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The Toy Company Limited - first-time adoption of NZ IFRS
The first wave
This model annual report has been designed by Deloitte to assist clients, partners and staff with the preparation of annual financial statements by a group on first-time adoption of New Zealand equivalents to International Financial Reporting Standards ('NZ IFRS') for periods beginning on or after 1 January 2005.
These model financial statements are an illustrative example of general purpose financial statements prepared in accordance with:
- the Companies Act 1993 and Financial Reporting Act 1993; and
- Standards and Interpretations issued by the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants and approved by the Accounting Standards Review Board (except as noted below) up to 31 December 2005.
We have also included some discussion and examples of other matters that would typically be included in an entity's annual report, including:
- the requirements of section 211 of the Companies Act 1993; and
- other requirements and guidelines current as at the date of issue, including New Zealand Stock Exchange ('NZX') Listing Rules and New Zealand Securities Legislation.
The model annual report comprises the following sections:
Section A - Introduction
Section B - Model annual report
Section C - Consolidated model annual report
Section D - Glossary
Section E - Index and further information