NEW ZEALAND GAZETTE, No. 114

14 SEPTEMBER 2012

ASB COMMUNITY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012

15. NEW ZEALAND EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

The following table outlines details of New Zealand equivalents to International Financial Reporting Standards that have been issued but are not yet in effect.

| Standard Reference | Standard Title | Effective Date
(accounting periods beginning on or after) | Application
Date for Group |
|----------------------------|----------------------------------------------------------------------------------------------------|-----------------------------------------------|---------------------------|
| NZ IFRS 9 | Financial Instruments: Classification and Measurement | 1 January 2015 | 1 April 2015 |
| NZ IFRS 7 | Amendments to NZ IFRS 7 Financial Instruments Disclosures – Transfer of Financial Assets | 1 July 2011 | 1 April 2012 |
| FRS 44 | NZ Additional Disclosures | 1 July 2011 | 1 April 2012 |
| Harmonisation Amendment | Amendments to New Zealand Equivalents to International Financial Reporting Standards to harmonise with International Financial Reporting Standards and Australian Accounting Standards | 1 July 2011 | 1 April 2012 |

NZ IFRS 9 (2009) Financial Instruments: The requirements of this standard represent a significant change from the existing requirements of NZ IAS 39 in respect of financial assets. The standard contains two primary measurement categories for financial assets: amortised cost and fair value, and eliminates the existing NZ IAS 39 categories of held to maturity, available for sale, and loans and receivables. Financial assets would be measured at amortised cost if they are held to collect contractual cash flows and interest on specified dates. All other financial assets would be measured at fair value.

NZ IFRS 9 (2010) Financial Instruments: The requirements for classifying and measuring financial liabilities were added to NZ IFRS 9 as issued in 2009. The existing NZ IAS 39 requirements for the classification of financial liabilities and the ability to use the fair value option have been retained. However, where the fair value option is used for financial liabilities, the change in fair value is accounted for as follows: The change attributable to changes in credit risk are presented in Other Comprehensive Income, the remaining change is presented in profit or loss. If this approach creates or enlarges an accounting mismatch in the profit or loss, the effect of the changes in credit risk are also presented in profit or loss.

NZ IFRS 7 Financial Instruments: Amendments to Financial Instrument Disclosures to enhance the transparency of disclosure requirements for the transfer of financial assets.

FRS 44 – NZ Additional Disclosures: This standard relocates NZ specific disclosures from other standards to one place and revises disclosures in a number of areas including compliance with NZ IFRS, the statutory basis or reporting framework for financial statements, audit fees, reconciliation of net operating cash flow to profit (loss), prospective financial statements.