Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 (“the Act”), that the Accounting Standards Review Board has approved amendments to the following New Zealand Equivalents to International Financial Reporting Standards as set out in Omnibus Amendments (2006-01) (“the amendments”), and which have been submitted to it by the New Zealand Institute of Chartered Accountants:
? NZ IAS 1 Presentation of Financial Statements
? NZ IAS 2 Inventories
? NZ IAS 34 Interim Financial Reporting
? NZ IAS 36 Impairment of Assets
? NZ IAS 40 Investment Property
The 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; and
? Regulations for the purposes of the Regulations (Disallowance) Act 1989.
Early adoption of the amendments are permitted for annual accounting periods commencing on or after 1 January
2005 and before 1 January 2007 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 amended New Zealand Equivalents to IFRS 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 (PO Box 11342), Wellington and 27–33 Ohinerau Street (PO Box 3334), Auckland.
Dated this 15th day of December 2006.
WARWICK HUNT, Chairman, Accounting Standards Review Board.