Financial Reporting Act 1993

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24 Functions of Board

  • (1) The Board has the following functions:

    • (a) to review and, if it thinks fit, approve financial reporting standards submitted to it for approval for the purposes of—

      • (i) this Act; or

      • (iii) any Act that requires a person to comply with this Act as if that person were a reporting entity:

    • (b) to review, and, if it thinks fit, approve amendments to any approved financial reporting standards:

    • (c) to make recommendations in relation to the submission to it for approval of financial reporting standards or amendments to approved financial reporting standards:

    • (d) to give directions as to the accounting policies that have authoritative support within the accounting profession in New Zealand:

    • (e) to encourage the development of financial reporting standards, including financial reporting standards for different classes of reporting entity:

    • (f) to liaise with the Accounting Standards Board established by the Securities Commission Act 1989 of Australia with a view to harmonising New Zealand and Australian financial reporting standards.

    (2) For the avoidance of doubt, the function of the Board referred to in subsection (1)(a) includes the function of reviewing and, if the Board thinks fit, approving financial reporting standards submitted to it for approval that relate to prospective, summary, or interim financial information.

    (3) Except as expressly provided otherwise in this or another Act, the Board must act independently in performing its statutory functions and duties, and exercising its statutory powers, under—

    • (a) this Act; and

    • (b) any other Act that expressly provides for the functions, powers, or duties of the Board (other than the Crown Entities Act 2004).

    Section 24(1)(a): substituted, on 7 August 1996, by section 3 of the Financial Reporting Amendment Act 1996 (1996 No 86).

    Section 24(1)(a)(ia): inserted, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

    Section 24(1)(a)(iia): substituted, on 1 July 2003, by section 262 of the Local Government Act 2002 (2002 No 84).

    Section 24(2): added, on 15 April 2004, by section 5 of the Financial Reporting Amendment Act 2004 (2004 No 27).

    Section 24(3): added, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).