4 AUGUST 2005

NEW ZEALAND GAZETTE, No. 117

● to apply to annual accounting periods commencing on
or after 1 January 2007;
● to apply to annual accounting periods commencing on
or after 1 January 2006 when an entity complies, or
has complied, with New Zealand Equivalent to
International Financial Reporting Standard 1 First-time
Adoption of New Zealand Equivalents to International
Financial Reporting Standards; and
● a Regulation for the purposes of the Regulations
(Disallowance) Act 1989.

Early adoption of Amendments to New Zealand Equivalent
to International Accounting Standard 39 Financial
Instruments: Recognition and Measurement – Cash Flow
Hedge Accounting of Forecast Intragroup Transactions
is permitted for annual accounting periods commencing
on or after 1 January 2005 but only where an entity
complies, or has complied, with New Zealand Equivalent
to International Financial Reporting Standard 1 First-time
Adoption of New Zealand Equivalents to International
Financial Reporting Standards.

Copies of Amendments to New Zealand Equivalent to
International Accounting Standard 39 Financial Instruments:
Recognition and Measurement – Cash Flow Hedge
Accounting of Forecast Intragroup Transactions 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 110-342), Wellington, and 27-33 Ohinerau
Street (P.O. Box 3334), Auckland.

Dated this 1st day of August 2005.
WARWICK HUNT, Chairman, Accounting Standards
Review Board.

gs4971

Framework for Differential Reporting for Entities Applying
the New Zealand Equivalents to International Financial
Reporting Standards Reporting Regime (together with the
consequential amendments):
● may be applied 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;
● is permitted to be applied to annual accounting
periods commencing on or after 1 January 2005
but only where an entity complies, or has complied,
with New Zealand Equivalent to International Financial
Reporting Standard 1 First-time Adoption of New Zealand
Equivalents to International Financial Reporting
Standards; and
● a Regulation for the purposes of the Regulations
(Disallowance) Act 1989.

Copies of Framework for Differential Reporting for Entities
Applying the New Zealand Equivalents to International
Financial Reporting Standards Reporting Regime (together
with the consequential amendments) 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 110-342),
Wellington, and 27-33 Ohinerau Street (P.O. Box 3334),
Auckland.

Dated this 1st day of August 2005.
WARWICK HUNT, Chairman, Accounting Standards
Review Board.

gs4970

Notice of Direction as to Authoritative Support
by the Accounting Standards Review Board –
Consequential Amendments to the Framework
for Differential Reporting (issued 1994, last
revised March 2002) (Notice No. 61)

The Accounting Standards Review Board hereby gives
a direction, pursuant to section 24 (d) of the Financial
Reporting Act 1993, that Consequential Amendments to the
Framework for Differential Reporting (issued 1994, last
revised March 2002) issued by the Institute of Chartered
Accountants of New Zealand has authoritative support
within the accounting profession in New Zealand.

Dated this 1st day of August 2005.
WARWICK HUNT, Chairman, Accounting Standards
Review Board.

gs4974

Approval of the Framework for Differential
Reporting for Entities Applying the New Zealand
Equivalents to International Financial Reporting
Standards Reporting Regime (Notice No. 62)

Notice is hereby given, pursuant to section 29 of the Financial
Reporting Act 1993 (“the Act”), that the Accounting
Standards Review Board has approved, as a financial
reporting standard for the purposes of the Act, Framework
for Differential Reporting for Entities Applying the
New Zealand Equivalents to International Financial
Reporting Standards Reporting Regime, including all
consequential amendments to other New Zealand equivalents
to International Financial Reporting Standards as set out
in this standard (the “consequential amendments”) which
has been submitted to it by the Institute of Chartered
Accountants of New Zealand.

Approval of Amendments to New Zealand
Equivalent to International Accounting Standard 39
Financial Instruments: Recognition and
Measurement – The Fair Value Option
(Notice No. 63)

Notice is hereby given, pursuant to section 29 of the Financial
Reporting Act 1993 (“the Act”), that the Accounting
Standards Review Board has approved, as a financial
reporting standard for the purposes of the Act, Amendments
to New Zealand Equivalent to International Accounting
Standard 39 Financial Instruments: Recognition and
Measurement – The Fair Value Option (including all
consequential amendments to NZ IFRS 1 First-time
Adoption of New Zealand Equivalents to International
Financial Reporting Standards and NZ IAS 32 Financial
Instruments: Disclosure and Presentation, as set out in this
standard (the “consequential amendments”)), which has
been submitted to it by the Institute of Chartered
Accountants of New Zealand.

Amendments to New Zealand Equivalent to International
Accounting Standard 39 Financial Instruments: Recognition
and Measurement – The Fair Value Option (together with
the consequential amendments) is:
● 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 accounting periods commencing on
or after 1 January 2007;
● to apply to annual accounting periods commencing on
or after 1 January 2006 when an entity complies, or
has complied, with New Zealand Equivalent to
International Financial Reporting Standard 1 First-time