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 No. 36: Accounting for Acquisitions Resulting in Combinations of Entities or Operations, Financial Reporting Standard No. 37: Consolidating Investments in Subsidiaries and Financial Reporting Standard No. 38: Accounting for Investments in Associates, which have been submitted to it by the Institute of Chartered Accountants of New Zealand.
FRS-36, 37 and 38 are to apply to all reporting entities and groups, the Crown and all departments, Offices of Parliament and Crown entities, and all local authorities (each of which is defined in the Act) other than where expressly exempted by the terms of the Standard.
Notice is also hereby given, pursuant to section 29 of the Act, that as a result of the approval of those new standards, the board has also approved consequential amendments to the respective paragraphs of the Approved Financial Reporting Standards specified below, which have been submitted to it by the Institute of Chartered Accountants of New Zealand:
? FRS-2 entitled: Presentation of Financial Reports-Paragraphs 4.10, 6.3, 6.8, 6.9, 6.11, 6.12, 6.13, 7.3 and
8.5 together with appendices 1 and 2.
? FRS-7 entitled: Extraordinary Items and Fundamental Errors-Paragraphs 5.6 and 5.7.
? FRS-9 entitled: Information to be Disclosed in Financial Statements-Paragraphs 6.9, 8.2, 8.20 and 8.21.
? FRS-10 entitled: Statement of Cash Flow-Paragraph 5.13.
? FRS-24 entitled: Interim Financial Statement-Paragraph 5.11.
? FRS-29 entitled: Prospective Financial Information-Paragraphs 5.4, 5.5, 5.6 and 5.7.
FRS-36, 37 and 38 and the approved amendments to FRS-2, FRS-7, FRS-9, FRS-10, FRS-24 and FRS-29:
? are to apply to accounting periods and interim accounting periods ending on or after 31 December 2002;
? are Regulations for the purposes of the Regulations (Disallowance) Act 1989.
Copies of FRS-36, 37 and 38 and of the approved amendments to FRS-2, FRS-7, FRS-9, FRS-10, FRS-24 and FRS-29 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.
Dated this 5th day of November 2001.
JOHN C. HAGEN, Chairman, Accounting Standards Review Board.