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 standard, New Zealand Equivalent to IFRIC Interpretation 10 Interim Financial Reporting and Impairment, which has been submitted to it by the New Zealand Institute of Chartered Accountants.
New Zealand Equivalent to IFRIC Interpretation 10 Interim Financial Reporting and Impairment 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 November 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 New Zealand Equivalent to IFRIC Interpretation 10 Interim Financial Reporting and Impairment is permitted for annual accounting periods commencing
on or after 1 January 2005 and before 1 November 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 New Zealand Equivalent to IFRIC Interpretation 10 Interim Financial Reporting and Impairment 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 18th day of September 2006.
WARWICK HUNT, Chairman, Accounting Standards Review Board.