5 Interpretation

(1)

In this Act, unless the context otherwise requires,—

accounting period, in relation to a reporting entity,—

(a)

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; and

(b)

includes, in the case of an entity that is formed or incorporated under, or is affected by, an Act that specifies, refers to, or defines a financial year for the entity, that financial year

accredited body means a person that is granted accreditation, or is treated as having been granted accreditation, under subpart 5 of Part 2 of the Auditor Regulation Act 2011

applicable auditing and assurance standard, in relation to an audit, means an auditing and assurance standard that applies to the audit in accordance with the standard

applicable financial reporting standard, in relation to a reporting entity 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 and to the accounting period or the interim accounting period in accordance with the financial reporting standard

approved association means an association of accountants that is approved for the time being by the Registrar under section 36(1)(c)

auditing and assurance standard means an auditing and assurance standard issued by the Board under section 12; and includes an amendment to an auditing and assurance standard that is issued by the Board

authoritative notice means a notice issued under section 12(c); and includes an amendment to an authoritative notice that is issued by the Board

balance date

(a)

has the meaning given to it by section 41; and

(b)

in relation to a charitable entity (within the meaning of the Charities Act 2005), means a balance date under section 41(3) to (7) of that Act; and

(c)

includes, in the case of an entity that is formed or incorporated under, or is affected by, an Act that specifies, refers to, or defines a financial year for the entity, the last day of the financial year

Board means the External Reporting Board continued under section 11

Commissioner of Inland Revenue means the Commissioner of Inland Revenue appointed or deemed to have been appointed under the Tax Administration Act 1994; and includes any person for the time being authorised to exercise or perform any of the powers, duties, or functions of the Commissioner

company has the same meaning as in section 2(1) of the Companies Act 1993

director means,—

(a)

in relation to a company or an overseas company, a person occupying the position of a director of the company or overseas company by whatever name called:

(b)

in relation to a partnership (other than a limited partnership), a partner:

(c)

in relation to a limited partnership, any general partner:

(d)

in relation to a charitable entity (within the meaning of the Charities Act 2005), an officer (within the meaning of that Act):

(e)

in relation to a body corporate or unincorporate, other than a company or an overseas company or a partnership or a limited partnership or a charitable entity, a person occupying a position in the body that is comparable with that of a director of a company:

(f)

in relation to any other person, that person

entity includes—

(a)

a company, an overseas company, or any other body corporate:

(b)

a corporation sole:

(c)

a trust, a partnership, or an association of persons, whether incorporated or not:

(d)

a scheme or fund:

(e)

a retirement village (within the meaning of the Retirement Villages Act 2003):

(f)

a society, a branch of a society, or a credit union registered or deemed to be registered under the Friendly Societies and Credit Unions Act 1982:

(g)

the Crown, a department, or an office of Parliament (within the meaning of those terms in section 2(1) of the Public Finance Act 1989) or an organisation named or described in Schedule 4 of that Act:

(h)

a Crown entity (within the meaning of section 7 of the Crown Entities Act 2004):

(i)

a local authority (within the meaning of section 5(1) of the Local Government Act 2002)

financial reporting standard means a financial reporting standard issued by the Board under section 12; and includes an amendment to a financial reporting standard that is issued by the Board

financial statements has the meaning given to it by section 6

FMC reporting entity has the same meaning as in section 451 of the Financial Markets Conduct Act 2013

generally accepted accounting practice has the meaning given to it by section 8

group means a group comprising a reporting entity and its subsidiaries

group financial statements has the meaning given to it by section 7

Institute means the New Zealand Institute of Chartered Accountants constituted under the New Zealand Institute of Chartered Accountants Act 1996

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

large has the meaning given to it by section 45

licensed auditor has the same meaning as in section 6(1) of the Auditor Regulation Act 2011

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

non-GAAP standard means a financial reporting standard that is stated in the standard to be a non-GAAP standard

overseas company means a body corporate that is incorporated outside New Zealand

qualified statutory accountant means a person who is—

(a)

a chartered accountant (within the meaning of section 19 of the New Zealand Institute of Chartered Accountants Act 1996); or

(b)

a member of an accredited body (other than the Institute) who holds the full professional designation of that body (for example, a certified practising accountant); or

(c)

recognised under section 36S

registered audit firm has the same meaning as in section 6(1) of the Auditor Regulation Act 2011

Registrar means the Registrar of Companies appointed in accordance with section 357(1) of the Companies Act 1993

reporting entity means an entity whose financial statements, group financial statements, reports, or other information is required by any enactment to comply, or be prepared in accordance, with generally accepted accounting practice or non-GAAP standards

specified not-for-profit entity has the meaning given to it by section 46

standard means—

(a)

a financial reporting standard; or

(b)

an auditing and assurance standard

subsidiary means a subsidiary within the meaning of sections 5 to 8 of the Companies Act 1993; and includes any entity that is classified as a subsidiary in any applicable financial reporting standard.

(2)

An example used in this Act is only illustrative of the provisions to which it relates. It does not limit those provisions.

(3)

If an example and a provision to which it relates are inconsistent, the provision prevails.

Section 5(1) accredited body: inserted, on 1 July 2015, by section 4 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 5(1) approved association: inserted, on 1 July 2015, by section 4 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 5(1) Institute: inserted, on 1 July 2015, by section 4 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 5(1) qualified statutory accountant: inserted, on 1 July 2015, by section 4 of the Financial Reporting Amendment Act 2014 (2014 No 64).

Section 5(1) Registrar: inserted, on 1 July 2015, by section 4 of the Financial Reporting Amendment Act 2014 (2014 No 64).