Financial Reporting Act 1993

  • repealed
  • Financial Reporting Act 1993: repealed, on 1 April 2014, by section 54 of the Financial Reporting Act 2013 (2013 No 101).

Reprint as at 1 April 2014

Financial Reporting Act 1993

Public Act1993 No 106
Date of assent28 September 1993
Commencementsee section 1
  • Financial Reporting Act 1993: repealed, on 1 April 2014, by section 54(1) of the Financial Reporting Act 2013 (2013 No 101).


Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.


Contents

Title

1 Short Title and commencement

Part 1
Interpretation and application

2 Interpretation

3 Meaning of generally accepted accounting practice

4 Meaning of issuer

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

6 Certain persons not issuers

6A Meaning of exempt company

7 Meaning of balance date

8 Meaning of financial statements

9 Meaning of group financial statements

9A Application to certain issuers

Part 2
Financial statements

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

20 Fees

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

23 Membership of Board

24 Functions of Board

25 Board must act independently

26 Consultation

27 Financial reporting standards

28 Miscellaneous matters relating to application of financial reporting standards

29 Auditing and assurance standards

30 Revocation of standard

31 Public notice

32 Disallowance of instruments and determinations by House of Representatives

33 Certificates of Board

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]

Part 4
Miscellaneous

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

35C Consultation

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

40 Defences

41 False statements

41A Infringement offences

41B Infringement notices

41C Procedural requirements for infringement notices

41D Payment of infringement fee

42 Time for filing charging document for offence against section 37

42A Privacy Act 1993

42B Regulations

42C Levies

42D Board must consult about request for appropriation

43 Administration of Act

44 Transitional provisions

45 Repeals and revocations

46 Amendment to Summary Proceedings Act 1957

47 Amendment to Securities Act 1978

48 Amendments to Public Finance Act 1989 [Repealed]

49 Amendments to other Acts

Schedule 1
Provisions applying to Accounting Standards Review Board

[Repealed]

Schedule 2
Enactments amended

Financial Reporting Amendment Act 2006

Financial Reporting Amendment Act 2011

Reprint notes


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).