NEW ZEALAND GAZETTE, No. 158

2 DECEMBER 2004

• New Zealand Equivalent to International Accounting Standard 24 – Related Party Disclosures (NZ IAS 24);

• New Zealand Equivalent to International Accounting Standard 26 – Accounting and Reporting by Retirement Benefit Plans (NZ IAS 26);

• New Zealand Equivalent to International Accounting Standard 27 – Consolidated and Separate Financial Statements (NZ IAS 27);

• New Zealand Equivalent to International Accounting Standard 28 – Investments in Associates (NZ IAS 28);

• New Zealand Equivalent to International Accounting Standard 29 – Financial Reporting in Hyperinflationary Economies (NZ IAS 29);

• New Zealand Equivalent to International Accounting Standard 30 – Disclosures in the Financial Statements of Banks and Similar Financial Institutions (NZ IAS 30);

• New Zealand Equivalent to International Accounting Standard 31 – Interests in Joint Ventures (NZ IAS 31);

• New Zealand Equivalent to International Accounting Standard 32 – Financial Instruments: Disclosure and Presentation (NZ IAS 32);

• New Zealand Equivalent to International Accounting Standard 33 – Earnings per Share (NZ IAS 33);

• New Zealand Equivalent to International Accounting Standard 34 – Interim Financial Reporting (NZ IAS 34);

• New Zealand Equivalent to International Accounting Standard 36 – Impairment of Assets (NZ IAS 36);

• New Zealand Equivalent to International Accounting Standard 37 – Provisions, Contingent Liabilities and Contingent Assets (NZ IAS 37);

• New Zealand Equivalent to International Accounting Standard 38 – Intangible Assets (NZ IAS 38);

• New Zealand Equivalent to International Accounting Standard 39 – Financial Instruments: Recognition and Measurement (NZ IAS 39);

• New Zealand Equivalent to International Accounting Standard 40 – Investment Property (NZ IAS 40);

• New Zealand Equivalent to International Accounting Standard 41 – Agriculture (NZ IAS 41);

• New Zealand Equivalent to International Financial Reporting Standard 1 – First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS 1);

• New Zealand Equivalent to International Financial Reporting Standard 2 – Share-based Payment (NZ IFRS 2);

• New Zealand Equivalent to International Financial Reporting Standard 3 – Business Combinations (NZ IFRS 3);

• New Zealand Equivalent to International Financial Reporting Standard 4 – Insurance Contracts (NZ IFRS 4);

• New Zealand Equivalent to International Financial Reporting Standard 5 – Non-current Assets Held for Sale and Discontinued Operations (NZ IFRS 5);

• New Zealand Equivalent to SIC Interpretation 7 – Introduction of the Euro (NZ SIC 7);

• New Zealand Equivalent to SIC Interpretation 10 – Government Assistance – No Specific Relation to Operating Activities (NZ SIC 10);

• New Zealand Equivalent to SIC Interpretation 12 – Consolidation – Special Purpose Entities (NZ SIC 12);

• New Zealand Equivalent to SIC Interpretation 13 – Jointly Controlled Entities – Non-Monetary Contributions by Venturers (NZ SIC 13);

• New Zealand Equivalent to SIC Interpretation 15 – Operating Leases – Incentives (NZ SIC 15);

• New Zealand Equivalent to SIC Interpretation 21 – Income Taxes – Recovery of Revalued Non-Depreciable Assets (NZ SIC 21);

• New Zealand Equivalent to SIC Interpretation 25 – Income Taxes – Changes in the Tax Status of an Entity or its Shareholders (NZ SIC 25);

• New Zealand Equivalent to SIC Interpretation 27 – Evaluating the Substance of Transactions Involving the Legal Form of a Lease (NZ SIC 27);

• New Zealand Equivalent to SIC Interpretation 29 – Disclosure – Service Concession Arrangements (NZ SIC 29);

• New Zealand Equivalent to SIC Interpretation 31 – Revenue – Barter Transactions Involving Advertising Services (NZ SIC 31);

• New Zealand Equivalent to SIC Interpretation 32 – Intangible Assets – Web Site Costs (NZ SIC 32); and

• New Zealand Equivalent to IFRIC Interpretation 1 – Changes in Existing Decommissioning, Restoration and Similar Liabilities (NZ IFRIC 1)

(together the New Zealand equivalents to International Financial Reporting Standards).

The New Zealand equivalents to International Financial Reporting Standards 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 their terms, the terms of any other approved financial reporting standard or by law.

The New Zealand equivalents to International Financial Reporting Standards are:

• to apply to annual accounting periods commencing on or after 1 January 2007, save that the New Zealand Equivalent to International Accounting Standard 34 – Interim Financial Reporting (NZ IAS 34) applies to interim accounting periods but only where either the interim accounting period relates to an annual accounting period commencing on or after 1 January 2007 or the interim accounting period forms part of an annual accounting period in which an entity complies with NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards; and
• Regulations for the purposes of the Regulations (Disallowance) Act 1989.

Early adoption of the New Zealand equivalents to International Financial Reporting Standards is permitted only when an entity complies with NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards for an annual accounting period commencing on or after 1 January 2005.

Copies of the New Zealand equivalents to International Financial Reporting Standards may be inspected free of charge at, and will be made available for purchase from, the offices of the Institute of Chartered Accountants of New Zealand, 40 Mercer Street (P.O. Box 11-342), Wellington and 27-33 Ohinerau Street (P.O. Box 3334), Auckland.

Dated this 2nd day of December 2004.

WARWICK HUNT, Chairman, Accounting Standards Review Board.