finance, accounting and other business members around the world, including over 1500 in New Zealand, provided input into the drafting of the legislation.

Melbourne-based policy adviser Amir Ghandar said the main thing the legislation does is provide businesses with more choice when it comes to choosing an accountant for the audit and review of financial accounts.