General Section

Accounting Standards Review Board

Financial Reporting Act 1993

Approval of the Amendments to New Zealand Equivalent to International Accounting Standard 39 Financial Instruments: Recognition and Measurement (Notice No. 89)

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 Amendments to New Zealand Equivalent to International Accounting Standard 39 Financial Instruments: Recognition and Measurement – Eligible Hedged Items ("Amendments to NZ IAS 39"), which have been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.

The Amendments to NZ IAS 39 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 July 2009; and
• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.

Earlier application of the Amendments to NZ IAS 39 is permitted.

Copies of the Amendments to NZ IAS 39 may be inspected free of charge at 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.

Copies will also be made available on the institute’s website at

www.nzica.com

Dated this 25th day of August 2008.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

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Approval of New Zealand Equivalent to International Financial Reporting Interpretations Committee Interpretation 15 Agreements for the Construction of Real Estate (Notice No. 90)

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 Financial Reporting Interpretations Committee Interpretation 15 Agreements for the Construction of Real Estate ("NZ IFRIC 15"), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.

NZ IFRIC 15 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 NZ IFRIC 15 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.

Copies of NZ IFRIC 15 may be inspected free of charge at 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.

Copies will be made available on the institute’s website at

www.nzica.com

Dated this 25th day of August 2008.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

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Approval of New Zealand Equivalent to International Financial Reporting Interpretations Committee Interpretation 16 Hedges of a Net Investment in a Foreign Operation (Notice No. 91)

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 Financial Reporting Interpretations Committee Interpretation 16 Hedges of a Net Investment in a Foreign Operation ("NZ IFRIC 16"), which has been submitted to it by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants.

NZ IFRIC 16 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 October 2008; and
• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.

Earlier application of NZ IFRIC 16 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.

Copies of NZ IFRIC 16 may be inspected free of charge at 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.

Copies will be made available on the institute’s website at

www.nzica.com