Section EW 15B — Income Tax Act 2007: Applying IFRSs to financial arrangements

EW 15B Applying IFRSs to financial arrangements When sections EW 15C to EW 15I apply (1) Sections EW 15C to EW 15I apply when a person who is a party to a financial arrangement uses IFRSs to prepare financial statements and to report for financial arrangements. Certain methods available for use and certain mandatory (2) Sections EW 15C to EW 15I set out— (a) the methods available to the person to use for calculating and allocating income and expenditure under a financial arrangement: (b) the circumstances in which a person must use certain other methods. Functional currency (3) Even if another currency may be used as the functional currency under IFRSs, the methods must be applied using New Zealand dollars. Financial statements (4) Unless the context otherwise requires, references to IFRSs in sections EW 15D to EW 15I are references to IFRS rules used to prepare the person's financial statements. Defined in this Act: financial arrangement , financial statements , IFRS , income Compare: 2004 No 35 s EW 15B Section EW 15B: inserted, on 1 April 2008, by section 366 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EW 15B(3) heading: added (with effect on 1 April 2008), on 6 October 2009, by section 134 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EW 15B(3): added (with effect on 1 April 2008), on 6 October 2009, by section 134 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EW 15B(4) heading: added (with effect on 1 April 2008), on 6 October 2009, by section 134 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section EW 15B(4): added (with effect on 1 April 2008), on 6 October 2009, by section 134 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).