New Zealand Equivalents to International Financial Reporting Standards Reporting Regime
(Notice No. 61)
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, an Amendment to the Framework for Differential Reporting
for Entities Applying the New Zealand Equivalents to International Financial Reporting Standards Reporting Regime, 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 New Zealand Institute of Chartered Accountants. The Amendment to the Framework for Differential Reporting for Entities Applying the
New Zealand Equivalents to International Financial Reporting Standards Reporting Regime clarifies the manner in which the reporting concessions are presented. The Amendment does not change the reporting concessions themselves.
The Amendment to the Framework for Differential Reporting for Entities Applying the New Zealand Equivalents to International Financial Reporting Standards Reporting Regime, together with the consequential amendments, 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, 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; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Early adoption of the Amendment to the Framework for Differential Reporting for Entities Applying the New Zealand Equivalents to International Financial Reporting Standards Reporting Regime, together with the consequential amendments, is permitted for annual accounting periods commencing on or after 1 January 2005 but only where an entity complies, or has complied, with New Zealand Equivalent to International Financial Reporting Standard
1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards.
Copies of the Amendment to the Framework for Differential Reporting for Entities Applying the New Zealand Equivalents to International Financial Reporting Standards Reporting Regime (together with the consequential amendments) may be inspected free of charge at, and
will be made available for purchase from, the offices of
the New Zealand Institute of Chartered Accountants,
40 Mercer Street (P.O. Box 11-342), Wellington and 27-33 Ohinerau Street (P.O. Box 3334), Auckland.
Dated this 14th day of December 2005.
WARWICK HUNT, Chairman, Accounting Standards Review Board.
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