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 Classification of Liabilities as Current or Non-current—Deferral of Effective Date which amends the effective date of some amendments in NZ IAS 1 Presentation of Financial Statements.

Classification of Liabilities as Current or Non-current—Deferral of Effective Date:

• 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 reporting periods beginning on or after 1 January 2022 retrospectively in accordance with NZ IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, 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 www.xrb.govt.nz.

Dated this 20th day of August 2020.

MICHAEL BRADBURY, Acting Chair, New Zealand Accounting Standards Board.