Notice Type
General Notices
Notice (No. 17) of Approval of Financial Reporting Standard 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, Financial Reporting Standard 21 ``Accounting for the Effects of Changes in Foreign Currency Exchange Rates'' submitted to it by the Institute of Chartered Accountants of New Zealand. FRS 21 is to apply to all reporting entities, the Crown and all departments, offices of Parliament and Crown entities (each of which is defined in the Act) other than those expressly exempted by the terms of the Standard. The Standard is to apply to accounting periods and interim accounting periods beginning on or after 1 January 1998. The board has also approved this Standard to apply to local authorities (as defined in the Act) from 1 July 1998. Copies of FRS 21 may be purchased from the offices of the Institute of Chartered Accountants of New Zealand, 40 Mercer Street (P.O. Box 11-342), Wellington and 2733 Ohinerau Street (P.O. Box 3334), Remuera, Auckland. Dated this 2nd day of December 1997. JOHN C. HAGEN, Chairman, Accounting Standards Review Board.
Publication Date
11 Dec 1997

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