New Zealand Legislation: Acts

2 Interpretation

• (1) In this Act, unless the context otherwise requires,—

  accounting period, in relation to an entity, means a year ending on a balance date of the entity and, if as a result of the date of the formation or incorporation of the entity or a change of the balance date of the entity, the period ending on that date is longer or shorter than a year, that longer or shorter period is an accounting period

  applicable financial reporting standard, in relation to a reporting entity or a group and to an accounting period or an interim accounting period of a reporting entity, means a financial reporting standard that applies to the reporting entity or the group and to the accounting period or the interim accounting period in accordance with the financial reporting standard, a determination of the Board for the time being in force, or any election made under section 28(4)

  auditing and assurance standard means an auditing and assurance standard issued by the Board under section 24; and includes an amendment to an auditing and assurance standard that is issued by the Board under that section

  balance date has the meaning given to it by section 7

  Board means the External Reporting Board continued under section 22

  chief executive has the same meaning as in section 2 of the Public Finance Act 1989

  company has the same meaning as in—

  • (a) section 2 of the Companies Act 1955; or

  • (b) section 2 of the Companies Act 1993,—

  as the case may be, and includes an overseas company

  Crown has the same meaning as in section 2 of the Public Finance Act 1989

  Crown entity has the same meaning as in section 10 of the Crown Entities Act 2004

  department has the same meaning as in section 2 of the Public Finance Act 1989

  director means,—

  • (a) in relation to a company, a person occupying the position of a director of the company by whatever name called:

  • (b) in relation to a partnership (other than a special partnership or limited partnership), a partner:

  • (c) in relation to a special partnership or limited partnership, any general partner:

  • (d) in relation to a body corporate or unincorporate, other than a company or a partnership or a special partnership or limited partnership, a person occupying a position in the body that is comparable with that of a director of a company:

  • (e) in relation to a unit trust (within the meaning of section 2 of the Unit Trusts Act 1960), the manager of the unit trust and, where the manager is a company, every director of that company:

  • (f) in relation to any other person, that person

  entity means—

  • (a) a company; or

  • (b) an issuer

  equity security means—

  • (a) an interest in or right to a share in the share capital of a company; or

  • (b) an interest in or right to participate in any distribution of profits or surplus assets of a company;—

  and includes a preference share, company stock, and any renewal or variation of the terms and conditions of any existing equity security

  exempt company has the meaning given to it by section 6A

  financial reporting standard means a financial reporting standard issued by the Board under section 24; and includes an amendment to a financial reporting standard that is issued by the Board under that section

  financial statements has the meaning given to it by section 8

  FMA means the Financial Markets Authority established under Part 2 of the Financial Markets Authority Act 2011

  generally accepted accounting practice has the meaning given to it by section 3

  group means a group comprising a reporting entity and its subsidiaries

  group financial statements has the meaning given to it by section 9

  infringement fee, in relation to an infringement offence, means $7,000

  infringement notice means a notice issued under section 41B

  infringement offence means an offence against section 38(b) or 39

  interim accounting period, in relation to a reporting entity, means a period ending on a date other than the balance date of the reporting entity

  issuer has the meaning given to it by section 4

  licensed auditor has the same meaning as in section 6 of the Auditor Regulation Act 2011

  licensed insurer has the same meaning as in section 6(1) of the Insurance (Prudential Supervision) Act 2010

  local authority means a local authority within the meaning of the Local Government Act 2002

  Minister means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act

  Office of Parliament has the same meaning as in section 2 of the Public Finance Act 1989

  overseas company means a company incorporated outside New Zealand that carries on business in New Zealand within the meaning of section 332 of the Companies Act 1993

  registered audit firm has the same meaning as in section 6 of the Auditor Regulation Act 2011

  Registrar means—

  • (a) in relation to an issuer that is—

    • (i) a society; or

    • (ii) a branch of a society; or

    • (iii) a credit union—

    registered or deemed to be registered under the Friendly Societies and Credit Unions Act 1982, the Registrar within the meaning of section 2 of that Act; and

  • (b) in relation to any other entity, the Registrar of Companies, the Deputy Registrar of Companies, a District Registrar of Companies, and an Assistant Registrar of Companies

  reporting entity means—

  • (a) an issuer; or

  • (b) a company, other than an exempt company; or

  • (c) a person that is required by any Act, other than this Act, to comply with this Act as if it were a reporting entity

  security means an interest or right to participate in any capital, assets, earnings, royalties, or other property of any person; and includes—

  • (a) an interest in or right to be paid money that is deposited with, lent to, or otherwise owing by any person (whether or not the interest or right is secured by a charge over property); and

  • (b) a renewal or variation of the terms or conditions of an existing security

  specified standard means—

  • (a) a financial reporting standard; or

  • (b) an auditing and assurance standard

  subsidiary means a subsidiary within the meaning of section 158 of the Companies Act 1955 or sections 5 to 8 of the Companies Act 1993, as the case may be; and includes any company or body corporate or association of persons that is classified as a subsidiary in any applicable financial reporting standard

  turnover—

  • (a) means, in relation to a company, the total annualised gross operating revenue of the company (exclusive of any tax required to be collected) reported in the statement of financial performance, income and expenditure statement, or revenue and appropriation account, as the case may be, for the accounting period for which the financial statements are required; and includes (without limitation) any sales, fee income, grants, output appropriations, cost recoveries, donations, dividends, interest, and subscriptions of the company for that accounting period:

  • (b) means, in relation to a group, the total annualised gross operating revenue of the group (exclusive of any tax required to be collected) reported in the consolidated statement of financial performance or consolidated income and expenditure statement, as the case may be, for the accounting period for which the financial statements are required; and includes (without limitation) any sales, fee income, grants, output appropriations, cost recoveries, donations, dividends, interest, and subscriptions of the group for that accounting period

  working day means a day of the week other than—

  • (a) Saturday, Sunday, Good Friday, Easter Monday, Anzac Day, the Sovereign's birthday, Labour Day, and Waitangi Day; and

  • (b) a day in the period commencing with 25 December in any year and ending with 2 January in the following year; and

  • (c) if 1 January in any year falls on a Friday, the following Monday; and

  • (d) if 1 January in any year falls on a Saturday or a Sunday, the following Monday and Tuesday.

  (2) Where the last day of the period prescribed under section 18 or section 19 for delivering financial statements or group financial statements to the appropriate Registrar falls on the anniversary of the province in which,—

  • (a) in the case of financial statements that are required to be delivered to the Registrar of Friendly Societies and Credit Unions, the office of the Registrar of Friendly Societies and Credit Unions is situated; or

  • (b) in the case of any other reporting entity, the office of the appropriate Deputy Registrar of Companies or District Registrar of Companies or Assistant Registrar of Companies is situated—

  the financial statements or group financial statements may be delivered on the next working day.

  Section 2(1) applicable financial reporting standard: substituted, on 1 July 2011, by section 5(2) of the Financial Reporting Amendment Act 2011 (2011 No 22).

  Section 2(1) approved financial reporting standard: repealed, on 1 July 2011, by section 5(1) of the Financial Reporting Amendment Act 2011 (2011 No 22).

  Section 2(1) auditing and assurance standard: inserted, on 1 July 2011, by section 5(2) of the Financial Reporting Amendment Act 2011 (2011 No 22).

  Section 2(1) Board: substituted, on 1 July 2011, by section 5(2) of the Financial Reporting Amendment Act 2011 (2011 No 22).

  Section 2(1) Crown entity: substituted, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).

  Section 2(1) director paragraph (b): amended, on 2 May 2008, by section 121(1) of the Limited Partnerships Act 2008 (2008 No 1).

  Section 2(1) director paragraph (c): amended, on 2 May 2008, by section 121(1) of the Limited Partnerships Act 2008 (2008 No 1).

  Section 2(1) director paragraph (d): amended, on 2 May 2008, by section 121(1) of the Limited Partnerships Act 2008 (2008 No 1).

  Section 2(1) director paragraph (e): substituted, on 1 October 1997, by section 2 of the Financial Reporting Amendment Act (No 2) 1996 (1996 No 103).

  Section 2(1) exempt company: substituted, on 22 November 2006, by section 4(1) of the Financial Reporting Amendment Act 2006 (2006 No 64).

  Section 2(1) financial reporting standard: inserted, on 1 July 2011, by section 5(2) of the Financial Reporting Amendment Act 2011 (2011 No 22).

  Section 2(1) FMA: inserted, on 1 May 2011, by section 82 of the Financial Markets Authority Act 2011 (2011 No 5).

  Section 2(1) infringement fee: inserted, on 18 June 2007, by section 4(2) of the Financial Reporting Amendment Act 2006 (2006 No 64).

  Section 2(1) infringement notice: inserted, on 18 June 2007, by section 4(2) of the Financial Reporting Amendment Act 2006 (2006 No 64).

  Section 2(1) infringement offence: inserted, on 18 June 2007, by section 4(2) of the Financial Reporting Amendment Act 2006 (2006 No 64).

  Section 2(1) licensed auditor: inserted, on 1 July 2011, by section 5(2) of the Financial Reporting Amendment Act 2011 (2011 No 22).

  Section 2(1) licensed insurer: inserted, on 1 February 2011, by section 241(2) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

  Section 2(1) local authority: substituted, on 1 July 2003, by section 262 of the Local Government Act 2002 (2002 No 84).

  Section 2(1) Minister: substituted, on 1 October 1995, by section 10(3) of the Department of Justice (Restructuring) Act 1995 (1995 No 39).

  Section 2(1) registered audit firm: inserted, on 1 July 2011, by section 5(2) of the Financial Reporting Amendment Act 2011 (2011 No 22).

  Section 2(1) reporting entity: substituted, on 7 August 1996, by section 2 of the Financial Reporting Amendment Act 1996 (1996 No 86).

  Section 2(1) specified standard: inserted, on 1 July 2011, by section 5(2) of the Financial Reporting Amendment Act 2011 (2011 No 22).

  Section 2(1) turnover: substituted, on 21 January 2007, by section 4(3) of the Financial Reporting Amendment Act 2006 (2006 No 64).