Notice is hereby given, pursuant to the Legislation Act 2019, that the New Zealand Accounting Standards Board of the External Reporting Board has issued Lease Liability in a Sale and Leaseback.

Lease Liability in a Sale and Leaseback:

• 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;
• commences from annual reporting periods beginning on or after 1 January 2024, with earlier application permitted on a voluntary basis; 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 10th day of November 2022.

CAROLYN CORDERY, Chair, New Zealand Accounting Standards Board.