Notice is hereby given, pursuant to sections 24 and 27 of the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board ("the board") approved Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to NZ IFRS 1), which was submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The board resolved that Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters 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 July 2011. The board also resolved that earlier application of Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters is permitted; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Dated this 2nd day of February 2011.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.