Notice is hereby given, pursuant to the Legislation Act 2019, that the New Zealand Accounting Standards Board of the External Reporting Board has issued Initial Application of PBE IFRS 17 and PBE IPSAS 41—Comparative Information.

Initial Application of PBE IFRS 17 and PBE IPSAS 41—Comparative Information:

• applies to all Tier 1 and Tier 2 public benefit reporting entities and groups, other than where expressly exempted by its terms, the terms of any other approved accounting standard or bylaw;
• commences from annual reporting periods beginning on or after 1 January 2023, with early application permitted for entities that apply PBE IFRS 17 before 1 January 2023; and
• is secondary legislation for the purposes of the Legislation Act 2019.

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 23rd day of June 2022.

CAROLYN CORDERY, Chair, New Zealand Accounting Standards Board.