Notice (3) of Approval of Financial Reporting Standards Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 (``the Act'') that the Accounting Standards Review Board has approved, for the purposes of the Act, the following financial reporting standards: FRS14; Accounting for Construction Contracts. FRS19; Accounting for Goods and Services Tax. And an amendment to: FRS7; Extraordinary Items and Fundamental Errors. which have been submitted to it by the New Zealand Society of Accountants. Financial Reporting Standards 14 and 19 apply to all reporting entities (as defined in the Act), the Crown and all departments, Offices of Parliament and Crown entities (each of which is defined in the Act) other than as expressly exempted by the terms of that standard, for application to accounting periods and interim accounting periods that end on or after 31 December 1994. The approved amendment to Financial Reporting Standard 7 is the insertion into the third line of paragraph 5.1 of the word ``recognised'' between the words ``all revenues''. Copies of the above-mentioned standards may be purchased from the office of the New Zealand Society of Accountants, Willbank House, 57 Willis Street (P.O. Box 11-342), Wellington. Dated at Wellington this 16th day of August 1994. JOHN C. HAGEN, Chairman, Accounting Standards Review Board.