Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 (“the Act”), that the Accounting Standards Review Board has approved, as a financial reporting standard for the purposes of the Act, New Zealand Equivalent to IFRIC Interpretation 3 Emission Rights (NZ IFRIC 3), which has been submitted to it by the Institute of Chartered Accountants of New Zealand.
NZ IFRIC 3 Emission Rights 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) other than where expressly exempted by its terms, or the terms of any other approved financial reporting standard or by law;
? to apply to annual accounting periods beginning on
or after 1 January 2007;
? to apply to annual accounting periods commencing on
or after 1 March 2005, when an entity complies with
New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of
New Zealand Equivalents to International Financial Reporting Standards on or after 1 January 2005; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Early adoption of NZ IFRIC 3 Emission Rights is permitted for annual accounting periods commencing on or after
1 January 2005, but only where an entity complies with
New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards.
Copies of NZ IFRIC 3 Emission Rights may be inspected free of charge at, and will be made available for purchase from, the offices of the Institute of Chartered Accountants
of New Zealand, 40 Mercer Street (P.O. Box 110-342), Wellington, and 27-33 Ohinerau Street (P.O. Box 3334), Auckland.
Dated this 17th day of May 2005.
WARWICK HUNT, Chairman, Accounting Standards Review Board.