New Zealand Gazette – 2008 – No. 46

Page 1315

✨ Accounting Standards Notice

3 MARCH 2008 NEW ZEALAND GAZETTE, No. 46 1315

Changes in Accounting Policies

There have been no changes in accounting policies during the year.

Standards, Amendments and Interpretations issued but not yet effective

At the date of authorisation of the financial report, a number of Standards and Interpretations were in issue but not yet effective.

Initial application of the following Standards will not affect any of the amounts recognised in the financial report, but will change the disclosures presently made in relation to the Division's financial report:

Standard	Effective for annual reporting periods beginning on or after	Expected to be initially applied in the financial year ending
NZ IFRS-7 'Financial Instruments: Disclosures' and consequential amendments to other accounting standards resulting from its issue	1 January 2007	30 June 2008
NZ IFRS-8 'Operating Segments'	1 January 2009	30 June 2010
NZ IAS-1 'Presentation of Financial Statements – Revised Standard'	1 January 2009	31 December 2009

Initial application of the following Standards and Interpretations is not expected to have any material impact on the financial report of the Division:

Standard/Interpretation	Effective for annual reporting periods beginning on or after	Expected to be initially applied in the financial year ending
NZ IFRIC-10 'Interim Financial Reporting and Impairment'	1 November 2006	30 June 2008
NZ IFRIC-11 'NZ IFRS-2 – Group and Treasury Share Transactions'	1 March 2007	30 June 2008
NZ IFRIC-12 'Service Concession Arrangements'	1 January 2008	30 June 2009
IFRIC-13 'Customer Loyalty Programmes'	1 July 2008	30 June 2009
IFRIC-14 'IAS-19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction'	1 January 2008	30 June 2009
NZ IAS-23 'Borrowing Costs' – revised standard	1 January 2009	30 June 2010
NZ IFRS 2 'Share Based Payments' – revised standard	1 January 2009	31 December 2009
NZ IFRS 3 'Business Combinations' – revised standard	1 July 2009	31 December 2010
NZ IAS 27 'Consolidated and Separate Financial Statements' – revised standard	1 July 2009	31 December 2010