A CFO, was recruited from the USA, where he was the Head of Accounts for a company. Being based in the USA, former company prepared its financial statements according to US Generally Accepted Accounting Practices (US GAAP) as adopted by the Securities and Exchange Commission (SEC).

Gill knows that financial statements are prepared according to slightly different rules in New Zealand. He asks you to provide him with a brief overview of how GenerallyAccepted Accounting Practices for external financial reporting are determined in New Zealand.

Your response should:

Explain how the rules for external reporting of financial information by for-profit entities are determined in New Zealand.how often they needs to release financial statements to comply with New Zealand Stock Exchange (NZX) listing requirements

also explain the differnece between both types of accounting