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 Financial Reporting Standard No. 43 Summary Financial Statements (Amendments to FRS-43), which was submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
The Amendments to FRS-43 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 2012; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the Amendments to FRS-43 is permitted.
Copies of the Amendments to FRS-43 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 Carlaw Park, 12-16 Nicholls Lane, Parnell (PO Box 3334), Auckland, or at the offices of the External Reporting Board (XRB), Level 7, 50 Manners Street, Wellington, and Level 12, 55 Shortland Street, Auckland.
Copies will also be available on the institute’s website at
www.nzica.com
and on the XRB’s website at
www.xrb.govt.nz
in July 2011.
Dated this 15th day of June 2011.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.