11 May 2004
International reporting standards can be used in NZ
International Financial Reporting Standards (IFRS) can now be used in New Zealand, said Commerce Minister Margaret
Wilson.
Margaret Wilson announced today that the International Accounting Standards Committee Foundation (IASCF) has agreed to
allow the use of IFRS in New Zealand.
"The International Accounting Standards Committee Foundation (IASCF) has renounced its copyright in IFRS in respect of
New Zealand.
"As a result, all IFRS that have been incorporated as a domestic standard will be able to be used free of charge within
New Zealand."
New Zealand is currently in the process of adopting IFRS, and entities will be required to report in accordance with the
international standards for periods commencing from 1 January 2007, with optional compliance from 1 January 2005.
"Adopting IFRS will ensure New Zealand is perceived as complying with international best practice, and provide an
important signal to the investment community that New Zealand has efficient and effective capital markets," said
Margaret Wilson.
"This agreement is an important step along the road to IFRS-adoption."
ENDS