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, Framework for Differential Reporting for Entities Applying the
New Zealand Equivalents to International Financial Reporting Standards Reporting Regime, including all consequential amendments to other New Zealand equivalents to International Financial Reporting Standards as set out
in this standard (the “consequential amendments”) which has been submitted to it by the Institute of Chartered Accountants of New Zealand.
Framework for Differential Reporting for Entities Applying the New Zealand Equivalents to International Financial Reporting Standards Reporting Regime (together with the consequential amendments):
? may be applied 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, the terms of any other approved financial reporting standard or by law;
? is permitted to be applied to annual accounting
periods commencing on or after 1 January 2005
but only where an entity complies, or has complied,
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.
Copies of Framework for Differential Reporting for Entities Applying the New Zealand Equivalents to International Financial Reporting Standards Reporting Regime (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 1st day of August 2005.
WARWICK HUNT, Chairman, Accounting Standards Review Board.