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 interpretation to a reporting standard, New Zealand Equivalent to IFRIC Interpretation 13 Customer Loyalty Programmes (NZ IFRIC 13), which has been submitted to
it by the New Zealand Institute of Chartered Accountants.
NZ IFRIC 13 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 July 2008; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of NZ IFRIC 13 is permitted only
when an entity complies, or has complied, with NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards for an annual period beginning on or after 1 January 2005.
Copies of NZ IFRIC 13 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 4th day of September 2007.
WARWICK HUNT, Chairman, Accounting Standards Review Board.