Notice Type
General Section
Notice Title

Approval of Amendments to Approved Financial Reporting Standard (Notice No. 29)

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, amendments to FRS-3 - Accounting for Property, Plant & Equipment which have been submitted to it by the Institute of Chartered Accountants of New Zealand.
The amendments are:
? the addition of paragraphs 4.26A, 7.20A, 8.18A, 12.4, 12.5, 12.6, 12.7 and 12.10;
? changed wording in paragraphs 4.20, part of which is now paragraph 4.20A and in paragraphs 8.18, 12.8 and 12.9; and
? minor consequential changes to paragraphs 2.8, 11.11 and 12.1.
The approved amendments:
? are to apply to accounting periods and interim accounting periods ending on or after 31 March 2002; and
? are Regulations for the purposes of the Regulations (Disallowance) Act 1989.
The purpose of the amendments is to facilitate the application of FRS-3 and clarify the transitional provisions.
Copies of FRS-3 as amended may be inspected free of charge at, or 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 29th day of November 2001.
JOHN C. HAGEN, Chairman, Accounting Standards Review Board.