NEW ZEALAND GAZETTE, No. 204

8 DECEMBER 2005

Approval of Amendments to New Zealand Equivalent to International Financial Reporting Standard 4 Insurance Contracts, Appendix C Life Insurance Entities and Appendix D Financial Reporting of Insurance Activities (Notice No. 54)

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 (being an amendment to Appendix C Life Insurance Entities and 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 (being an amendment to Appendix C Life Insurance Entities and 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 1 January 2006; and

• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.

Early adoption of Amendments to New Zealand Equivalent to International Financial Reporting Standard 4 Insurance Contracts (being an amendment to Appendix C Life Insurance Entities and Appendix D Financial Reporting of Insurance Activities) is permitted for annual accounting periods commencing on or after 1 January 2005 and before 1 January 2006 but only where an entity complies with the Amendments to New Zealand Equivalent to International Accounting Standard 39 Financial Instruments: Recognition and Measurement – The Fair Value Option and 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 Financial Reporting Standard 4 Insurance Contracts, Appendix C Life Insurance Entities and 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 of Amendments to New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (Notice No. 55)

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 Accounting Standard 1 Presentation of Financial Statements (including all consequential amendments to other New Zealand equivalents to International Financial Reporting Standards (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 1 Presentation of Financial Statements (together with the consequential amendments) 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 16 November 2005 and before 1 January 2007; and

• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.

Copies of Amendments to New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (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 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 of New Zealand Equivalent to IFRIC Interpretation 6 Liabilities Arising From Participating in a Specific Market – Waste Electrical and Electronic Equipment (Notice No. 56)

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 interpretation to a reporting standard, New Zealand Equivalent to IFRIC Interpretation 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment, which has been submitted to it by the Institute of Chartered Accountants of New Zealand.

New Zealand Equivalent to IFRIC Interpretation 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment 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