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 Omnibus Amendments (2007-01) to New Zealand equivalents to International Financial Reporting Standards, which has
been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The Omnibus Amendments (2007-01) are:
? 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 2008; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the Omnibus Amendments (2007-01)
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.
Copies of the Omnibus Amendments (2007-01) 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 1st day of November 2007.
WARWICK HUNT, Chairman, Accounting Standards Review Board.