Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


FRSB Revisits Accounting Standard on Agriculture

21 July 2004

FRSB Revisits Accounting Standard on Agriculture

The Institute of Chartered Accountant’s Financial Reporting Standards Board (FRSB) announced today that it will undertake a further round of consultation on the New Zealand equivalent of the International Accounting Standard on agriculture (IAS 41).

FRSB Chairman Joanna Perry said the additional consultation with industry was necessary to address the very strong submissions on the standard received by the Institute.

In many cases the FRSB considers that the standard will improve the quality of reporting within the agriculture sector. The FRSB accepts, however, that for some sectors the standard may cause difficulties.

“The problems turn around perceived difficulties in determining the ‘fair value’ of certain agricultural and biological assets and compliance costs, Ms Perry said.

“We will be working through these matters with sector representatives to get a better picture of real and perceived difficulties,” Ms Perry said.

The consultation will take place over the next month and will involve Institute staff and members of the FRSB meeting with sector groups and significant entities in such areas as the Kiwifruit industry and forestry.

Ms Perry said that she did not consider that this additional consultation would threaten the ability of the FRSB to have the stable platform of International Financial Reporting Standards reviewed and approved by the Accounting Standards Review Board by the end of this year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news