✨ Accounting Standards Updates
3 DECEMBER 2010 NEW ZEALAND GAZETTE, No. 165 4125
Changes in accounting policies
Accounting policies have been consistently applied unless otherwise stated.
Standards, Amendments and Interpretations effective in the current period
Those with disclosure impact:
The impact of the adoption of the following Standards and Amendments has been to expand the disclosures provided in these financial statements:
| Name | Impact |
|---|---|
| NZ IAS 1 Presentation of Financial Statements (Revised 2007) | This has introduced terminology changes (including revised titles for the financial statements) and changes in the format and content of the financial statements. |
Those with no impact:
Adoption of the following Standards, Interpretations and Amendments has not led to any changes in the Division’s accounting policies with measurement or recognition impact on the periods presented in these financial statements:
| Name | Nature of Amendment |
|---|---|
| NZ IAS 23 Borrowing Costs (revised 2007) | The principal change to the standard was to eliminate the option to expense all borrowing costs when incurred. The change has led to no impact on these financial statements because the Division does not have any long term construction projects. |
| NZ Specific Omnibus Amendments 2008-01 | These amendments are minor in nature and have no impact on the Division’s financial statements. |
| Amendments to NZ IFRIC 9 and NZ IAS 39 Embedded Derivatives | These amendments clarify the accounting for embedded derivatives in the case of a reclassification of a financial asset out of the Fair Value through Profit or Loss (FVTPL) category. These changes do not have any impact on the Division’s financial statements. |
All other standards, interpretations and amendments effective in the current period are not applicable to the Division and therefore have been excluded from the table above.
Standards, Amendments and Interpretations issued but not yet effective
At the date of authorisation of the Financial Statements, a number of Standards, Amendments and Interpretations were in issue but not yet effective.
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NZ Gazette 2010, No 165
✨ LLM interpretation of page content
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Impairment of Assets Policy
(continued from previous page)
🏭 Trade, Customs & IndustryImpairment, Recoverable amount, Fair value, Cash flows, Carrying amount, Intangible assets, Amortisation, Leases, Property, plant and equipment, Depreciation, Revenue recognition, Contributed capital, Taxation, Term debt
🏭 Changes in accounting policies
🏭 Trade, Customs & IndustryAccounting policies, Financial statements, Disclosures
🏭 Standards with disclosure impact
🏭 Trade, Customs & IndustryNZ IAS 1, Financial statements, Disclosures, Terminology changes
🏭 Standards with no impact
🏭 Trade, Customs & IndustryNZ IAS 23, Borrowing costs, NZ Specific Omnibus Amendments, NZ IFRIC 9, NZ IAS 39, Embedded derivatives
🏭 Standards issued but not yet effective
🏭 Trade, Customs & IndustryAccounting standards, Financial statements, Future impact