Telecom Results Accord With Accounting Standards

26 February 2002

Telecom Results Accord With New Zealand Accounting Standards

The Securities Commission has reviewed the interim financial statements of Telecom New Zealand and has found no departures from generally accepted accounting practice in New Zealand, Chairman Jane Diplock said.

The Commission decided to review Telecom’s interim financial statements for the half year to 31 December 2001 after public comment on some aspects of Telecom’s financial reporting.

Telecom conducts operations and raises securities in a global setting. The company is also listed on the New York Stock Exchange. Telecom reports not only according to New Zealand generally accepted accounting practice but also describes where its financial statements differ from generally accepted accounting practice in the United States. Conceptual differences between the two require different accounting approaches in some areas.

“The matters raised demonstrate the importance of the ongoing work towards international harmonisation of accounting standards,” Jane Diplock said, “and the further process of convergence to global standards.”

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