Notice Type
General Section
Notice Title

Approval of New Zealand Equivalent to IFRIC Interpretation 6 Liabilities Arising From Participating in a Specific Market – Waste Electrical and Electronic Equipment (Notice No. 56)

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 an approved interpretation to a reporting standard,
New Zealand Equivalent to IFRIC Interpretation 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment, which has been submitted to it by the Institute of Chartered Accountants of New Zealand.
New Zealand Equivalent to IFRIC Interpretation 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment 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, 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 December 2005, in respect of entities which elect to comply, or which have complied with
New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of
New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS 1) for an annual accounting period commencing on or after 1 January 2005 and before 1 January 2007; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Early adoption of New Zealand Equivalent to IFRIC Interpretation 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment is permitted for annual accounting periods commencing on or after 1 January 2005 and before
1 December 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.
Copies of New Zealand Equivalent to IFRIC Interpretation 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment 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.