Notice of Approval of Financial Reporting Standards Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 (``the Act'') that the Accounting Standards Review Board has approved, for the purposes of the Act, the following financial reporting standards submitted to it by the New Zealand Society of Accountants: FRS1; Disclosure of Accounting Policies. FRS5; Accounting for Events Occurring After Balance Date. FRS7; Extraordinary Items and Fundamental Errors. FRS10; Statement of Cash Flows. FRS27: Right of Set-Off. Financial Reporting Standards FRS1, FRS5, FRS7 and FR27 apply to all reporting entities, the Crown and all departments, Offices of Parliament and Crown entities (each of which is defined in the Act) for application to accounting periods and interim accounting periods that end on or after 1 July 1994. Financial Reporting Standards FRS10 applies to all reporting entities (as defined in the Act) and to the Crown and all departments, Offices of Parliament and Crown entities (each of which is defined in the Act) other than those which are expressly exempted by the terms of that standard, for application to accounting periods and interim accounting periods that end on or after 1 July 1994. Copies of the above-mentioned standards may be purchased from the office of the New Zealand Society of Accountants, Willbank House, 57 Willis Street (P.O. Box 11-342), Wellington. JOHN C. HAGEN, Chairman, Accounting Standards Review Board.