Notice Type
General Notices
Notice (No. 19) of Approval of Amendment to 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, an amendment to 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. The purpose of the amendment is to correct an inadvertent omission from paragraph 5.4 of FRS 21. It adds to the existing reference in that paragraph to paragraphs 5.3 and 5.6 of SSAP 21, reference to paragraph 5.5 and 5.8 of SSAP 21. The amended paragraph 5.4 of FRS 21 now reads: ``Except for exchange differences accounted for in accordance with paragraphs 6.5, 6.9 and 6.10 or where a hedging transaction accounted for in accordance with paragraphs 5.3, 5.5, 5.6 and 5.8 of SSAP 21.'' The amendment to FRS 21 is to take effect in respect of accounting periods and interim accounting periods ending on or after 31 May 1998. A copy of the amendment may be purchased from the office 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 21st day of April 1998. J. C. HAGEN, Chairman, Accounting Standards Review Board.
Publication Date
30 Apr 1998

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