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 financial reporting standard for the purposes
of the Act, an Amendment to New Zealand Equivalent
to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards, which has been submitted to it by the Institute of Chartered Accountants of New Zealand.
The Amendment to New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of
New Zealand Equivalents to International Financial Reporting Standards 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 commencing on
or after 1 January 2007;
? to apply to annual accounting periods commencing on
or after 1 January 2006 when 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 for an annual accounting period commencing on or after 1 January 2005 and the entity complies with New Zealand Equivalent to International Financial Reporting Standard 6 Exploration for and Evaluation of Mineral Resources;
? permitted to apply to an annual accounting period commencing on or after 1 January 2005 and prior to
1 January 2006 when an entity elects to comply with New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of
New Zealand Equivalents to International Financial Reporting Standards and New Zealand Equivalent to International Financial Reporting Standard 6 Exploration for and Evaluation of Mineral Resources for that period; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Copies of the Amendment to New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards 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.