Pursuant to sections 24 and 27 of the Financial Reporting Act 1993 ("the Act"), the Accounting Standards
Review Board ("the Board") approves the Amendment
to New Zealand Equivalent to International Financial Reporting Standard 3 Business Combinations-Scope Exemption (Amendment to NZ IFRS 3), which has been submitted to it by the Financial Reporting Standards
Board of the New Zealand Institute of Chartered Accountants.
The Board resolves that the Amendment to 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; and
- to apply to annual periods beginning on or after 1 July 2009.
The Board also resolves that earlier application of the Amendment to NZ IFRS 3 is permitted.
The Board notes that the Amendment to NZ IFRS 3
is a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
The Board directs that:
- pursuant to section 29 of the Act, notice of the Board's approval of the Amendment to NZ IFRS 3 be published in the New Zealand Gazette as soon as is reasonably practicable; and
- copies of the Amendment to NZ IFRS 3 be made available for inspection free of charge at the offices of the New Zealand Institute of Chartered Accountants, Level 7, Tower Building, 50 Customhouse Quay
(PO Box 11342), Wellington, and 27-33 Ohinerau
Street (PO Box 3334), Auckland, and as soon as practicable a copy be made available on the institute's website at
www.nzica.com
Dated this 22nd day of April 2010.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.