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 Amendments to New Zealand Equivalent to International Accounting Standard 23 Borrowing Costs (revised 2007) (“Amendments to NZ IAS 23”) which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The Amendments to NZ IAS 23 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 January 2009; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the Amendments to NZ IAS 23 is permitted.
The board has also varied its resolution in Approval 90 dated the 2nd day of July 2007, to withdraw New Zealand Equivalent to International Accounting Standard 23 Borrowing Costs (2004) so that this standard will remain in force for public benefits entities to the limited extent provided for in New Zealand Equivalent to International Accounting Standard 23 Borrowing Costs (revised 2008).
Copies of the Amendments to NZ IAS 23 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 also be made available on the institute’s website at
www.nzica.com
Dated this 24th day of November 2008.
WARWICK HUNT, Chairman, Accounting Standards Review Board.