Now, the important point to note here is that the New Zealand equivalent to International Financial Reporting Standards are part of generally accepted accounting practice, but that is mainly for entities that are for profit, not for entities that are not-for-profit, and these Auckland regional amenities are registered as charities under the Charities Act 2005. These entities are not-for-profit, and so the standard which is required as per the Auckland Regional Amenities Funding Act 2008 should not apply to them, but at the moment they have to in order to comply and prepare their financial statements as per this New Zealand equivalent to International Financial Reporting Standards as well. 