Income Tax Act 2007

Timing and quantifying rules - Financial arrangements rules

EW 15C: Preparing and reporting methods

You could also call this:

“How to choose a method for preparing financial statements and reporting on financial arrangements”

When you use International Financial Reporting Standards (IFRS) to prepare financial statements and report on financial arrangements, you need to choose one of these methods for each financial arrangement:

  1. The IFRS financial reporting method, which you can find in section EW 15D.

  2. A determination alternative, which is explained in section EW 15E.

  3. The expected value method, which is described in section EW 15F.

  4. The modified fair value method, which you can learn about in section EW 15G.

However, you don’t have to use these methods in some special cases. You can find out about these exceptions in sections EW 15H and EW 15I.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1629850.

Topics:
Money and consumer rights > Taxes

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EW 15B: Applying IFRSs to financial arrangements, or

“Using special accounting rules for financial arrangements”


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EW 15D: IFRS financial reporting method, or

“Rules for reporting income using international financial standards”

Part E Timing and quantifying rules
Financial arrangements rules

EW 15CPreparing and reporting methods

  1. A person who uses IFRSs to prepare financial statements and to report for financial arrangements must use 1 of the following methods for the financial arrangement:

  2. the IFRS financial reporting method in section EW 15D:
    1. a determination alternative in section EW 15E:
      1. the expected value method in section EW 15F:
        1. the modified fair value method in section EW 15G.
          1. Subsection (1) does not apply in the circumstances set out in sections EW 15H and EW 15I.

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          Notes
          • Section EW 15C: inserted, on , by section 366 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).