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, Financial Reporting Standard No. 43 Summary Financial Statements, which has been submitted to it by the New Zealand Institute of Chartered Accountants.
Financial Reporting Standard No. 43 Summary Financial Statements 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 summary financial statements for periods beginning on or after 1 January 2007; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of Financial Reporting Standard No. 43 Summary Financial Statements in annual summary financial statements is permitted only where an entity complies, or
has complied, with NZ IFRS 1 First-time Adoption of
New Zealand Equivalents to International Financial Reporting Standards in its full financial statements for a period beginning on or after 1 January 2005.
Financial Reporting Standard No. 43 Summary Financial Statements supersedes Financial Reporting Standard No. 39 Summary Financial Information. The board therefore resolves to withdraw its direction under the Financial Reporting
Act that Financial Reporting Standard No. 39 Summary Financial Information has authoritative support when Financial Reporting Standard No. 43 Summary Financial Statements becomes effective for periods beginning on or after 1 January 2007. Where early adoption of Financial Reporting Standard No. 43 Summary Financial Statements is permitted for an entity, Financial Reporting Standard No. 39 Summary Financial Information is deemed to be withdrawn in relation to that entity upon such early adoption.
Copies of Financial Reporting Standard No. 43 Summary Financial Statements 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 21st day of May 2007.
WARWICK HUNT, Chairman, Accounting Standards Review Board.