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 Consequential Amendments to Other Pronouncements ("the consequential amendments"), which were submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The consequential amendments arise as a result of the Accounting Standards Review Board direction, pursuant to section 24(1)(d) of the Financial Reporting Act 1993, that the New Zealand Equivalent to the IASB Conceptual Framework for Financial Reporting 2010 issued by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants has authoritative support within the accounting profession in New Zealand.
The consequential 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 with immediate effect; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Copies of the consequential 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 2nd day of February 2011.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.