21 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 31

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General Section

Accounting Standards Review Board

Financial Reporting Act 1993

Approval of the Revised Amendments to New Zealand Equivalent to International Accounting Standard 32 Financial Instruments: Presentation and New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements—Puttable Financial Instruments and Obligations Arising on Liquidation (Revised Amendments to NZ IAS 32 and NZ IAS 1) (Notice No. 82)

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 revised Amendments to New Zealand Equivalent to International Accounting Standard 32 Financial Instruments: Presentation and New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements—Puttable Financial Instruments and Obligations Arising on Liquidation (revised Amendments to NZ IAS 32 and 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 Amendments to NZ IAS 32 and NZ IAS 1 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 2009; and
• a Regulation for the purposes of the Regulations (Disallowance) Act 1989.\n
  Earlier application of the revised Amendments to NZ IAS 32 and 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.

The revised Amendments to NZ IAS 32 and NZ IAS 1 supersede the Amendments to New Zealand Equivalent to International Accounting Standard 32 Financial Instruments: Presentation and New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements—Puttable Financial Instruments and Obligations Arising on Liquidation (January 2008) (Amendments to NZ IAS 32 and NZ IAS 1 (January 2008)).

The board therefore resolves, pursuant to section 28 of the Act, to revoke its approval of the Amendments to NZ IAS 32 and NZ IAS 1 (January 2008); such revocation is to take effect on the date the revised Amendments to NZ IAS 32 and NZ IAS 1 take effect pursuant to sections 24 and 27 of the Act.

Copies of the revised Amendments to NZ IAS 32 and 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.

Dated this 18th day of February 2008.

WARWICK HUNT, Chairman, Accounting Standards Review Board.

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