Notice is hereby given that the Accounting Standards Review Board (“the board”) has resolved:
THAT under the powers contained within section 27(3A) of the Financial Reporting Act 1993, the board has determined that companies, which satisfy all of the following criteria, are permitted to continue to apply the existing approved New Zealand Financial Reporting Standards (FRSs) and, therefore, are not required to apply NZ IFRSs for periods beginning on or after 1 January 2007, until further notice:
(a) The company is not an issuer, as defined by the Act, in either the current or preceding accounting period;
(b) the company is not required by section 19 of the Act to file its financial statements with the Registrar of Companies; and
(c) the company is not large, as defined by section 19A of the Act.
Dated this 4th day of September 2007.
WARWICK HUNT, Chairman, Accounting Standards Review Board.