NEW ZEALAND GAZETTE, No. 136

6 DECEMBER 2007

General Section

Accounting Standards Review Board

Financial Reporting Act 1993

Approval of the Omnibus Amendments (2007-01) to New Zealand Equivalents to International Financial Reporting Standards (Notice No. 79)

Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board has approved the Omnibus Amendments (2007-01) to New Zealand equivalents to International Financial Reporting Standards, which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.

The Omnibus Amendments (2007-01) 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 periods beginning on or after 1 January 2008; and
• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.

Earlier application of the Omnibus Amendments (2007-01) is permitted 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 for an annual period beginning on or after 1 January 2005.

Copies of the Omnibus Amendments (2007-01) 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 1st day of November 2007.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

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Approval of the Revised New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1) (Notice No. 80)

Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board has approved the New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.

The revised NZ IAS 1 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 periods beginning on or after 1 January 2009; and
• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.

Earlier application of the revised NZ IAS 1 is permitted 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 for an annual period beginning on or after 1 January 2005.

The revised NZ IAS 1 supersedes NZ IAS 1 Presentation of Financial Statements (2004).

The board therefore resolves to withdraw NZ IAS 1 Presentation of Financial Statements (2004) when the revised NZ IAS 1 becomes effective for annual periods beginning on or after 1 January 2009.

Where early application of the revised NZ IAS 1 is permitted for an entity, NZ IAS 1 Presentation of Financial Statements (2004) is deemed to be withdrawn in relation to that entity upon such early application.

Copies of the revised NZ IAS 1 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 28th day of November 2007.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

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Foundation for Arable Research Incorporated

Commodity Levies (Arable Crops) Order 2006

Arable Crops Levy

Pursuant to section 4 of the Commodity Levies (Arable Crops) Order 2006 ("the Order"), a levy has been imposed on, and shall be payable by, the producers of any arable commodity grown in New Zealand.

In accordance with section 11(1) of the Order, the Foundation for Arable Research Incorporated has determined the rate of the levy for 2008 to be:

• Herbage and amenity seed – 0.8% of sale value.
• All other grain and seed crops (cereals, pulses etc) – 0.8% of sale value.
• Open pollinated vegetable seed crops – 0.8% of sale value.
• Hybrid vegetable seed crops – 0.3% of sale value.
• Onion seed crops will be zero rated.

Dated this 28th day of November 2007.

N. PYKE, Chief Executive, Foundation for Arable Research Incorporated, PO Box 80, Lincoln 7640.

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