Under the new Financial Reporting Act 2013 most of New Zealand's small to medium companies will no longer be required to prepare general-purpose financial statements, but they will still be required to prepare financial statements at least to a special-purpose level.

The Inland Revenue Department, as the biggest user of financial statements in New Zealand, will administer the setting of minimum requirements for these financial statements and it is has released an issues paper (Minimum financial reporting requirements for companies), which sets out which companies will be required to prepare financial statements and the minimum degree of detail that they will need to provide, for public consultation.

The new requirements for financial statements are expected to be in place for periods commencing 1 April 2014 and later.

Submissions on the issues paper close on 20 December 2013.