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Financial Reporting Standards
Accounting pronouncements issued by the Institute consist of:
A complete list of accounting pronouncements issued by the Institute is set out in the Standards and Pronouncements.
Accounting pronouncements represent Generally Accepted Accounting Practice (GAAP). In New Zealand, companies, issuers, most categories of public sector entities, and producer boards are required under legislation to comply with GAAP in the presentation of their external financial reports. In addition, the Institute requires members who are involved in preparing or reporting on the financial reports of entities to make best efforts to ensure that such financial reports comply with GAAP and to report any non-compliance if they don't.
Financial reporting standards are accounting pronouncements having the greatest authority. Statements of standard accounting practice are older accounting standards that are yet to be revised to become financial reporting standards. Other accounting pronouncements have lower authority but are still authoritative as they will either provide interpretative guidance in applying the requirements of a financial reporting standard or will cover an area of financial reporting not covered by a financial reporting standard.
New Zealand Accounting Standards (FRSs and SSAPs) - published January 2005FRS-1 Disclosure of Accounting Policies FRS-2 Presentation of Financial Reports Interpretation of FRS-2: Presentation of Financial Reports FRS-3 Accounting for Property, Plant and Equipment SSAP-3 Accounting for Depreciation FRS-4 Accounting for Inventories FRS-5 Events after Balance Date SSAP-6 Materiality in Financial Statements FRS-7 Extraordinary Items and Fundamental Errors SSAP-8 Accounting for Business Combinations (WITHDRAWN) FRS-9 Information to be Disclosed in Financial Statements FRS-10 Statement of Cash Flows Guidance Notes on the Preparation of Statements of Cash Flows in Accordance with FRS-10 SSAP-11 Expenditures Carried Forward to Future Accounting Periods (WITHDRAWN) SSAP-12 Accounting for Income Tax Guidance Notes on the Application of the Partial Basis in Accounting for Deferred Income Tax FRS-13 Accounting for Research and Development Activities FRS-14 Accounting for Construction Contracts FRS-15 Provisions, Contingent Liabilities and Contingent Assets SSAP-16 Accounting for Government Grants (WITHDRAWN) SSAP-17 Accounting for Investment Properties and Properties Intended for Sale SSAP-18 Accounting for Leases and Hire Purchase Contracts FRS-19 Accounting for Goods and Services Tax FRS-20 Accounting for Shares Issued Under a Dividend Election Plan FRS-21 Accounting for the Effects of Changes in Foreign Currency Exchange Rates SSAP-21 Accounting for the Effects of Changes in Foreign Currency Exchange Rates SSAP-22 Related Party Disclosures SSAP-23 Financial Reporting for Segments FRS-24 Interim Financial Statements SSAP-25 Accounting for Interests in Joint Ventures and Partnerships FRS-26 Accounting for Defeasance of Debt FRS-27 Right of Set-off SSAP-28 Accounting for Fixed Assets (WITHDRAWN - Replaced by FRS-3) FRS-29 Prospective Financial Information (1996) FRS-30 Reporting Share Ownership Arrangements Including Employee Share Ownership Plans FRS-31 Disclosure of Information About Financial Instruments FRS-32 Financial Reporting By Superannuation Schemes FRS-33 Disclosure of Information by Financial Institutions FRS-34 Life Insurance Business FRS-35 Financial Reporting of Insurance Activities FRS-36 Accounting for Acquisitions Resulting in Combinations of Entities or Operations FRS-37 Consolidating Investments in Subsidiaries FRS-38 Accounting for Investments in Associates FRS-39 Summary Financial Reports FRS-40 Transitional Arrangements for the Early Adoption of the New Zealand Equivalent to IAS 19 Employee Benefits FRS-41 Disclosing the Impact of Adopting New Zealand Equivalents to International Financial Reporting Standards FRS-42 Prospective Financial Statements Glossary of Defined Terms in FRSs and SSAPs
Statement of Concepts Framework of Differential Reporting
Availability of accounting standardsThis volume of New Zealand Accounting Standards does not contain FRS-40, FRS-41 and FRS-42.
Hard copies of all accounting pronouncements may be purchased from the Institute, as a complete set, (New Zealand Accounting Standards) or as a loose-leaf publication (the Institute's Members' Handbook). A complete list of accounting pronouncements issued by the Institute is set out in the Standards Update. Order information for accounting pronouncements is available here.
For further information, please contact
the Administration Manager of Accounting Standards at the New
Zealand Institute of Chartered Accountants:
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