45 P  revious n  Z gaa P e  FF e  CT o  F T  ransi T  ion T  o   n  Z n  Z i F  rs P  revious n  Z gaa P e  FF e  CT o  F T  ransi T  ion T  o   n  Z i F  rs n  Z i F  rs Note 1 July 2006 30 June 2007 $ $ $ $ $ $ n  on current liabilities Finance leases 7,105 0 7,105 0 0 0 Total non current liabilities 7,105 0 7,105 0 0 0 Total liabilities 366,131 8,676 374,807 794,409 9,221 803,630 ne T asse T  s 859,654 (8,676) 850,976 2,201,393 (9,221)  2,192,172 e  Q  ui T  y f  General funds 451,880 399,096 850,976 1,739,953 163,645 1,903,598 f  Revaluation reserves 407,772 (407,772) 0 461,440 (172,866) 288,574 Total equity 859,652 (8,676) 850,976 2,201,393 (9,221)  2,192,172 As stated in note 1, these are the Law Commission�fs first financial statements to be prepared in accordance with NZ IFRS. The Law Commission�fs transition date is 1 July 2006 and the opening NZ IFRS balance sheet has been prepared as at that date. The Law Commission�fs adoption date is 1 July 2007. Exemptions from full retrospective application elected by the Law Commission In preparing these financial statements in accordance with NZ IFRS 1, the Law Commission has applied the deemed cost exemption to full retrospective application of NZ IFRS. (refer to f below) Explanatory notes reconciliation of equity a. Call and term deposits with maturities of three months or less have been reclassified as cash and cash equivalents. b.   Prepayments are separately classified under NZ IFRS. c.   Computer software was classified as part of property, plant and equipment (�gFixed Assets�h) under previous NZ GAAP. The net book value of computer software reclassified as an intangible asset on transition to NZ IFRS is $40,872 on 1 July 2006 and $ 35,769 on 30 June 2007.