The XRB, or External Reporting Board, is an independent Crown Entity in New Zealand responsible for developing and overseeing standards for financial reporting and auditing assurance. Established by the Financial Reporting Act, the XRB plays a key role in ensuring consistency and transparency in accountancy and financial reporting practices for entities operating within and under New Zealand jurisdiction.

The XRB contributes to the development of accounting and auditing standards that align with international best practices, while addressing the unique requirements of New Zealand's financial environment. For example, financial statements requiring preparation according to Generally Accepted Accounting Principles (GAAP) often comply with XRB standards. This benefits both the preparers and users of financial reports, creating trust and accuracy in financial statements. Additionally, ensure auditing firms adhere to the prescribed guidelines for assurance services, confirming the credibility of financial disclosures.

Thus, the XRB is instrumental in fostering trust and accuracy in financial systems, providing benefits to both preparers and users of financial reports.