Notice Type
General Notices
Notice (No. 20) 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 9, ``Information to be Disclosed in Financial Statements'' submitted to it by the Institute of Chartered Accountants of New Zealand. The purpose of the amendment is to clarify an inadvertent ambiguity from paragraph 5.4 of FRS 9 with regard to comparative data relating to prospective financial information. The amended paragraph 5.4 of FRS 9 now reads: 5.4 Where an entity has published prospective financial information other than prospective financial information expressed solely in general terms, for the period of the financial report, the entity shall present a comparison of the prospective financial information previously published with the actual financial results being reported. Explanations for major variations shall be given. A new explanatory paragraph 5.4A has been added. It reads: 5.4A FRS-29 Prospective Financial Information defines ``prospective financial information'' and gives guidance on the meaning of prospective financial information ``expressed solely in general terms''. The amendment to FRS 9 is to take immediate effect. 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 30th day of July 1998. JOHN C. HAGEN, Chairman, Accounting Standards Review Board.
Publication Date
30 Jul 1998

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