Financial statements ‘hindering, not helping’ communication

Companies’ financial statements should be slashed in order to focus on what’s important, an international accounting working group believes. The New Zealand Institute of Chartered Accountants and Institute of Chartered Accountants of Scotland say more tightly focused information would better enable those seeking to assess the financial performance of businesses to do their job. If companies could “lose the excess baggage”, financial statements could focus more on what is important to users, and reduce printing and distribution costs.

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Xero to buy Australian payroll company, triples revenue

Despite tripling its revenue, Wellington accounting startup Xero continues to post a net loss. Nonetheless, it’s about to expand into the US and Australia, and is forking out to acquire an Aussie payroll company for starters. The Paycycle acquisition amounts to A$1.5 million ($1.9 million) and is comprised of A$500,000 in cash and A$1 million in Xero shares. Xero founder Rod Drury also announced its customer base had grown to 45,000 since March, a 25 per cent increase. 

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Kiwi soars on back of Greek bailout

The NZ dollar has soared to new heights on the back of a European bailout for Greece’s ailing economy, breaking the US 86-cent ceiling. Prime Minister John Key says the high exchange rate is causing pain for non-commodity linked exporters. But economists say the dollar could sustain high levels for some time yet.

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Makeover looms for NZ banknotes

Maybe money is a taboo subject for polite company, but the design of our currency certainly isn’t. The Reserve Bank yesterday said it has plans to upgrade all of our bank notes; that’s the $5, $10, $20, $50 and $100 bills. Changes won’t be significant but our notes will be modernised and phased in from 2012. What do you think the new designs should incorporate?

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Submit über-question, win pass to We Can Create

We’re getting pretty psyched about delving into the creative wisdom of the speakers at upcoming art, design and creative technologies mega event We Can Create. But if you’re yet to buy a ticket and fancy your chances at winning one, here’s your opportune moment. Click here to tell us which speaker you’d most like to meet from this year’s line-up, and what question you’d ask them. We have two passes to giveaway (one VIP and one GA) and obviously the craftiest of answers will nab the all-areas ticket.

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Innovation of the day: The doofer

BurgerFuel’s patented cardboard doofer holds your big, messy burger together as you stuff your face. It prevents burger fillings from falling out everywhere, and it stops all the juices and sauces from dripping all over your hands. Sheer genius, really.

Do you have an innovation to share? Enter the Innovator Awards and you may be up in lights.

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