Notice is hereby given, pursuant to section 29 of
the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board has approved Financial Reporting Standard No. 44 New Zealand Additional Disclosures (FRS-44), which has been submitted to it by the Financial Reporting Standards Board of the
New Zealand Institute of Chartered Accountants.
FRS-44 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 2011; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the FRS-44 is permitted.
If an entity applies FRS-44 from an earlier date, it shall adopt Amendments to New Zealand Equivalents to International Financial Reporting Standards to Harmonise with International Financial Reporting Standards and Australian Accounting Standards (Harmonisation Amendments) for the same period and shall disclose that fact.
Copies of the FRS-44 may be inspected free of charge at
the offices of the New Zealand Institute of Chartered Accountants, Level 7, 50 Customhouse Quay (PO Box 11342), Wellington, and 12-16 Nicholls Lane, Parnell
(PO Box 3334), Auckland.
Copies are also available on the institute’s website
www.nzica.com
Dated this 27th day of April 2011.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.