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, New Zealand Equivalent to IFRIC Interpretation 4 Determining Whether an Arrangement Contains a Lease (NZ IFRIC 4), which
has been submitted to it by the Institute of Chartered Accountants of New Zealand.
NZ IFRIC 4 Determining Whether an Arrangement Contains a Lease 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 beginning on
or after 1 January 2007;
? to apply to annual accounting periods commencing
on or after 1 January 2006, when an 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 NZ IFRIC 4 Determining Whether an Arrangement Contains a Lease is permitted for annual accounting periods commencing on or after 1 January 2005, but only where an 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 NZ IFRIC 4 Determining Whether an Arrangement Contains a Lease 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.