50 NEW ZEALAND GAZETTE, No. 1 11 JANUARY 2007

General Section

Accounting Standards Review Board

Financial Reporting Act 1993

Approval of New Zealand Equivalent to IFRIC Interpretation 11 IFRS 2 – Group and Treasury Share Transactions (Notice No. 69)

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 11 IFRS 2 – Group and Treasury Share Transactions, which has been submitted to it by the New Zealand Institute of Chartered Accountants.

New Zealand Equivalent to IFRIC Interpretation 11 IFRS 2 – Group and Treasury Share Transactions 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 March 2007; and
• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.

Earlier application is permitted only when an entity complies, or has complied, with NZ IFRS 1 First-Time Adoption of New Zealand Equivalents to International Financial Reporting Standards in its annual financial statements for a period beginning on or after 1 January 2005. If an entity applies this NZ IFRIC in its financial statements for a period before 1 March 2007, it shall disclose that fact.

Copies of New Zealand Equivalent to IFRIC Interpretation 11 IFRS 2 – Group and Treasury Share Transactions 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 (PO Box 11342), Wellington and 27–33 Ohinerau Street (PO Box 3334), Auckland.

Dated this 15th day of December 2006.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

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Approval of New Zealand Equivalent to International Financial Reporting Standard 8 Operating Segments (Notice No. 70)

Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 (“the Act”), that the Accounting Standards Review Board (“the Board”) has approved, as an approved financial reporting standard, New Zealand Equivalent to International Financial Reporting Standard 8 Operating Segments, which has been submitted to it by the New Zealand Institute of Chartered Accountants.

New Zealand Equivalent to International Financial Reporting Standard 8 Operating Segments 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 financial statements for periods beginning on or after 1 January 2009; and
• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.\n
  Earlier application of New Zealand Equivalent to International Financial Reporting Standard 8 Operating Segments is permitted only when an entity complies, or has complied, with NZ IFRS 1 First-Time Adoption of New Zealand Equivalents to International Financial Reporting Standards in its annual financial statements for a period beginning on or after 1 January 2005.

New Zealand equivalent to International Financial Reporting Standard 8 Operating Segments supersedes the New Zealand Equivalent to International Accounting Standard 14 Segment Reporting. The Board therefore resolves to withdraw the New Zealand Equivalent to International Accounting Standard 14 Segment Reporting upon New Zealand Equivalent to International Financial Reporting Standard 8 Operating Segments coming into force on 1 January 2009.

Where early adoption of New Zealand Equivalent to International Financial Reporting Standard 8 Operating Segments is permitted for an entity, New Zealand Equivalent to International Accounting Standard 14 Segment Reporting is deemed to be withdrawn in relation to that entity upon such early adoption.

Copies of New Zealand Equivalent to International Financial Reporting Standard 8 Operating Segments 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 (PO Box 11342), Wellington and 27–33 Ohinerau Street (PO Box 3334), Auckland.

Dated this 15th day of December 2006.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

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Approval of Omnibus Amendments (2006-01) to New Zealand Equivalents to IFRS (Notice No. 71)

Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 (“the Act”), that the Accounting Standards Review Board has approved amendments to the following New Zealand Equivalents to International Financial Reporting Standards as set out in Omnibus Amendments (2006-01) (“the amendments”), and which have been submitted to it by the New Zealand Institute of Chartered Accountants:

• NZ IAS 1 Presentation of Financial Statements
• NZ IAS 2 Inventories
• NZ IAS 34 Interim Financial Reporting
• NZ IAS 36 Impairment of Assets
• NZ IAS 40 Investment Property

The 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