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

© Scoop Media