Feltex granted report extension

Feltex Carpets was today granted a reporting deadline extension for its annual report, not because of its receivership, but due to implementing new accounting standards.

Normally, companies that have a June 30 balance date must report by the end of September. However, due to the new rules, last year companies were given an extra month to allow them to report.

"Because Feltex is reporting for the first time under New Zealand International Financial Reporting Standards (NZIFRS) for the financial year commencing July 1 2005, Feltex has the benefit of, and therefore intends to take advantage of, the one-month extension granted to first time NZIFRS reporters by the Class Waiver," an NZX statement said.

"Feltex will therefore not be issuing its annual report by September 30, 2006."

No mention was made of Feltex being placed in receivership last month by its banker, ANZ Bank.

- NZPA