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  • repealed
  • Financial Reporting Act 1993: repealed, on 1 April 2014, by section 54 of the Financial Reporting Act 2013 (2013 No 101).
6A Meaning of exempt company
  • (1) In this Act, exempt company means a company, other than an overseas company or an issuer, if—

    • (a) at least 2 of the following subparagraphs apply:

      • (i) as at the balance date of the accounting period for which financial statements are required, the value of the total assets of the company (including intangible assets) reported in the statement of financial position did not exceed $1,000,000:

      • (ii) in the accounting period for which financial statements are required, the turnover of the company did not exceed $2,000,000:

      • (iii) as at the balance date of the accounting period for which financial statements are required, the company has 5 or fewer full-time equivalent employees; and

    • (b) as at the balance date of the accounting period for which financial statements are required, the company—

      • (i) was not a subsidiary of another body corporate or association of persons; and

      • (ii) did not have any subsidiaries.

    (2) The Governor-General may, by Order in Council, make regulations for all or any of the following purposes:

    • (a) amending the maximum amount of assets that applies under subsection (1)(a)(i):

    • (b) amending the maximum amount of turnover that applies under subsection (1)(a)(ii):

    • (c) amending the maximum number of full-time equivalent employees that applies under subsection (1)(a)(iii).

    (3) In counting employees for the purposes of subsection (1), part-time employees must be taken into account as an appropriate fraction of a full-time equivalent.

    Section 6A: inserted, on 22 November 2006, by section 8 of the Financial Reporting Amendment Act 2006 (2006 No 64).