Publications & Reports
Annual Reports
Annual Report 2006
Ministry Performance
Audit report
Matters Relating to the Electronic Presentation of the Audited Financial Statements
Ministry performance 2005/2006
Financial overview
Departmental output advice - Fisheries policy advice
Departmental output expense - Fisheries Information
Departmental output expense - Fisheries operations
Departmental output expense - Fisheries compliance
Departmental output expense - Aquaculture settlement
Statement of accounting policies
Specific accounting policies
Statement of financial performance
Statement of movements in taxpayers' funds
Statement of financial position as at 30 June 2005
Statement of cash flows for the year ended 30 June
Statement of commitments as at 30 June
Statement of contingent liabilities
Statement of expenditure appropriations
Statement of unappropriated expenditure
Transition to New Zealand Equivalents to International Financial Reporting Standards
Notes to the financial statements for the year ended 30 June
Report on Vote Fisheries non-departmental funds managed by the Ministry of Fisheries
Statement of non-departmental accounting policies
Schedule of revenue and expenditure
Schedule of assets and liabilities
Notes to the non-departmental schedules
Statement of trust monies
Statement of resources
Skip Navigation LinksHome > Publications & Reports > Annual Reports > Annual Report 2006 > Ministry Performance > Transition to New Zealand Equivalents to International Financial Reporting Standards

Transition to New Zealand Equivalents to International Financial Reporting Standards

The Minister of Finance has announced that the Crown will first adopt New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) for its financial year ending 30 June 2008.

The Ministry has performed a preliminary assessment to determine those standards likely to impact on the Ministry's financial performance, financial position and disclosures. The implementation guidance and Crown accounting policies issued by the Treasury have also been considered.

At this time it is expected that the impact of NZ IFRS will be confined to a few specific areas:

  • Employee benefits, including assessing the requirement for recording a provision for sick leave
  • Reclassification of software from property, plant and equipment to intangible assets
  • Removal of fishing quota from the non-departmental schedule of assets. Crown-owned fishing quota is an internally generated asset.

The disclosures made in this note are based on our knowledge of the expected NZ IFRS requirements and applied to the current facts and circumstances of the Ministry. The actual impact of adopting NZ IFRS may vary from the information presented in this note and this variation may be material. It is not possible to estimate reliably the quantitative impact of the change upon the Ministry's financial performance and financial position at this time.

Previous | Next
Updated : 16 November 2007