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, Financial Reporting Standard No. 42 Prospective Financial Statements, which has been submitted to it by the New Zealand Institute of Chartered Accountants.
Financial Reporting Standard No. 42 Prospective Financial Statements 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 an entity’s prospective financial statements published on or after 1 June 2006;
? to apply to the prospective financial statements included in local authorities’ draft and final Long-term Council Community Plans (LTCCPs) prepared under sections 84 and 93 of the Local Government Act 2002, for the period commencing 1 July 2006; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Early adoption of Financial Reporting Standard No. 42 Prospective Financial Statements is permitted.
Copies of Financial Reporting Standard No. 42 Prospective Financial Statements may be inspected free of charge
at, and will be made available for purchase from,
the offices of the New Zealand Institute of Chartered Accountants, 40 Mercer Street (P.O. Box 11-342), Wellington and 27-33 Ohinerau Street (P.O. Box 3334), Auckland.
Dated this 14th day of December 2005.
WARWICK HUNT, Chairman, Accounting Standards Review Board.