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 improvements to New Zealand equivalents to International Financial Reporting
Standards (Improvements to NZ IFRSs), which have been submitted to it by the Financial Reporting Standards Board
of the New Zealand Institute of Chartered Accountants.
The improvements to NZ IFRSs 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 as stated for each of the amendments in the Improvements to NZ IFRSs; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the Improvements to NZ IFRSs is permitted.
Copies of the Improvements to NZ IFRSs may be inspected free of charge at the office of the New Zealand Institute of Chartered Accountants, Tower Building, Level 7, 50 Customhouse Quay (PO Box 11342), Wellington, and 12-16 Nicholls Lane, Parnell (PO Box 3334), Auckland.
A copy of the Improvements to NZ IFRSs is also available on the Institute’s website
www.nzica.com
Dated this 13th day of July 2010.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.