Pursuant to sections 24 and 27 of the Financial Reporting Act 1993 ("the Act"), the Accounting Standards Review Board
("the Board"), approves the Limited Exemption from Comparative NZ IFRS 7 Disclosures for First-time Adopters (Amendment to NZ IFRS 1) ("the Amendment to NZ IFRS 1"), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The Board resolves that the Amendment to NZ IFRS 1 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; and
- to apply to annual periods beginning on or after 1 July 2010.
The Board also resolves that earlier application of the Amendment to NZ IFRS 1 is permitted.
The Board notes that the Amendment to NZ IFRS 1 is a Regulation for the purposes of the Regulations (Disallowance)
Act 1989.
The Board directs that:
- pursuant to section 29 of the Act, notice of the Board’s approval of the Amendment to NZ IFRS 1 be published in the
New Zealand Gazette, as soon as is reasonably practicable; and
- copies of the Amendment to NZ IFRS 1 be made available for inspection free of charge at the offices of the New Zealand Institute of Chartered Accountants, Level 7, 50 Customhouse Quay (PO Box 11342), Wellington, and 27-33 Ohinerau Street (PO Box 3334), Auckland, and as soon as practicable, a copy be made available on the institute’s website
www.nzica.com
Dated this 9th day of March 2010.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.