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 Reclassification of Financial Assets - Effective Date and Transition (Amendments to
New Zealand Equivalent to International Accounting Standard 39 Financial Instruments: Recognition and Measurement and New Zealand Equivalent to International Financial Reporting Standard 7 Financial Instruments: Disclosures) (Amendments to NZ IAS 39 and NZ IFRS 7), submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The Amendments to NZ IAS 39 and NZ IFRS 7 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 from 1 July 2008; and
- a Regulations for the purposes of the Regulations (Disallowance) Act 1989.
Copies of the Amendments to NZ IAS 39 and NZ IFRS 7 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 16th day of December 2008.
WARWICK HUNT, Chairman, Accounting Standards Review Board.