Notice Type
General Section
Notice Title

Approval of New Zealand Equivalent to IFRIC Interpretation 5 Rights to Interest Arising From Decommissioning, Restoration and Environmental Rehabilitation Funds (NZ IFRIC 5) (Notice No. 42)

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 5 Rights to Interest Arising From Decommissioning, Restoration and Environmental Rehabilitation Funds (NZ IFRIC 5)
(and the consequential amendments to NZ IAS 39 Financial Instruments: Recognition and Measurement set out in this standard (“the consequential amendments”)), which has been submitted to it by the Institute of Chartered Accountants of New Zealand.
NZ IFRIC 5 Rights to Interest Arising From Decommissioning, Restoration and Environmental Rehabilitation Funds (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 beginning on
or after 1 January 2007;
? to apply to annual accounting periods beginning
on or after 1 January 2006, where such persons elect
to comply with NZ IFRS 1 First Time Adoption of
New Zealand Equivalents to International Financial Reporting Standards; and
? is a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Early adoption of NZ IFRIC 5 Rights to Interest Arising From Decommissioning, Restoration and Environmental Rehabilitation Funds (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 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 5 Rights to Interest Arising From Decommissioning, Restoration and Environmental Rehabilitation Funds (together with the consequential amendments) 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.