(Notice No. 37)
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 36 Impairment of Assets – Impairment of Non-cash Generating Assets by Public Benefit Entities, which has been submitted to it by the Institute of Chartered Accountants of New Zealand.
Amendments to New Zealand Equivalent to International Accounting Standard 36 Impairment of Assets – Impairment of Non-cash Generating Assets by Public Benefit Entities is:
? to apply to public benefit entities (as defined in paragraph NZ 6.1 of New Zealand Equivalent to International Financial Reporting Standard 36 Impairment of Assets);
? to apply to annual accounting periods commencing on
or after 1 January 2007;
? to apply to annual accounting periods commencing on
or after 1 January 2006, when a public benefit entity complies with New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Early adoption of Amendments to New Zealand Equivalent to International Accounting Standard 36 Impairment of Assets – Impairment of Non-cash Generating Assets by Public Benefit Entities is permitted for annual accounting periods commencing on or after 1 January 2005, but only where a public benefit entity complies with New Zealand Equivalent to International Financial Reporting Standard
1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards.
Copies of the Amendments to New Zealand Equivalent to International Accounting Standard 36 Impairment of Assets – Impairment of Non-cash Generating Assets by Public Benefit Entities 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.