✨ Financial Reporting Standards
4358 NEW ZEALAND GAZETTE, No. 179 4 DECEMBER 2009
Standards, Amendments and Interpretations issued but not yet effective
At the date of authorisation of the Financial Statements, a number of Standards and Interpretations were in issue but not yet effective.
Standards Approved But Not Yet Effective
The following are the new or revised Standards or Interpretations in issue that are not yet required to be adopted by the division preparing financial statements for periods ending on 30 June 2009:
| Standard/Interpretation | Effective for annual reporting periods beginning on or after | Expected to be initially applied in the financial year ending |
|---|---|---|
| NZ IAS 1 'Presentation of Financial Statements' – Revised Standard | 1 January 2009 | 30 June 2010 |
| NZ IFRIC 18 'Transfers of Assets from Customers' | 1 July 2009 | 30 June 2010 |
| NZ IAS 23 'Borrowing Costs' – revised 2007 | 1 January 2009 | 30 June 2010 |
| Amendments to NZ IFRS 2 'Share-Based Payment' – Vesting Conditions and Cancellations | 1 January 2009 | 30 June 2010 |
| NZ IFRS 3 'Business Combinations' – revised 2008 | 1 July 2009 | 30 June 2010 |
| NZ IAS 27 'Consolidated and Separate Financial Statements' – revised 2008 | 1 July 2009 | 30 June 2010 |
| Improvements to New Zealand Equivalents to International Financial Reporting Standards 2008 | Various* | 30 June 2010 |
| Amendments to NZ IFRS 1 'First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards' and NZ IAS 27 'Consolidated and Separate Financial Statements' – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate | 1 January 2009 | 30 June 2010 |
| Omnibus Amendments (2008) | 1 January 2009 | 30 June 2010 |
| Amendments to NZ IAS 39 'Financial Instruments: Recognition and Measurement' – Eligible Hedged Items | 1 July 2009 | 30 June 2010 |
| IFRS 9 'Financial Instruments' | 1 January 2013 | 30 June 2014 |
| Amendments to IAS 24 'Related Party' | 1 January 2011 | 30 June 2012 |
| Improving Disclosures about Financial Instruments (Amendments to NZ IFRS 7 Financial Instruments: Disclosures) | 1 January 2009 | 30 June 2010 |
| Omnibus Amendments (2009) | 1 July 2009 | 30 June 2010 |
| Improvements to New Zealand Equivalents to International Financial Reporting Standards 2009 | ** | 30 June 2011 |
- The effective date and transitional provisions vary by Standard. Most of the Standards are effective for annual periods beginning on or after 1 January 2009, with earlier adoption permitted, and they are to be applied retrospectively.
** The effective date and transitional provisions vary by Standard. Most of the Standards are effective for annual periods beginning on or after 1 January 2010, with earlier adoption permitted.
*** Other Standards/Interpretations that are not included above are not relevant to the Division.
**** Initial application of the above Standards and Interpretations is not known. We are unable to determine at this time, the impact on the results or financial position of the Division. There are however reasonable expectations that the initial application of the above Standards and Interpretations will expand the disclosure and presentation of the financial statements of the Division.
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NZ Gazette 2009, No 179
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💰 Standards, Amendments and Interpretations issued but not yet effective
💰 Finance & RevenueFinancial Statements, Accounting Standards, NZ IAS, NZ IFRIC, NZ IFRS, Disclosures, Amendments