Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board has approved Deferred Tax: Recovery of Underlying Assets (amendments to NZ IAS 12), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
Deferred Tax: Recovery of Underlying Assets 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 2012; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of Deferred Tax: Recovery of Underlying Assets is permitted. If an entity applies those amendments from an earlier date, it shall disclose that fact.
Copies of Deferred Tax: Recovery of Underlying Assets 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 23rd day of December 2010.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.