Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board ("the Board") has approved Group Cash-settled Share-based Payment Transactions (Amendments to NZ IFRS 2), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The Amendments to NZ IFRS 2 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 2010; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the Amendments to NZ IFRS 2 is permitted.
The Amendments to NZ IFRS 2 incorporates the requirements of NZ IFRIC 8 Scope of NZ IFRS 2 and the requirements of NZ IFRIC 11 NZ IFRS 2-Group and Treasury Share Transactions.
The Board therefore resolves to withdraw NZ IFRIC 8 and NZ IFRIC 11 when the Amendments to NZ IFRS 2 becomes effective for annual periods beginning on or after 1 January 2010.
Where early application of the Amendments to NZ IFRS 2 is permitted for an entity, NZ IFRIC 8 and NZ IFRIC 11 are deemed to be withdrawn in relation to that entity upon such early application.
Copies of the Amendments to NZ IFRS 2 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. A copy of the Amendments to NZ IFRS 2 is also available on the Institute's website at
www.nzica.com
Dated this 5th day of August 2009.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.