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 New Zealand Equivalent to International Accounting Standard 27 Separate Financial Statements (NZ IAS 27), which was submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.
NZ IAS 27 is:
- to apply to all profit-oriented reporting entities and groups, other than where expressly exempted by any other approved financial reporting standard or by law;
- to apply to annual periods beginning on or after 1 January 2013; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of NZ IAS 27 is permitted.
If an entity applies NZ IAS 27 early, it must disclose that fact and also apply NZ IFRS 10 Consolidated Financial Statements, NZ IFRS 11 Joint Arrangements, NZ IFRS 12 Disclosure of Interests in Other Entities and NZ IAS 28 Investments in Associates and Joint Ventures.
Copies of NZ IAS 27 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.