Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures (Notice No. 36)
Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 (“the Act”), that the Accounting Standards Review Board has approved, as a financial reporting standard for the purposes of the Act, Amendments to New Zealand Equivalent to International Accounting Standard 19 Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures (and the consequential amendments to NZ IAS 1 Presentation of Financial Statements, NZ IAS 24 Related Party Disclosures and NZ IFRS 1 First-time Adoption of International Financial Reporting Standards set out in this standard (“the consequential amendments”)), which has been submitted to it by the Institute of Chartered Accountants of New Zealand.
Amendments to New Zealand Equivalent to International Accounting Standard 19 Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures (together with the consequential amendments) is:
? 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 its terms, or the terms of any other approved financial reporting standard or by law;
? to apply to annual accounting periods commencing on
or after 1 January 2007;
? save for the amendments set out in paragraphs 93A-93D, to apply to annual accounting periods commencing
on or after 1 January 2006, when an entity complies
with either New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards or with this standard in accordance with Financial Reporting Standard 40 Transitional Arrangements for the Early Adoption of the New Zealand Equivalent to IAS 19 Employee Benefits;
? to apply to annual accounting periods commencing on
or after 1 January 2005, where the amendments set out
in paragraphs 93A-93D are applied and when an
entity complies with either New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards or with this standard
in accordance with Financial Reporting Standard 40 Transitional Arrangements for the Early Adoption of
the New Zealand Equivalent to IAS19 Employee Benefits; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Early adoption of Amendments to New Zealand Equivalent to International Accounting Standard 19 Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures (together with the consequential amendments) is permitted for annual accounting periods commencing on or after
1 January 2005, but only where an entity complies with either New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards or with this standard in accordance with Financial Reporting Standard 40 Transitional Arrangements for the Early Adoption of the New Zealand Equivalent to IAS 19 Employee Benefits.
Copies of the Amendments to New Zealand Equivalent to International Accounting Standard 19 Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures may be inspected free of charge at, and will
be made available for purchase from, the offices of
the Institute of Chartered Accountants of New Zealand,
40 Mercer Street (P.O. Box 110-342), Wellington, and
27-33 Ohinerau Street (P.O. Box 3334), Auckland.
Dated this 17th day of May 2005.
WARWICK HUNT, Chairman, Accounting Standards Review Board.