Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board ("the board") has determined, in accordance with section 27 (3A) of the Act, that all Financial Reporting Standards issued by the Institute of Chartered Accountants of New Zealand which have previously been approved by the board for the purposes of the Act as applicable to reporting entities (as defined in the Act), being the Financial Reporting Standards listed in the Schedule to this notice, apply also to each group (as defined in the Act).
The determination takes effect in respect of accounting periods and interim accounting periods ending after the
28th day following publication of this notice in the
New Zealand Gazette.
Copies of all the approved Financial Reporting Standards referred to in this notice may be inspected free of charge at, or purchased from, the offices of the Institute of
Chartered Accountants of New Zealand, 40 Mercer Street (P.O. Box 11-342), Wellington, and 27-33 Ohinerau Street (P.O. Box 3334), Auckland.
Explanatory Note: Previous approvals of Financial Reporting Standards submitted to the Board by the Institute, were expressed to be applicable to all reporting entities and intended to apply also to the consolidated financial statements of reporting entities and their subsidiaries, but did not expressly refer to groups, which are separately categorised in section 27 (1) of the Act.
This determination clarifies the position by expressly extending the application of each of those approved Financial Reporting Standards to groups (as defined in the Act).
Dated this 10th day of November 2000.
JOHN C. HAGEN, Chairman, Accounting Standards Review Board.
Schedule to Notice (No. 25)
Approved Financial Reporting Standards as at
10 November 2000
FRS-1: Disclosure of Accounting Policies (issued 1994)
FRS-2: Presentation of Financial Reports (issued 1994 and amended 1996)
FRS-4: Accounting for Inventories (issued 1994)
FRS-5: Events After Balance Date (revised 2000)
FRS-7: Extraordinary Items and Fundamental Errors (issued 1994)
FRS-9: Information to be Disclosed in Financial Statements (issued 1995 and revised 1996)
FRS-10: Statement of Cash Flows (issued 1994)
FRS-13: Accounting for Research and Development Activities (issued 1995)
FRS-14: Accounting for Construction Contracts (issued 1994)
FRS-15: Provisions, Contingent Liabilities and Contingent Assets (issued 2000)
FRS-19: Accounting for Goods and Services Tax (issued 1994)
FRS-20: Accounting for Shares Issued Under a Dividend Election Plan (issued 1994)
FRS-21: Accounting for the Effects of Changes in Foreign Currency Exchange Rates (issued 1997 and amended 1998)
FRS-24: Interim Financial Statements (issued 1996)
FRS-26: Accounting for Defeasance of Debt (issued 1995)
FRS-27: Right of Set-off (issued 1994 and amended 1996)
FRS-30: Reporting Share Ownership Arrangements Including Employee Share Ownership Plans (issued 1994)
FRS-32: Financial Reporting by Superannuation Schemes (issued 1998)
FRS-33: Disclosure of Information by Financial Institutions (issued 1997)
FRS-34: Life Insurance Business (issued 1998)
FRS-35: Financial Reporting of Insurance Activities (issued 1999)