✨ Financial Reporting Standards
31. Adoption of international financial reporting standards
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
The IFRS Project
In December 2002, the New Zealand Accounting Standards Review Board announced that International Financial Reporting Standards ('IFRS') will apply to all New Zealand entities from 1 January 2007. In adopting IFRS for issue as NZ IFRS, certain adaptations of IFRS have been made to reflect New Zealand circumstances in complying with NZ IFRS. The Lines Business will also be in compliance with IFRS.
The Lines Business has elected to apply NZ IFRS for the year ended 30 June 2007. The restated financial information has been prepared on the basis of NZ IFRS and New Zealand Equivalents to International Financial Reporting Interpretations Committee ('NZ IFRIC').
In accordance with NZ IFRS 1, 'First Time Adoption of New Zealand Equivalents to International Financial Reporting Standards', the transition date to NZ IFRS was 1 July 2006, the start of the comparative period for the year ended 30 June 2007. Normally, accounting changes of this nature would require full retrospective application, but NZ IFRS 1 presents optional and mandatory exemptions to full retrospective application.
NZ IFRS 1 Exemptions
The Lines Business has applied the following key exemptions:
- Business combinations
- IFRS basis
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NZ Gazette 2008, No 186
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🏭 Adoption of International Financial Reporting Standards by Transpower New Zealand Limited Lines Business
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