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 Annual Improvements to NZ IFRSs 2014–2016 Cycle.

Annual Improvements to NZ IFRSs 2014–2016 Cycle:

• applies to all Tier 1 and 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;
• applies to annual financial statements covering periods beginning on or after 1 January 2018, for the amendments to NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards;
• applies to annual financial statements covering periods beginning on or after 1 January 2017, for the amendments to NZ IFRS 12 Disclosure of Interests in Other Entities. An entity shall apply those amendments retrospectively in accordance with NZ IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
• applies to annual financial statements covering periods beginning on or after 1 January 2018, with early application permitted, for the amendments to NZ IAS 28 Investments in Associates and Joint Ventures. An entity shall apply those amendments retrospectively in accordance with NZ IAS 8; 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 16th day of February 2017.

KIMBERLEY CROOK, Chair, New Zealand Accounting Standards Board.