The New Zealand External Reporting Board (XRB) and New Zealand Accounting Standards Board (NZASB) have released two new series of standards which provide a ‘simple format reporting package’ for eligible not-for-profit and public sector public benefit entities. The new standard series implement further parts of the revised New Zealand Accounting Standards Framework and provide eligible entities with either a simplified accrual basis of accounting, or guidance on how to report using the cash basis.