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 Definition of Material (Amendments to NZ IAS 1 and NZ IAS 8) and Definition of Material (Amendments to Conceptual Frameworks).

Definition of Material (Amendments to NZ IAS 1 and NZ IAS 8) and Definition of Material (Amendments to Conceptual Frameworks):

• apply to all Tier 1 and Tier 2 for-profit reporting entities and groups, other than where expressly exempted by their terms, the terms of any other approved accounting standard or by law;
• apply to annual periods beginning on or after 1 January 2020, with early application permitted; and
• are disallowable instruments for the purposes of the Legislation Act 2012.

Copies of the standard and authoritative notice 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 www.xrb.govt.nz.

Dated this 20th day of December 2018.

KIMBERLEY CROOK, Chair, New Zealand Accounting Standards Board.