Notice Type
General Section
Notice Title

Issued Accounting Standard: Amendments to the Scope of FRS-42 (Notice No. 141)

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 the Scope of FRS-42.

Amendments to the Scope of FRS-42:

  • 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 prospective financial statements published on or after 1 January 2019, with early application permitted; 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 at:

Dated this 10th day of May 2018.

KIMBERLEY CROOK, Chair, New Zealand Accounting Standards Board.