8 DECEMBER 2005

NEW ZEALAND GAZETTE, No. 204

Approval of Amendments to the New Zealand Equivalent to International Financial Reporting Standard 4 Insurance Contracts – Liability Adequacy Test, Appendix D Financial Reporting of Insurance Activities (Notice No. 51)

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 an approved financial reporting standard for the purposes of the Act, Amendments to New Zealand Equivalent to International Financial Reporting Standard 4 Insurance Contracts – Liability Adequacy Test (being an amendment to Appendix D Financial Reporting of Insurance Activities), which has been submitted to it by the Institute of Chartered Accountants of New Zealand.

Amendments to New Zealand Equivalent to International Financial Reporting Standard 4 Insurance Contracts – Liability Adequacy Test (being an amendment to Appendix D Financial Reporting of Insurance Activities) 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 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;
• permitted in respect of entities which elect to comply, or which have complied with New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS 1) for an annual accounting period commencing on or after 1 January 2005 and before 1 January 2007, to apply from the first time adoption of NZ IFRS 1; and
• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.

Copies of Amendments to New Zealand Equivalent to International Financial Reporting Standard 4 Insurance Contracts – Liability Adequacy Test, Appendix D Financial Reporting of Insurance Activities, 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 16th day of November 2005.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

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Approval to Withdraw New Zealand Equivalent to IFRIC Interpretation 3 Emission Rights (Notice No. 52)

Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board has revoked, for the purposes of the Act, its approval of financial reporting standard New Zealand Equivalent to IFRIC Interpretation 3 Emission Rights, the withdrawal of which has been submitted to it by the Institute of Chartered Accountants of New Zealand.

New Zealand Equivalent to IFRIC Interpretation 3 Emission Rights is revoked as an approved financial reporting standard with effect on and from the 28th day after the date of notification in the New Zealand Gazette.

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Dated this 16th day of November 2005.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

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Approval of Amendment to New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards (Notice No. 53)

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 an approved financial reporting standard for the purposes of the Act, an Amendment to New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards, which has been submitted to it by the Institute of Chartered Accountants of New Zealand.

The Amendment to New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards 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 Adoption of New Zealand Equivalents to International Financial Reporting Standards for an annual accounting period commencing on or after 1 January 2005 and the entity complies with New Zealand Equivalent to International Financial Reporting Standard 6 Exploration for and Evaluation of Mineral Resources;
• permitted to apply to an annual accounting period commencing on or after 1 January 2005 and prior to 1 January 2006 when an entity elects to comply with New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards and New Zealand Equivalent to International Financial Reporting Standard 6 Exploration for and Evaluation of Mineral Resources for that period; and
• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.

Copies of the Amendment to New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of 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 16th day of November 2005.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

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