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This Standard was issued on 28 March 2019 by the New Zealand Accounting Standards Board of the External Reporting Board pursuant to section 12(a) of the Financial Reporting Act 2013.
This Standard is a disallowable instrument for the purposes of the Legislation Act 2012, and pursuant to section 27(1) of the Financial Reporting Act 2013 takes effect on 25 April 2019.
Reporting entities that are subject to this Standard are required to apply it in accordance with the effective date, which is set out in paragraph 156–156.5.
In finalising this Standard, the New Zealand Accounting Standards Board has carried out appropriate consultation in accordance with section 22(1) of the Financial Reporting Act 2013.
This New Zealand Tier 1 and Tier 2 Public Benefit Entity Accounting Standard has been issued as a result of a new International Public Sector Accounting Standard – IPSAS 41 Financial Instruments.
This Standard, when applied, supersedes parts of PBE IPSAS 29 Financial Instruments: Recognition and Measurement. These parts are identified in Appendix D of the Standard.
This Standard, when applied, supersedes PBE IFRS 9 Financial Instruments.
Note for not-for-profit entities that apply PBE IFRS 17 Insurance Contracts (i.e., not-for-profit entities that issue insurance contracts or issue/hold reinsurance contracts) |
Please read this Standard in conjunction with Appendix D of PBE IFRS 17 Insurance Contracts, which contains amendments to this Standard. Those amendments are applicable only to Tier 1 and Tier 2 not-for- profit public benefit entities that apply PBE IFRS 17. The amendments introduced by PBE IFRS 17 will be compiled into this Standard together with the amending standard Insurance Contracts in the Public Sector. |