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
New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards and NZ IAS 27 Consolidated and Separate Financial Statements—Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to NZ IFRS 1 and NZ IAS 27), which have been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The Amendments to NZ IFRS 1 and NZ IAS 27 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 periods beginning on or after 1 January 2009; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Early application of the Amendments to NZ IFRS 1 and NZ IAS 27 is permitted.
Copies of the Amendments to NZ IFRS 1 and NZ IAS 27 may be inspected free of charge at 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.
A copy of the amendments is also available on the
institute’s website
www.nzica.com
Dated this 13th day of June 2008.
WARWICK HUNT, Chairman, Accounting Standards Review Board.