Notice Type
Authorities/Other Agencies of State
Notice Title

Issued Accounting Standard: Reference to the Conceptual Framework (Notice No. 170)

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 Reference to the Conceptual Framework which amends NZ IFRS 3 Business Combinations.

Reference to the Conceptual Framework:

  • 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 bylaw;
  • applies to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2022. Earlier application is permitted if at the same time or earlier an entity also applies all the amendments made by Amendments to References to the Conceptual Framework in NZ IFRS, issued in 2018; 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 17th day of June 2020.

KIMBERLEY CROOK, Chair, New Zealand Accounting Standards Board.