New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 1 July 2011
| Public Act | 1993 No 106 |
| Date of assent | 28 September 1993 |
| Commencement | see section 1 |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This Act is administered by the Ministry of Economic Development.
1 Short Title and commencement
Part 1
Interpretation and application
3 Meaning of generally accepted accounting practice
4A Recipients of money from conduit issuers
4B Exemption from being issuer under section 4(1)(ba)
4C Exemption may apply to accounting period before exemption is granted
4D FMA must notify reasons for exemption
5 Persons ceasing to be issuers during accounting period
8 Meaning of financial statements
9 Meaning of group financial statements
9A Application to certain issuers
Preparation of financial statements
10 Obligation to prepare financial statements
10A Non-active entities not required to prepare financial statements
11 Content of financial statements of reporting entities
12 Content of financial statements of exempt companies
13 Obligation to prepare group financial statements
14 Content of group financial statements
15 Financial statements of issuers and group financial statements of issuers to be audited
16 Auditor's report on reporting entities
17 Auditor's report on exempt companies
Registration of financial statements by issuers
18 Registration of financial statements by issuers
Registration of financial statements by overseas companies
19 Overseas companies and certain other companies to register financial statements
19A Interpretation for section 19
21 Application of this Part to accounting periods ending before person becomes an issuer
Part 3
External Reporting Board
22 Continuation of External Reporting Board
25 Board must act independently
27 Financial reporting standards
28 Miscellaneous matters relating to application of financial reporting standards
29 Auditing and assurance standards
32 Disallowance of instruments and determinations by House of Representatives
34 Tiers of financial reporting for different classes of reporting entities and other entities
34A Board must develop and implement strategy for tiers of financial reporting
34B Process for preparing strategy for tiers of financial reporting
34C Minister may approve strategy
34D Board may vary or replace strategy for tiers of financial reporting
35 Amendment to Official Information Act 1982 [Repealed]
35A FMA may grant exemptions to directors of issuers that are incorporated or constituted outside New Zealand
35AB Transitional provision for exemptions granted by Securities Commission
35AC Status and publication of exemptions under section 35A
35B Registrar of Companies may grant exemptions to directors of overseas companies
35D Exemption may apply to accounting period before exemption is granted
35E Reasons for exemption must be notified [Repealed]
36 Offences by directors of reporting entities
36A Content of statements that contain prospective, summary, or interim financial information
37 Offences by directors of exempt companies
38 Offences by directors of issuers
39 Offences by directors of overseas companies and other companies to which section 19 applies
41C Procedural requirements for infringement notices
41D Payment of infringement fee
42 Time in which information may be laid
42D Board must consult about request for appropriation
46 Amendment to Summary Proceedings Act 1957
47 Amendment to Securities Act 1978
48 Amendments to Public Finance Act 1989 [Repealed]
Schedule 1
Provisions applying to Accounting Standards Review Board
[Repealed]
Financial Reporting Amendment Act 2006
An Act to—
(a) require issuers of securities to the public to file financial statements that comply with generally accepted accounting practice and give a true and fair view of their affairs; and
(b) prescribe requirements for financial reporting by other entities; and
(c) continue an External Reporting Board and define its functions and powers; and
(d) give legal force to accounting standards issued by the Board; and
(da) provide for the issue of auditing and assurance standards by the Board; and
(e) provide for related matters
Title paragraph (c): amended, on 1 July 2011, by section 4(1) of the Financial Reporting Amendment Act 2011 (2011 No 22).
Title paragraph (d): amended, on 1 July 2011, by section 4(2) of the Financial Reporting Amendment Act 2011 (2011 No 22).
Title paragraph (da): inserted, on 1 July 2011, by section 4(3) of the Financial Reporting Amendment Act 2011 (2011 No 22).
