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New Zealand Legislation: Acts

Acts are laws made by Parliament

Reprint as at 2 May 2008

Financial Reporting Act 1993

Public Act	1993 No 106
Date of assent	28 September 1993

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This Act is administered in the Ministry of Commerce

Contents

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 Securities Commission 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

21 Application of this Part to accounting periods ending before person becomes an issuer

Part 3
Accounting Standards Review Board

22 Establishment of Accounting Standards Review Board

23 Membership of Board

24 Functions of Board

25 Financial reporting standards may be submitted to Board for approval

26 Consultation

27 Approval of financial reporting standards

28 Revocation of approval

29 Public notice

29A Board may grant exemptions [Not in force]

29B Exemption may apply to accounting period before exemption is granted [Not in force]

29C Failure to comply with applicable financial reporting standard must be disregarded if directors of reporting entity are exempt [Not in force]

29D Board must notify reasons for exemption [Not in force]

30 Consultation

31 Annual reports [Repealed]

32 Further provisions applying to Board

33 Disallowance of determinations by House of Representatives

34 Certificates of Board

35 Amendment to Official Information Act 1982 [Repealed]

Part 4
Miscellaneous

35A Securities Commission may grant exemptions to directors of issuers that are incorporated or constituted outside New Zealand

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

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

41 False statements

41A Infringement offences

41B Infringement notices

41C Procedural requirements for infringement notices

41D Payment of infringement fee

42 Time in which information may be laid

42A Privacy Act 1993

42B Regulations

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

49 Amendments to other Acts

Schedule 1
Provisions applying to Accounting Standards Review Board

Schedule 2
Enactments amended

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) Establish an Accounting Standards Review Board and define its functions and powers; and

(d) Give legal force to accounting standards approved by the Board; and

(e) Provide for related matters