Accounting board in New Zealand recommends adoption of IFRS

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24 Jan 2003

Following consultation with many interested parties, New Zealand's Accounting Standards Review Board has recommended to the Government the compulsory adoption of International Financial Reporting Standards by listed issuers by 1 January 2007.

The ASRB has also recommended that both the public and private sector entities have the option to adopt IFRSs from 1 January 2005. Press Release (PDF 12k).

In December 2002, the ASRB – the government appointed body that approves accounting standards – announced that it is recommending to government that listed issuers be required to comply with International Financial Reporting Standards by 2007. They would have the option to adopt IFRS earlier, say by 2005. The ASRB also reaffirmed its policy of aiming for a single set of standards to apply to both the private and public sectors. The ASRB is currently consulting with government, the stock exchange, the Securities Commission, the Office of the Auditor General, and others on their decision. Australia has also announced a plan to move to IFRS (by 2005), and ASRB is working with Australia regarding the transitional issues. Click for ICANZ Press Release (PDF 49k).

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