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New Zealand Accounting Alert published

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19 Dec 2004

Deloitte (New Zealand) has published New Zealand Accounting Alert 25 (PDF 136k) titled A Christmas present from the ASRB!- Release of NZ IFRS.

The Alert details the adoption by The Accounting Standards Review Board (ASRB) and the Financial Reporting Standards Board (FRSB) of 36 new accounting standards and 12 interpretations. These are the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS). Application of NZ IFRS is mandatory for periods beginning on or after 1 January 2007. Entities wishing to early adopt NZ IFRS may do so for periods beginning on or after 1 January 2005. The Alert includes a list of the approved standards and details of where to find them. The ASRB has also issued an exposure draft, ED-96 Disclosing the Impact of Adopting New Zealand Equivalents to International Financial Reporting Standards that would require entities to disclose in their annual and interim financial reports information about the expected impacts of adopting the New Zealand equivalents to IFRS. This will include:
  • information regarding planning for the transition to NZ IFRS;
  • key differences in accounting policies expected to arise on adoption of NZ IFRS, or if the key differences are not known, a statement to that effect; and
  • known or reliably estimable information about the impacts on the financial reports under NZ IFRS, or if the impacts are not known, a statement to that effect.
Click here for Links to Past NZ Accounting Alerts.

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