Financial Reporting (Amendments to Other Enactments) Act 2013

Reprint as at 1 April 2015

Financial Reporting (Amendments to Other Enactments) Act 2013

Public Act2013 No 102
Date of assent3 December 2013
Commencementsee section 2

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.


Contents

1 Title

2 Commencement

3 Overview

Amendments to Building Societies Act 1965

4 Principal Act

5 Section 2 amended (Interpretation)

6 Sections 90 to 94 and cross-heading above section 90 replaced

7 Sections 95 to 97B replaced

8 Section 98 amended (Appointment of auditors)

9 Section 100 replaced (Disqualifications for appointment as auditor)

10 Section 101 amended (Auditors' report, right of access to books, and right to attend meetings)

11 Section 102 repealed (Accounts of groups in terminating society)

12 Section 106 amended (Auditors' report on annual return)

13 Section 121B amended (Registration of documents)

14 Section 130 amended (Form in which records may be kept)

15 Section 137 amended (Regulations)

16 Consequential amendments to Building Societies Regulations 1989

17 Transitional provision

Amendments to Charities Act 2005

18 Principal Act

19 Section 41 amended (Duty to prepare annual return)

20 New sections 42A and 42B inserted

21 Section 46 amended (Board or chief executive may treat parent entity and 1 or more other entities as forming part of single entity on certain terms and conditions)

22 Transitional provision

Amendments to Companies Act 1993

23 Principal Act

24 Section 2 amended (Interpretation)

25 Section 4 amended (Meaning of solvency test)

26 Section 80 amended (Financial assistance not exceeding 5% of shareholders' funds)

27 Section 120 amended (Annual meeting of shareholders)

28 Section 122 amended (Resolution in lieu of meeting)

29 Section 189 amended (Company records)

30 Part 11 replaced

Preparation of financial statements

Audit of financial statements

Registration of financial statements of overseas companies and other companies with significant overseas ownership

Shareholders may request copy of financial statements prepared for tax purposes

Financial reporting offences

Provisions relating to opting out and opting in

Registrar may grant exemptions to overseas companies

31 Section 208 replaced (Obligation to prepare annual report)

32 Section 209 amended (Obligation to make annual report available to shareholders)

33 Section 209A amended (Board must send copy of annual report or concise annual report on request)

34 Section 211 amended (Contents of annual report)

35 Section 211A repealed (Obligations to prepare and make available annual reports or financial statements do not apply to non-active companies)

36 Section 212 amended (Shareholders may elect not to receive documents)

37 Section 300 amended (Liability if proper accounting records not kept)

38 New section 340A inserted (Financial reporting requirements for large overseas companies)

39 Section 373 amended (Penalty for failure to comply with Act)

40 Section 374 amended (Penalties that may be imposed on directors in cases of failure by board or company to comply with Act)

41 Section 386F amended (Exception in relation to non-dormant phoenix company known by pre-liquidation name of failed company for at least 12 months before liquidation)

42 Schedule 1 amended

43 Schedule 4 amended

44 Transitional provision

Amendments to Financial Markets Conduct Act 2013

45 Principal Act

46 Section 6 amended (Interpretation)

47 Section 351 amended (Regulations modifying Part for licensed markets)

48 Part 7 replaced

Preparation of financial statements

Audit of financial statements

Lodgement of financial statements

Offences

FMC reporting entities with higher level of public accountability

49 Section 462 amended (When FMA may make stop orders)

50 Section 489 amended (When court may make pecuniary penalty orders)

51 Section 490 amended (Maximum amount of pecuniary penalty)

52 Section 501 amended (Additional disclosure defence for directors who are treated as contravening)

53 Section 534 amended (Directors treated as having contravened in case of defective disclosure)

54 Section 543 amended (Regulations for purposes of Part 3 (Disclosure of offers of financial products))

55 Section 547 amended (Transitionals, savings, and orderly implementation of Act and related enactments)

56 Section 554 amended (Regulations or exemptions may require compliance with generally accepted accounting practice, standards, or FMA frameworks or methodologies)

57 New section 561A inserted (Financial reporting exemptions)

58 Section 570 amended (Application of subpart)

59 Section 571 amended (Status and publication of instruments)

60 Schedule 1 amended

61 Schedule 4 amended

62 Financial Markets (Repeals and Amendments) Act 2013 amended

Amendments to Friendly Societies and Credit Unions Act 1982

63 Principal Act

64 Section 2 amended (Interpretation)

65 Section 9 amended (Registrar may publish statements, etc)

66 Section 41 repealed (Inspection of books and accounts of society)

67 Cross-heading above section 59 replaced

68 Section 59 amended (Financial year)

69 Sections 60 to 64 replaced

70 Section 65 amended (Reappointment and removal of auditors)

71 Section 68 repealed (Auditors' report)

72 Section 69 amended (Auditors' rights of access)

73 Section 70 amended (Annual return)

74 Section 72 replaced (Annual return to be supplied to members)

75 Section 73 replaced (Accounts and statement of financial position to be available)

76 Cross-heading below section 118 replaced

77 Section 120 amended (Financial year of credit union)

78 Sections 121 to 125 replaced

79 Section 127 amended (Annual return)

80 Section 129 replaced (Annual return to be supplied to members)

81 Section 131 repealed (Inspection of books and accounts of credit union)

82 Section 132 replaced (Accounts and statement of financial position to be available)

83 Section 146 amended (Registration of association)

84 Schedule 2 amended

85 Schedule 3 amended

86 Transitional provision for registered societies and branches

87 Transitional provision for credit unions

Amendments to Gambling Act 2003

88 Principal Act

89 Section 107 amended (Corporate society must provide annual report to Secretary)

90 Section 108 replaced (Contents of annual report)

91 Transitional provision

Amendments to Income Tax Act 2007

92 Principal Act

93 Section EX 21C amended (Applicable accounting standards for section EX 21E)

94 Section EX 21E amended (Non-attributing active CFC: test based on accounting standard)

95 New section EZ 32F inserted (Applicable accounting standard for section EX 21E: former generally accepted accounting practice without IFRS)

96 Section FE 36B amended (Identifying members of New Zealand banking group: Crown-owned, no interest apportionment)

97 Section YA 1 amended (Definitions)

Amendments to Industrial and Provident Societies Act 1908

98 Principal Act

99 Section 8 amended (Duties and obligations of societies)

100 New sections 8A to 8M inserted

101 Section 16 amended (Penalties)

102 Section 19 amended (Appointment of auditors)

103 Transitional provision

Amendments to Limited Partnerships Act 2008

104 Principal Act

105 Section 10 amended (Contents of partnership agreement)

106 Section 74 amended (Records of limited partnership)

107 Section 75 replaced (Obligation to prepare financial statements)

108 Transitional provision

Amendments to Partnership Act 1908

109 Principal Act

110 New sections 34A to 34H and cross-heading inserted

111 Transitional provision

Amendments to Retirement Villages Act 2003

112 Principal Act

113 Section 5 amended (Interpretation)

114 Section 13 amended (Annual return)

115 New sections 35A to 35G inserted

116 Section 97 amended (Registrar's powers of inspection)

117 Transitional provision

Amendments to Te Ture Whenua Maori Act 1993

118 Principal Act

119 Section 4 amended (Interpretation)

120 Section 276 replaced (Accounts and statement of financial position)

121 Section 277 amended (Appointment and duties of auditor)

122 Section 281 amended (Power of court to require officers to attend to explain non-compliance with statutory requirements)

123 Section 282 amended (Winding up of incorporation)

124 Transitional provision

Amendments to other Acts

125 Amendments to other Acts

126 Consequential amendments to other Acts

127 Transitional provision in relation to amendments

128 Amendments to Auditor Regulation Act 2011 consequential on changes to issuer audits

Schedule 1
Amendments to other Acts

Schedule 2
Consequential amendments

Schedule 3
Amendments to Auditor Regulation Act 2011 consequential on changes to issuer audits

Reprint notes


The Parliament of New Zealand enacts as follows: