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, Financial Reporting Standard 5, "Events After Balance Date" submitted to it by the Institute of Chartered Accountants of New Zealand to replace the existing FRS 5 "Accounting for Events Occurring After Balance Date (1994)".
The new FRS 5 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).
The standard is to apply to accounting periods and interim accounting periods ending on or after 30 June 2001.
As a consequence of this approval, the board has contemporaneously revoked approval of the existing
FRS 5 "Accounting for Events Occurring After Balance Date".
The revocation is to apply to accounting periods and interim accounting periods ending on or after 1 July 2001.
Copies of FRS 5 may be purchased from the offices of
the Institute of Chartered Accountants of New Zealand,
40 Mercer Street (P.O. Box 11-342), Wellington and
27-33 Ohinerau Street (P.O. Box 3334), Auckland.
Dated this 10th day of July 2000.
JOHN C. HAGEN, Chairman, Accounting Standards Review Board.