New Zealand Legislation: Acts
Acts are laws made by Parliament
For the purposes of this Act, financial statements and group financial statements comply with generally accepted accounting practice only if those statements comply with—
(a) applicable financial reporting standards; and
(b) in relation to matters for which no provision is made in applicable financial reporting standards and that are not subject to any applicable rule of law, accounting policies that—
(i) are appropriate to the circumstances of the reporting entity; and
(ii) have authoritative support within the accounting profession in New Zealand.
