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 an approved financial reporting standard for the purposes of
the Act, Amendments to New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (including all consequential amendments to other New Zealand equivalents to International Financial Reporting Standards (the “consequential amendments”)), which has been submitted to it by the Institute of Chartered Accountants of New Zealand.
Amendments to New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (together with the consequential amendments) are:
? 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, the terms of any other approved financial reporting standard or by law;
? to apply to annual accounting periods commencing on or after 1 January 2007;
? permitted in respect of entities which elect to comply, or which have complied, with New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS 1) for an annual accounting period commencing on or after
16 November 2005 and before 1 January 2007; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Copies of Amendments to New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (together with the consequential amendments) 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 11-342), Wellington, and 27-33 Ohinerau Street (P.O. Box 3334), Auckland.
Dated this 16th day of November 2005.
WARWICK HUNT, Chairman, Accounting Standards Review Board.