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Financial Reporting Act 2013

External Reporting Board, standards, and provisions that apply to other enactments - Standards - Miscellaneous matters relating to application

28: Accounting period to which standards and authoritative notices apply

You could also call this:

"When new accounting rules start and which years they apply to"

Illustration for Financial Reporting Act 2013

When a new standard or rule is made, it starts to apply to certain accounting periods. You need to look at what the Board says in the standard or rule to know which periods it applies to. The Board can say it applies to periods that have already started or will start before the new standard or rule takes effect.

The standard or rule can also apply to periods that have not yet ended. But it cannot apply to periods that have already ended. This means that if an accounting period is over, the new standard or rule will not affect it. You can find more information about this by looking at the Financial Reporting Act 2013 and other related laws, such as the laws mentioned in the compare section, section 29(4), and section 30(3).

The Board's decision about which accounting periods a standard or rule applies to is important. You should look at what the Board says to understand how the new standard or rule will affect you.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4632932.

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27: When standards and authoritative notices take effect, or

"When new finance rules become official"

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Part 2External Reporting Board, standards, and provisions that apply to other enactments
Standards: Miscellaneous matters relating to application

28Accounting period to which standards and authoritative notices apply

  1. A standard, an authoritative notice, an amendment, or a revocation commences to apply in relation to the accounting periods or interim accounting periods that the Board specifies in the standard, notice, amendment, or revocation.

  2. Those periods—

  3. may be accounting periods or interim accounting periods that have commenced or that commence before the date on which the standard, authoritative notice, amendment, or revocation takes effect; but
    1. must not be accounting periods or interim accounting periods that have ended or that end before the standard, authoritative notice, amendment, or revocation takes effect.

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