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 Financial Reporting Standard
3 Business Combinations (NZ IFRS 3), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The revised NZ IFRS 3 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 July 2009; and
? a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the revised NZ IFRS 3 is permitted only at the beginning of an annual reporting period that begins on or after 30 June 2007 and only when 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.
If this NZ IFRS is applied before the effective date, that fact shall be disclosed, and NZ IAS 27 (as revised in 2008) shall be applied at the same time.
The revised NZ IFRS 3 supersedes NZ IFRS 3 Business Combinations (as issued in 2004).
The board therefore resolves to withdraw NZ IFRS 3 Business Combinations (as issued in 2004) when the revised NZ IFRS 3 becomes effective for annual periods beginning on or after 1 July 2009. Where early application of the revised NZ IFRS 3 is permitted for an entity, NZ IFRS 3 Business Combinations (as issued in 2004) is deemed to be withdrawn in relation to that entity upon such early application.
Copies of the revised NZ IFRS 3 may be inspected free
of charge at 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.
Copies will be made available for purchase from the Wellington office.
Dated this 18th day of February 2008.
WARWICK HUNT, Chairman, Accounting Standards Review Board.