New Zealand Legislation: Regulations
Regulations are laws made under Acts
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as at 1 April 2008
(SR 1994/134)
Thomas Eichelbaum, Administrator of the Government
At Wellington this 27th day of June 1994
Present:
His Excellency the Administrator of the Government in Council
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
This order is administered by the Ministry of Economic Development.
Pursuant to sections 12 and 20 of the Financial Reporting Act 1993, His Excellency the Administrator of the Government, acting by and with the advice and consent of the Executive Council, hereby makes the following order.
3 Form of financial statements of exempt companies
4 Directions for preparation of financial statements of exempt companies
(1) This order may be cited as the Financial Reporting Order 1994.
(2) This order shall come into force on 1 July 1994.
(1) In this order, unless the context otherwise requires, the Act means the Financial Reporting Act 1993.
(2) Terms or expressions that are not defined in this order, but that are defined in the Act or the Companies Act 1993, have the meanings given to them by the Act or the Companies Act 1993.
(1) Subject to subclause (2), financial statements of an exempt company prepared for the purposes of the Act—
(a) must be in the form set out in the Schedule; and
(b) must contain the particulars required by that form; and
(c) may contain such other particulars as the board of the company considers to be appropriate for inclusion in the financial statements.
(2) Where, in the financial statements of an exempt company, the amount of an item for an accounting period is not material and the amount of that item for the preceding accounting period is also not material, neither of those items need be separately disclosed.
Financial statements of an exempt company prepared for the purposes of the Act must comply with the following accounting policies:
Accrual accounting must be used to record the effects of transactions and events when they occur.
Accounts receivable must be stated at their estimated net realisable value.
Depreciation must be calculated either—
(a) using the rates permitted under the Income Tax Act 2007; or
(b) on a systematic basis over the economic life of the asset.
Inventories must be valued at the lower of cost and net realisable value.
Non-current assets must be stated at cost or valuation less aggregate depreciation or amortisation.
Any lease that qualifies as a specified lease for the purposes of section YA 1 of the Income Tax Act 2007 must be capitalised at the present value of the minimum lease payments and the leased asset must be depreciated—
(a) using the rates permitted under the Income Tax Act 2007; or
(b) on a systematic basis over the economic life of the asset.
Income tax must be accounted for by the taxes payable method.
Clause 4 Depreciation paragraph (a): amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Clause 4 Depreciation paragraph (a): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
Clause 4 Specified leases: amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Clause 4 Specified leases paragraph (a): amended, on 1 April 2008 (effective for 2008–09 income year and later income years, except when the context requires otherwise), by section ZA 2(1) of the Income Tax Act 2007 (2007 No 97).
Clause 4 Specified leases paragraph (a): amended, on 1 April 2005 (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
(1) The registration fee payable by an issuer to the Registrar under section 18(2) of the Act is $250.
(2) The registration fee payable by a company to the Registrar under section 19(3) of the Act is $250.
(3) Subject to subclause (3A), if a person who is required to deliver financial statements or group financial statements, and the auditor’s report on those statements, to the Registrar for registration under section 18 or section 19 of the Act, fails to do so within the time prescribed, the person shall pay to the Registrar, by way of penalty and in addition to the applicable registration fee prescribed under subclause (1) or subclause (2),—
(a) where all the documents are delivered not later than 25 working days after the time prescribed, $25; or
(b) where any or all of the documents are delivered more than 25 working days after the time prescribed, $100.
(3A) If any document is delivered to the Registrar after the time specified in the Act in respect of the document, and the Registrar is satisfied that the omission to deliver the document within the time limit was accidental or due to inadvertence, or that it is just and equitable to do so, he or she may remit wholly or partly the penalty payable in respect of the late delivery of the document.
(4) The fees prescribed by subclauses (1) and (2) are inclusive of goods and services tax payable under the Goods and Services Tax Act 1985.
Clause 5(1): amended, on 1 July 2007, by clause 4(1) of the Financial Reporting Amendment Order 2007 (SR 2007/137).
Clause 5(2): amended, on 1 July 2007, by clause 4(2) of the Financial Reporting Amendment Order 2007 (SR 2007/137).
Clause 5(3): amended, on 1 April 1996, by clause 2(1)(b) of the Financial Reporting Order 1994, Amendment No 1 (SR 1996/35).
Clause 5(3A): inserted, on 1 April 1996, by clause 2(2) of the Financial Reporting Order 1994, Amendment No 1 (SR 1996/35).
Schedule |
| $ | $ (Comparative figures for preceding accounting period) | |||
| Current assets Bank Inventories Accounts receivable Advances and loans to directors and shareholders (or members) Other current assets | ||||
| Current liabilities Loans and overdrafts Accounts payable Advances and loans from directors and shareholders (or members) Dividends payable Tax payable Other current liabilities | ||||
| Net current assets (liabilities) | ||||
Non current assets Tangible assets—
Advances and loans to directors and shareholders (or members) Investments Intangible assets Other non current assets | ||||
| Non current liabilities Term loans Advances and loans from directors and shareholders (or members) Other non current liabilities | ||||
| Net assets (liabilities) | ||||
| Shareholders funds (analysed as appropriate) | ||||
Note: The above information may be shown in a form that sets out assets alongside liabilities.
| $ | $ (Comparative figures for preceding accounting period) | |||
| Turnover | ||||
| Other revenues | ||||
Expenses by material category in addition to the specific separate disclosure of—
| ||||
Net surplus (deficit) before taxation | ||||
Income tax | ||||
Net surplus (deficit) after taxation | ||||
Shareholders (or members) funds at beginning of period | ||||
Dividends paid and payable | ||||
Other changes in shareholders (or members) funds | ||||
Shareholders (or members) funds at end of period | ||||
In addition to the particulars set out in the balance sheet and profit and loss statement (or income and expenditure statement) above, the financial statements must contain particulars as to the following:
The measurement system adopted (for example, historical cost or modified historical cost)
The accounting policies adopted in determining the amounts to be included in respect of items shown in the balance sheet and profit and loss statement (or income and expenditure statement)
Changes, if any, in accounting policies from the previous financial statements and the effect of any such changes
The basis of valuation when assets are carried at valuation (for example, directors’ valuation, independent qualified valuation, stock exchange valuation).
Securities and guarantees given by the company in respect of liabilities, if material.
Contingent liabilities, if material.
Balance of imputation credit account.
Whether or not the financial statements have been audited.
Marie Shroff,
Clerk of the Executive Council.
Date of notification in Gazette: 30 June 1994.
1General
2Status of reprints
3How reprints are prepared
4Changes made under section 17C of the Acts and Regulations Publication Act 1989
5List of amendments incorporated in this reprint (most recent first)
This is a reprint of the Financial Reporting Order 1994. It incorporates all the amendments to the order as at 1 April 2008, as specified in the list of amendments at the end of these notes.
Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ 
.
Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.
This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.
A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.
Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.
A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.
In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:
•omission of unnecessary referential words (such as “of this section”
and “of this Act”
)
•typeface and type size (Times Roman, generally in 11.5 point)
•layout of provisions, including:
•indentation
•position of section headings (eg, the number and heading now appear above the section)
•format of definitions (eg, the defined term now appears in bold type, without quotation marks)
•format of dates (eg, a date formerly expressed as “the 1st day of January 1999”
is now expressed as “1 January 1999”
)
•position of the date of assent (it now appears on the front page of each Act)
•punctuation (eg, colons are not used after definitions)
•Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly
•case and appearance of letters and words, including:
•format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)
•small capital letters in section and subsection references are now capital letters
•schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly
•running heads (the information that appears at the top of each page)
•format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).
Financial Reporting Amendment Order 2007 (SR 2007/137)
Income Tax Act 2007 (2007 No 97): section ZA 2(1)
Income Tax Act 2004 (2004 No 35): section YA 2
Financial Reporting Order 1994, Amendment No 1 (SR 1996/35)
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