Financial accounting standard setting in New Zealand has remained within the private sector.

Name: Financial accounting standard setting in New Zealand has remained within the private sector.
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Question

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The Financial Reporting Act 2013 established the External Reporting Board (XRB) as an independent Crown entity responsible for setting accounting standards in New Zealand. However, the XRB works closely with the private sector and is not a government agency.

Financial Accounting Standard Setting in New Zealand Has Remained Within