7 JUNE 2007

NEW ZEALAND GAZETTE, No. 61

Approval of New Zealand Equivalent to IFRIC Interpretation 12 Service Concession Arrangements
(Notice No. 73)

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 12 Service Concession Arrangements, which has been submitted to it by the New Zealand Institute of Chartered Accountants.

New Zealand Equivalent to IFRIC Interpretation 12 Service Concession Arrangements 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 2008; 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.

Copies of New Zealand Equivalent to IFRIC Interpretation 12 Service Concession Arrangements 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 March 2007.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

gs3788

Approval of Financial Reporting Standard No. 43 Summary Financial Statements
(Notice No. 74)

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, Financial Reporting Standard No. 43 Summary Financial Statements, which has been submitted to it by the New Zealand Institute of Chartered Accountants.

Financial Reporting Standard No. 43 Summary Financial Statements 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 summary financial statements for periods beginning on or after 1 January 2007; and

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

Earlier application of Financial Reporting Standard No. 43 Summary Financial Statements in annual summary financial statements is permitted only where an entity complies, or has complied, with NZ IFRS 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards in its full financial statements for a period beginning on or after 1 January 2005.

Financial Reporting Standard No. 43 Summary Financial Statements supersedes Financial Reporting Standard No. 39 Summary Financial Information. The board therefore resolves to withdraw its direction under the Financial Reporting Act that Financial Reporting Standard No. 39 Summary Financial Information has authoritative support when Financial Reporting Standard No. 43 Summary Financial Statements becomes effective for periods beginning on or after 1 January 2007. Where early adoption of Financial Reporting Standard No. 43 Summary Financial Statements is permitted for an entity, Financial Reporting Standard No. 39 Summary Financial Information is deemed to be withdrawn in relation to that entity upon such early adoption.

Copies of Financial Reporting Standard No. 43 Summary 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 (PO Box 11342), Wellington, and 27–33 Ohinerau Street (PO Box 3334), Auckland.

Dated this 21st day of May 2007.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

gs3787

New Zealand Meat Board

Meat Board Act 2004

2007–2008 European Union High Quality Beef Tariff Rate Quota Allocation

Pursuant to section 31 of the Meat Board Act 2004, notice is given that the New Zealand Meat Board has allocated access of European Union High Quality Beef Tariff Rate Quota for the 2007–2008 Quota Year, commencing 1 July 2007, as follows.