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 Disclosure Concessions for NZ IFRS 15.

Disclosure Concessions for NZ IFRS 15:

• applies to Tier 2 for-profit reporting entities and groups, other than where expressly exempted by its terms, the terms of any other approved accounting standard or by law; and
• may be adopted when a Tier 2 entity applies NZ IFRS 15 Revenue from Contracts with Customers, which applies from 1 January 2017 with early adoption allowed; 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 18th day of December 2014.

KIMBERLEY CROOK, Chair, New Zealand Accounting Standards Board.