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 Amendments
to New Zealand Equivalent to International Accounting Standard 32 Financial Instruments: Presentation and
New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements-Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to NZ IAS 32 and NZ IAS 1), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The Amendments to NZ IAS 32 and NZ IAS 1 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 2009; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the Amendments to NZ IAS 32 and 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; and
- the International Accounting Standards Board has issued the finalised amendments to International Accounting Standard 32 Financial Instruments: Presentation and International Accounting Standard 1 Presentation of Financial Statements resulting from the Exposure
Draft of Proposed Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements-Financial Instruments Puttable
at Fair Value and Obligations Arising on Liquidation.
Copies of the Amendments to NZ IAS 32 and 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 21st day of January 2008.
WARWICK HUNT, Chairman, Accounting Standards Review Board.