The government of New Zealand has begun a comprehensive review of its financial reporting act by publishing a discussion paper on The Financial Reporting Structure. The Discussion Paper examines the specific needs of NZ companies and the users of their reports and considers the questions "who should be required to report" and "which reporting standards should they follow". The paper proposes a three-tier structure - full reporting using IFRS for publicly accountable entities, reduced requirements for larger non-publicly accountable entities, and no formal reporting required for small entities.