Approved Financial Reporting Standard (No. 3)
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, an amendment to
FRS-3: Accounting for Property, Plant & Equipment
which has been submitted to it by the Institute of Chartered Accountants of New Zealand.
The amendment extends the transitional provisions relating to the requirement to capitalise borrowing costs by the addition of paragraphs 12.12 and 12.13 which delay
the application of paragraphs 5.24 to 5.37 until periods ending on or after 31 March 2004.
The approved amendment:
? is to apply to accounting periods and interim accounting periods ending on or after 31 March 2002; and
? is a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
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 15th day of February 2002.
JOHN C. HAGEN, Chairman, Accounting Standards Review Board.