Notice Type
General Section
Notice Title

Approval of NZ IFRS 9 Financial Instruments (2010) (Notice No. 120)

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 Standard 9 Financial Instruments (2010) (NZ IFRS 9 (2010)), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants ("Institute").
NZ IFRS 9 Financial Instruments (2010) 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 2013; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of NZ IFRS 9 Financial Instruments (2010) is permitted. If an entity applies this standard from an earlier date, it shall disclose that fact.
If an entity elects to apply NZ IFRS 9 (2010) early, it must apply all of the requirements in this NZ IFRS at the same time.
Copies of NZ IFRS 9 Financial Instruments (2010) may be inspected free of charge at the offices of the New Zealand Institute of Chartered Accountants, Level 7, 50 Customhouse Quay (PO Box 11342), Wellington, and 12-16 Nicholls Lane, Parnell
(PO Box 3334), Auckland.
Copies are also available on the Institute’s website
Dated this 30th day of November 2010.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.