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 Equivalents to International Financial Reporting Standards to Harmonise with International Financial Reporting Standards and Australian Accounting Standards (Harmonisation Amendments), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The Harmonisation Amendments 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 to annual periods beginning on or after 1 July 2011; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the Harmonisation Amendments is permitted.
If an entity applies the Harmonisation Amendments from an earlier date, it shall disclose that fact and early adopt
any related items in FRS-44 New Zealand Additional Disclosures.
Copies of the Harmonisation Amendments 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
www.nzica.com
Dated this 27th day of April 2011.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.