Notice Type
General Section
Notice Title

NZ IFRSs for Tier 1 and Tier 2 For-Profit Entities (Notice No. 21)

Notice is hereby given, pursuant to section 31 of the Financial Reporting Act 1993, that the New Zealand Accounting Standards Board of the External Reporting Board has issued the following suite of accounting standards:
NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards
NZ IFRS 2 Share-based Payment
NZ IFRS 3 Business Combinations
NZ IFRS 4 Insurance Contracts
NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
NZ IFRS 6 Exploration for and Evaluation of Mineral Resources
NZ IFRS 7 Financial Instruments: Disclosures
NZ IFRS 8 Operating Segments
NZ IFRS 9 (2009) Financial Instruments
NZ IFRS 9 (2010) Financial Instruments
NZ IFRS 10 Consolidated Financial Statements
NZ IFRS 11 Joint Arrangements
NZ IFRS 12 Disclosure of Interests in Other Entities
NZ IFRS 13 Fair Value Measurement
NZ IAS 1 Presentation of Financial Statements
NZ IAS 2 Inventories
NZ IAS 7 Statement of Cash Flows
NZ IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
NZ IAS 10 Events after the Reporting Period
NZ IAS 11 Construction Contracts
NZ IAS 12 Income Taxes
NZ IAS 16 Property, Plant and Equipment
NZ IAS 17 Leases
NZ IAS 18 Revenue
NZ IAS 19 Employee Benefits
(as amended in 2011)
Employee Benefits
NZ IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
NZ IAS 21 The Effects of Changes in Foreign Exchange Rates
NZ IAS 23 Borrowing Costs
NZ IAS 24 Related Party Disclosures
NZ IAS 26 Accounting and Reporting by Retirement Benefit Plans
NZ IAS 27 Consolidated and Separate Financial Statements
(as amended in 2011)
Separate Financial Statements
NZ IAS 28 Investments in Associates
(as amended in 2011)
Investments in Associates and Joint Ventures
NZ IAS 29 Financial Reporting in Hyperinflationary Economies
NZ IAS 31 Interests in Joint Ventures
NZ IAS 32 Financial Instruments: Presentation
NZ IAS 33 Earnings per Share
NZ IAS 34 Interim Financial Reporting
NZ IAS 36 Impairment of Assets
NZ IAS 37 Provisions, Contingent Liabilities and Contingent Assets
NZ IAS 38 Intangible Assets
NZ IAS 39 Financial Instruments: Recognition and Measurement
NZ IAS 40 Investment Property
NZ IAS 41 Agriculture
FRS-42 Prospective Financial Statements
FRS-43 Summary Financial Statements
FRS-44 New Zealand Additional Disclosures
NZ IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
NZ IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instruments
NZ IFRIC 4 Determining whether an Arrangement contains a Lease
NZ IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
NZ IFRIC 6 Liabilities arising from Participation in a Specific Market-Waste Electrical and Electronic Equipment
NZ IFRIC 7 Applying the Restatement Approach under NZ IAS 29 Financial Reporting in Hyperinflationary Economies
NZ IFRIC 9 Reassessment of Embedded Derivatives
NZ IFRIC 10 Interim Financial Reporting and Impairment
NZ IFRIC 12 Service Concession Arrangements
NZ IFRIC 13 Customer Loyalty Programmes
NZ IFRIC 14 NZ IAS 19-The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
NZ IFRIC 15 Agreements for the Construction of Real Estate
NZ IFRIC 16 Hedges of a Net Investment in a Foreign Operation
NZ IFRIC 17 Distributions of Non-cash Assets to Owners
NZ IFRIC 18 Transfers of Assets from Customers
NZ IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
NZ IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
NZ SIC-7 Introduction of the Euro
NZ SIC-10 Government Assistance-No Specific Relation to Operating Activities
NZ SIC-12 Consolidation-Special Purpose Entities
NZ SIC-13 Jointly Controlled Entities-Non-Monetary Contributions by Venturers
NZ SIC-15 Operating Leases-Incentives
NZ SIC-25 Income Taxes-Changes in the Tax Status of an Entity or its Shareholders
NZ SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease
NZ SIC-29 Disclosure-Service Concession Arrangements
NZ SIC-31 Revenue-Barter Transactions Involving Advertising Services
NZ SIC-32 Intangible Assets-Web Site Costs
Each standard:
- applies to all Tier 1 and Tier 2 for-profit reporting entities and groups, other than where expressly exempted by the terms of any approved NZ IFRS accounting standard or by law;
- applies to annual periods beginning on or after 1 December 2012, with early adoption allowed, except for:
- NZ IFRSs 10-13, NZ IAS 19 (as amended in 2011), NZ IAS 27 (as amended in 2011), NZ IAS 28 (as amended in 2011) and NZ IFRIC 20, which apply to annual periods beginning on or after 1 January 2013, with early adoption allowed; and
- NZ IFRS 9 (2009) and NZ IFRS 9 (2010), which apply to annual periods beginning on or after 1 January 2015, with early adoption allowed; and
- is a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Copies of the standards may be inspected free of charge at the offices of the External Reporting Board (XRB), Level 7,
50 Manners Street, Wellington.
Copies are also available on the XRB’s website
Dated this 7th day of November 2012.
MICHELE EMBLING, Chair, New Zealand Accounting Standards Board.