Since 1992, New Zealand has engaged in a sector-neutral approach to accounting standard setting – where a transaction is accounted for based on its underlying economic nature rather than on the type of entity undertaking it. Underpinned by the premise that GAAP can be generalised across the...

Unlike many other advanced economies, New Zealand does not have an explicit capital gains taxation regime. The distinction between capital and income is therefore of vital significance. An area in which the capital-income distinction is of considerable importance is that of gains and losses...