Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board has approved New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards as restructured in December 2008 (NZ IFRS 1), submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
NZ IFRS 1 as restructured in December 2008 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 from 1 July 2009; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of NZ IFRS 1 as restructured in December 2008 is permitted.
If this standard is applied before the effective date, that fact shall be disclosed.
NZ IFRS 1 as restructured in December 2008 supersedes NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards (as issued in November 2004).
The Board therefore resolves to withdraw NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards (as issued in November 2004) when NZ IFRS 1 as restructured in December 2008 becomes effective for annual periods beginning on or after 1 July 2009.
Where early application of NZ IFRS 1 as restructured in December 2008 is permitted for an entity, NZ IFRS 1
First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards (as issued in November 2004) is deemed to be withdrawn in relation to that entity upon such early application.
Copies of the NZ IFRS 1 as restructured in December 2008 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.