50 NEW ZEALAND GAZETTE, No. 1 12 JANUARY 2006

and 93 of the Local Government Act 2002, for the period
commencing 1 July 2006; and

● a Regulation for the purposes of the Regulations
(Disallowance) Act 1989.
Early adoption of Financial Reporting Standard No. 42
Prospective Financial Statements is permitted.
Copies of Financial Reporting Standard No. 42 Prospective
Financial Statements may be inspected free of charge
at, and will be made available for purchase from,
the offices of the New Zealand Institute of Chartered
Accountants, 40 Mercer Street (P.O. Box 11-342), Wellington
and 27-33 Ohinerau Street (P.O. Box 3334), Auckland.

Dated this 14th day of December 2005.

WARWICK HUNT, Chairman, Accounting Standards
Review Board.

gs123

Approval to Withdraw Financial Reporting Standard No. 29 Prospective Financial Information
(Notice No. 60)

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 No. 29
Prospective Financial Information, the withdrawal of which
has been submitted to it by the New Zealand Institute of
Chartered Accountants.

Financial Reporting Standard No. 29 Prospective Financial
Information is revoked as an approved financial reporting
standard with effect from 1 June 2006, the effective date of
Financial Reporting Standard No. 42 Prospective Financial
Statements.

Dated this 14th day of December 2005.

WARWICK HUNT, Chairman, Accounting Standards
Review Board.

gs124

Approval of Amendment to the Framework for Differential Reporting for Entities Applying the New Zealand Equivalents to International Financial Reporting Standards Reporting Regime
(Notice No. 61)

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 the 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 (“the consequential amendments”), which has
been submitted to it by the New Zealand Institute of
Chartered Accountants. The Amendment to the Framework
for Differential Reporting for Entities Applying the
New Zealand Equivalents to International Financial
Reporting Standards Reporting Regime clarifies the manner
in which the reporting concessions are presented. The
Amendment does not change the reporting concessions
themselves.

The Amendment to the Framework for Differential
Reporting for Entities Applying the New Zealand
Equivalents to International Financial Reporting Standards
Reporting Regime, 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; and

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

Early adoption of the Amendment to the Framework for
Differential Reporting for Entities Applying the New Zealand
Equivalents to International Financial Reporting Standards
Reporting Regime, together with the consequential
amendments, 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 the Amendment to the 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 New Zealand Institute of Chartered Accountants,
40 Mercer Street (P.O. Box 11-342), Wellington and 27-33
Ohinerau Street (P.O. Box 3334), Auckland.

Dated this 14th day of December 2005.

WARWICK HUNT, Chairman, Accounting Standards
Review Board.

gs125

Approval of New Zealand Equivalent to IFRIC Interpretation 7 Applying the Restatement Approach Under NZ IAS 29 Financial Reporting in Hyperinflationary Economies
(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 an approved
interpretation to a reporting standard, New Zealand
Equivalent to IFRIC Interpretation 7 Applying the
Restatement Approach under NZ IAS 29 Financial
Reporting in Hyperinflationary Economies, including all
consequential amendments to other New Zealand equivalents
to International Financial Reporting Standards set out in this
standard (the “consequential amendments”), which has been
submitted to it by the New Zealand Institute of Chartered
Accountants.

New Zealand Equivalent to IFRIC Interpretation 7 Applying
the Restatement Approach under NZ IAS 29 Financial
Reporting in Hyperinflationary Economies (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 March 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.