New Zealand Legislation: Acts

13 Accounts and audit

• (1) The Board must, as soon as practicable after the end of each racing year,—

  • (a) prepare financial statements for that year; and

  • (b) have those financial statements audited by a chartered accountant (within the meaning of section 19 of the New Zealand Institute of Chartered Accountants Act 1996).

  (2) The financial statements of the Board for a racing year must be prepared in accordance with generally accepted accounting practice and must include—

  • (a) a statement of financial position at the balance date; and

  • (b) a statement of financial performance for the year; and

  • (c) a statement of cash flows for the year; and

  • (d) a statement setting out the financial performance to be achieved during the year as established at the beginning of the year; and

  • (e) a statement of commitments as at the balance date; and

  • (f) a statement of contingent liabilities as at the balance date; and

  • (g) any other statements that are necessary to fairly reflect the financial operations of the Board for the year and its financial position at the end of the year; and

  • (h) a statement of accounting policies; and

  • (i) comparative actual figures for the previous racing year in relation to any of the matters set out in paragraphs (a) to (g) that are appropriate; and

  • (j) budgeted figures for the year in relation to any of the matters set out in paragraphs (a) to (g) that are appropriate.

  Compare: 1971 No 155 s 21

  Section 13(1)(b): amended, on 7 July 2010, by section 10 of the New Zealand Institute of Chartered Accountants Amendment Act 2010 (2010 No 74).