Notice Type
General Section
Notice Title

Issued Accounting Standard: Definition of a Business (Amendments to NZ IFRS 3) (Notice No. 148)

Notice is hereby given, pursuant to section 24 of the Financial Reporting Act 2013, that the New Zealand Accounting Standards Board of the External Reporting Board has issued Definition of a Business (Amendments to NZ IFRS 3).

Definition of a Business (Amendments to NZ IFRS 3):

  • applies to all Tier 1 and Tier 2 for-profit reporting entities and groups, other than where expressly exempted by its terms, the terms of any other approved accounting standard or by law; and
  • applies to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020 and to asset acquisitions that occur on or after the beginning of that period. Early application is permitted; and
  • is a disallowable instrument for the purposes of the Legislation Act 2012.

Copies of the standard may be inspected free of charge at the offices of the External Reporting Board (XRB), Level 7, 50 Manners Street, Wellington. Copies are also available on the XRB’s website at www.xrb.govt.nz.

Dated this 20th day of December 2018.

KIMBERLEY CROOK, Chair, New Zealand Accounting Standards Board.