(Notice No. 57)
Notice is hereby given, pursuant to section 29 of
the Financial Reporting Act 1993 (“the Act”), that the Accounting Standards Review Board has approved
New Zealand Equivalent to International Financial Reporting Standard 7 Financial Instruments – Disclosures and the Amendments to New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements – Capital Disclosures (including
all consequential amendments to other New Zealand Equivalents to International Financial Reporting Standards in these pronouncements (the “consequential amendments”)), which have been submitted to it by the Institute of Chartered Accountants of New Zealand.
New Zealand Equivalent to International Financial Reporting Standard 7 Financial Instruments – Disclosures and the Amendments to New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements – Capital Disclosures (together with the consequential amendments), are:
? 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, 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; and
? Regulations for the purposes of the Regulations (Disallowance) Act 1989.
Early adoption of New Zealand Equivalent to International Financial Reporting Standard 7 Financial Instruments –: Disclosures and the Amendments to New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements – Capital Disclosures (together with the consequential amendments) is permitted for annual accounting periods commencing on or after 1 January 2005 and before 1 January 2007 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.
Copies of New Zealand Equivalent to International Financial Reporting Standard 7 Financial Instruments – Disclosures and the Amendments to New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements – Capital Disclosures (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 11-342), Wellington, and 27-33 Ohinerau
Street (P.O. Box 3334), Auckland.
Dated this 16th day of November 2005.
WARWICK HUNT, Chairman, Accounting Standards Review Board.