Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 (“the Act”), that the Accounting Standards Review Board has approved the New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1), which
has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The revised NZ IAS 1 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 periods beginning on or after 1 January 2009; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the revised NZ IAS 1 is permitted
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 for an annual period beginning on or after 1 January 2005.
The revised NZ IAS 1 supersedes NZ IAS 1 Presentation of Financial Statements (2004).
The board therefore resolves to withdraw NZ IAS 1 Presentation of Financial Statements (2004) when the revised NZ IAS 1 becomes effective for annual periods beginning on or after 1 January 2009.
Where early application of the revised NZ IAS 1 is permitted for an entity, NZ IAS 1 Presentation of Financial Statements (2004) is deemed to be withdrawn in relation to that entity upon such early application.
Copies of the revised NZ IAS 1 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 (PO Box 11342), Wellington, and 27–33 Ohinerau Street (PO Box 3334), Auckland.
Dated this 28th day of November 2007.
WARWICK HUNT, Chairman, Accounting Standards Review Board.