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, Amendment to New Zealand Equivalent to International Accounting Standard 21 Effects of Changes in Foreign Exchange Rates – Net Investment in a Foreign Operation, which has been submitted to it by the New Zealand Institute of Chartered Accountants.
Amendment to New Zealand Equivalent to International Accounting Standard 21 Effects of Changes in Foreign Exchange Rates – Net Investment in a Foreign Operation 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 January 2006 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 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 Amendment to New Zealand Equivalent to International Accounting Standard 21 Effects of Changes in Foreign Exchange Rates – Net Investment in a Foreign Operation is permitted for annual accounting periods commencing on or after 1 January 2005 and before 1 January 2006 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 Amendment to New Zealand Equivalent to International Accounting Standard 21 Effects of Changes
in Foreign Exchange Rates – Net Investment in a Foreign Operation 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 27th day of February 2006.
WARWICK HUNT, Chairman, Accounting Standards Review Board.