(Notice No. 62)
Notice is hereby given, pursuant to section 24 of the Financial Reporting Act 2013, that the New Zealand Accounting Standards Board of the External Reporting Board has issued Amendments to Accounting Standards: Omnibus Amendments (Legislative Update).
Amendments to Accounting Standards: Omnibus Amendments (Legislative Update):
- applies to all reporting entities and groups, other than where expressly exempted by its terms, the terms of any other approved accounting standard or by law;
- applies to for-profit entities for annual periods beginning on or after 1 April 2014. Earlier application is not permitted;
- applies to public sector public benefit entities for annual periods beginning on or after 1 July 2014. Earlier application is not permitted;
- applies to not-for-profit public benefit entities for annual periods beginning on or after 1 April 2015.
Earlier application is permitted from 1 April 2014, and is a disallowable instrument for the purposes of the Legislation Act 2012.
Copies of the standard 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
www.xrb.govt.nz
Dated this 11th day of February 2014.
MICHELE EMBLING, Chair, New Zealand Accounting Standards Board.