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: FRS2: Presentation of Financial Reports. FRS4: Accounting for Inventories. FRS20: Accounting for Shares Issued under a Dividend Election Plan. Financial Reporting Standard 2 (FRS2) applies to all reporting entities (as defined in the Act), 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 begin on or after 1 January 1995. Financial Reporting Standard 4 (FRS4) applies to all reporting entities (as defined in the Act), 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 30 September 1994. Financial Reporting Standard 20 (FRS20) applies to all reporting entities (as defined in the Act), 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 30 September 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.