12 JULY 2007

NEW ZEALAND GAZETTE, No. 80

2081

Copies can be bought or ordered by mail from Legislation Direct, PO Box 12357, Wellington. Please quote title and serial numbers. Prices for quantities supplied on application. Copies are also available over the counter at the following locations:
Bennetts Bookshop: Bowen House, Lambton Quay (PO Box 5334), Wellington; Bennetts Campus Bookshop: Auckland University of Technology, C Block Wellesley Street, Gate 4 Lorne Street (Private Bag 92006), Auckland; University of Waikato, Gate 5 Hillcrest Road (PO Box 13066), Hamilton; Located in Whitcoulls: Centreplace, Bryce Street (PO Box 19287), Hamilton; 38–42 Broadway Avenue (PO Box 1820), Palmerston North; 111 Cashel Street (Private Bag), Christchurch; 143 George Street (PO Box 1104), Dunedin.
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General Section

Accounting Standards Review Board

Financial Reporting Act 1993

Approval of the Revised New Zealand Equivalent to International Accounting Standard 23 Borrowing Costs (NZ IAS 23) (Notice No. 75)

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 23 Borrowing Costs (NZ IAS 23), which has been submitted to it by the New Zealand Institute of Chartered Accountants.

The revised NZ IAS 23 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 23 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 23 supersedes NZ IAS 23 Borrowing Costs (2004).

The board therefore resolves to withdraw NZ IAS 23 Borrowing Costs (2004) when the revised NZ IAS 23 becomes effective for annual periods beginning on or after 1 January 2009.

Where early application of the revised NZ IAS 23 is permitted for an entity, NZ IAS 23 Borrowing Costs (2004) is deemed to be withdrawn in relation to that entity upon such early application.

Copies of the revised NZ IAS 23 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 2nd day of July 2007.

WARWICK HUNT, Chairman, Accounting Standards Review Board.
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New Zealand Racing Board

Racing Act 2003

Amendments to the Betting Rules

Pursuant to section 52 of the Racing Act 2003, the New Zealand Racing Board hereby gives notice of the following amendments to the Betting Rules*.

Change #1

New definitions added to Rule 3.1 as follows:

(e) “Betting Account” means an account established by the Board for the purposes of placing bets.

(gg) “Touchtone” is the means of betting using a Betting Account through an automated telephone betting system.