We are pleased to announce the release of our first model financial statements for Tutuki Tertiary Institute for the year ended 31 December 2009, prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS).

The model financial statements have been prepared to help guide tertiary education institutions to prepare financial statements that comply with NZ IFRS. The model may also assist in reducing the compliance costs of preparing NZ IFRS-compliant financial statements and contribute to an efficient financial statement audit.

There are a number of new standards, interpretations, and amendments to NZ IFRS that must be applied for the first time in preparing the 31 December 2009 financial statements. In particular, the model illustrates the new presentation and disclosure requirements of the revised NZ IAS 1 Presentation of Financial Statements (Revised 2007) and the amended NZ IFRS 7 Financial Instruments: Disclosures.