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 amended
New Zealand Equivalent to International Accounting Standard 27 Consolidated and Separate Financial Statements (NZ IAS 27), which has been submitted to
it by the Financial Reporting Standards Board of the
New Zealand Institute of Chartered Accountants.
The amended NZ IAS 27 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 amended NZ IAS 27 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.
An entity shall not apply these amendments for annual periods beginning before 1 July 2009, unless it also applies NZ IFRS 3 Business Combinations (as revised in 2008).
The amended NZ IAS 27 supersedes NZ IAS 27 Consolidated and Separate Financial Statements (as issued in 2004).
The board therefore resolves to withdraw NZ IAS 27 Consolidated and Separate Financial Statements (as issued in 2004) when the amended NZ IAS 27 becomes effective for periods beginning on or after 1 July 2009.
Where early application of the amended NZ IAS 27
is permitted for an entity, NZ IAS 27 Consolidated and Separate Financial Statements (as issued in 2004) is deemed to be withdrawn in relation to that entity upon such early application.
Copies of the amended NZ IAS 27 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.