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International Financial Reporting Standards

21 December 2004

Transition to International Financial Reporting Standards

The Securities Commission is seeking public comment on a draft practice note about the presentation of historical financial information in offer documents during the transition to international standards.

Certain New Zealand companies must adopt New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) from January 2007. Some companies may choose to do so from January 2005.

Securities Commission Draft Practice Note No 3/2004 covers the situation when companies adopt NZ IFRS for the first time. This will affect the presentation and disclosure of summary historical financial information in prospectuses for offers of securities.

The draft practice note sets out the approach the Commission intends to take in relation to offer documents during the transition period, in order to ensure an appropriate level of information is provided to investors.

The draft practice note is available from the Commission’s website:

Comments should be sent to Lisa Economou ( by 16 February 2005.


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