✨ Financial Statements Notes
14 SEPTEMBER 2012 NEW ZEALAND GAZETTE, No. 114 3293
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012
Harmonisation Amendments: The aim of the harmonisation is to eliminate the differences between accounting standards in Australia and New Zealand and create more comparability in financial reporting between the countries. As a result a number of NZ specific requirements have been removed or amended. Included in these are; remove the disclosures which have been relocated to FRS 44, harmonise audit fee disclosure requirements in NZ IAS 1, introduce the option to use the indirect method of reporting cash flows in NZ IAS 7, introduce an accounting policy choice to use the cost model for investment property under NZ IAS 40, remove the requirement to use an independent valuer and the related disclosure requirements currently in NZ IAS 16 and NZ IAS 40, remove some NZ-specific disclosures.
The Group does not plan to early adopt any of the above noted Financial Reporting Standards. A formal impact assessment has been undertaken. These Standards are not expected to have a material impact on the Group’s financial statements in the period of initial application.
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NZ Gazette 2012, No 114
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Notes to the Financial Statements of ASB Community Trust
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💰 Finance & RevenueFinancial Statements, Harmonisation Amendments, NZ IFRS, FRS 44, Audit Fee Disclosure, Cash Flows, Investment Property, Independent Valuer