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 PBE Interest Rate Benchmark Reform—Phase 2 which amends the following standards:

• PBE IPSAS 41 Financial Instruments;
• PBE IFRS 9 Financial Instruments;
• PBE IPSAS 29 Financial Instruments: Recognition and Measurement; and
• PBE IPSAS 30 Financial Instruments: Disclosures.

PBE Interest Rate Benchmark Reform—Phase 2:

• applies to all Tier 1 and Tier 2 public benefit entity 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 2021, 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 12th day of November 2020.

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