Notice is hereby given, pursuant to section 29 of
the Financial Reporting Act 1993 (“the Act”), that the Accounting Standards Review Board has approved
the New Zealand Equivalent to International Financial Reporting Interpretations Committee Interpretation 16 Hedges of a Net Investment in a Foreign Operation (“NZ IFRIC 16”), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
NZ IFRIC 16 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 periods beginning on or after
1 October 2008; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of NZ IFRIC 16 is permitted 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 NZ IFRIC 16 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.
Copies will be made available on the institute’s website at
www.nzica.com
Dated this 25th day of August 2008.
WARWICK HUNT, Chairman, Accounting Standards Review Board.