Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board has approved the New Zealand Equivalent to International Financial Reporting Interpretations Committee Interpretation 18 Transfers of Assets from Customers (NZ IFRIC 18), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
NZ IFRIC 18 is:
- to apply to all reporting entities and groups, the Crown and all departments, Offices of Parliament and Crown entities, and all local authorities (each of which is defined in the Act) other than where expressly exempted by its terms, the terms of any other approved financial reporting standard or by law;
- to apply transfers of assets from customers received on or after 1 July 2009; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of NZ IFRIC 18 is permitted only where an entity complies, or has complied, with New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards.
Copies of NZ IFRIC 18 may be inspected free of charge at the offices of the New Zealand Institute of Chartered Accountants, 40 Mercer Street (PO Box 11342), Wellington and 27-33 Ohinerau Street (PO Box 3334), Auckland.
Copies will be made available on the institute’s website at
www.nzica.com
Dated this 19th day of February 2009.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.