12 Functions of Board

The Board has the following functions:

(a)

to prepare and, if it thinks fit, issue financial reporting standards for the purposes of any enactment that requires—

(i)

financial statements or group financial statements to comply, or be prepared in accordance, with generally accepted accounting practice or non-GAAP standards; or

(ii)

a statement, report, or other information to comply, or be prepared in accordance, with financial reporting standards:

(b)

to prepare and, if it thinks fit, issue auditing and assurance standards for—

(i)

the purposes of the Auditor Regulation Act 2011 or any other enactment that requires a person to comply with those standards; or

(ii)

the purposes of any rules or codes of ethics of an association of accountants where those rules or codes require the association’s members to comply with those standards; or

(iii)

any other purpose approved by the Minister by notice in writing to the Board:

(c)

to prepare and, if it thinks fit, issue authoritative notices for the purposes of the definition of generally accepted accounting practice:

(d)

to develop and implement strategies for the issue of standards in order to provide a framework for the Board’s overall direction in the setting of standards (including implementing a strategy for tiers of financial reporting in accordance with sections 29 to 33):

(e)

to liaise with international or national organisations that perform functions that correspond with, or are similar to, those conferred on the Board:

(f)

to perform and exercise the functions, duties, and powers conferred or imposed on it by or under this Act and any other enactments.

Compare: 1993 No 106 s 24(1)