New Zealand Legislation: Acts

3 Meaning of generally accepted accounting practice

• 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.