New Zealand Legislation: Regulations
Regulations are laws made under Acts
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as at 1 July 2011
(SR 1999/242)
Michael Hardie Boys, Governor-General
At Wellington this 26th day of July 1999
Present:
The Right Hon Jenny Shipley presiding 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.
These regulations are administered by the Ministry of Transport.
Pursuant to section 9A of the Airport Authorities Act 1966, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, makes the following regulations.
3 Meaning of generally accepted accounting practice
Part 2
Requirements relating to specified airport companies
4 Specified airport companies must complete disclosure financial statements
5 What disclosure financial statements must comprise
6 When disclosure financial statements must be completed and audited
7 Disclosure financial statements must relate only to identified airport activities
9 Additional information to be included in disclosure financial statements
Part 3
Requirements relating to other airport companies
10 Other airport companies must complete financial statements
11 What disclosure financial statements must comprise
12 When disclosure financial statements must be completed and audited
Part 4
Requirements relating to all airport companies
13 Compliance with generally accepted accounting practice
14 Directors' and auditor's certificates
15 Availability of disclosure financial statements
16 Availability of valuation reports of specified airport companies' assets
Part 6
Guidelines and exemptions
17 Secretary for Transport may issue guidelines
Schedule
Additional information to be included in disclosure financial statements of specified airport companies
(1) These regulations may be cited as the Airport Authorities (Airport Companies Information Disclosure) Regulations 1999.
(2) These regulations come into force on 1 September 1999.
(1) In these regulations, unless the context otherwise requires,—
accounting period, in relation to an airport company, means—
(a) a year ending on the balance date of the airport company; or
(b) if, as a result of the date of incorporation of the airport company or a change of the balance date of the airport company, the period is longer or shorter than a year, that longer or shorter period
Act means the Airport Authorities Act 1966
applicable financial reporting standard in relation to an airport company and to an accounting period of an airport company, means a financial reporting standard (within the meaning of the Financial Reporting Act 1993) that applies to the airport company and the accounting period in accordance with the financial reporting standard, a determination of the External Reporting Board for the time being in force, or any election made under section 28(4) of that Act
balance date, in relation to an airport company, means—
(a) the close of 30 June; or
(b) if the directors of the airport company have adopted another date as the airport company's balance date, that other date
charge—
(a) means a charge imposed in respect of an identified airport activity; but
(b) does not include rent or any other amount payable under a lease
identified airport activities means all of the following activities
(a) airfield activities:
(b) aircraft and freight activities:
(c) specified passenger terminal activities
passenger charge means a charge payable by aircraft passengers in relation to their departure from or arrival at an airport
qualified auditor, in relation to an airport company, means a person who is qualified to be appointed as the auditor of the company under the Companies Act 1993 or, where the company is a public entity (as defined in section 4 of the Public Audit Act 2001), the Auditor-General
SSAP 23 means the Statement of Standard Accounting Practice No 23 Financial Reporting for Segments issued by the Council of the New Zealand Institute of Chartered Accountants in July 1989.
(2) Any term or expression that is not defined in these regulations, but that is defined in the Act, has the meaning given to it by the Act.
Regulation 2(1) applicable financial reporting standard: substituted, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22).
Regulation 2(1) qualified auditor: amended, on 1 July 2001, by section 53 of the Public Audit Act 2001 (2001 No 10).
Regulation 2(1) SSAP 23: amended, on 7 July 2010, by section 11 of the New Zealand Institute of Chartered Accountants Amendment Act 2010 (2010 No 74).
For the purposes of these regulations, disclosure financial statements comply with generally accepted accounting practice only if those statements comply with—
(a) applicable financial reporting standards; and
(b) in relation to matters for which no provision is made in applicable financial reporting standards and that are not subject to any applicable rule of law, accounting policies that—
(i) are appropriate to the circumstances of the airport company concerned; and
(ii) have authoritative support within the accounting profession in New Zealand.
A specified airport company must complete disclosure financial statements in accordance with this Part and Part 4.
The disclosure financial statements of a specified airport company must comprise—
(a) a statement of financial position for the company as at the company's balance date; and
(b) a statement of financial performance for the company in relation to the accounting period ending at the company's balance date; and
(c) if the company is a reporting entity under the Financial Reporting Act 1993 and an applicable financial reporting standard requires a statement of cash flows for the company as a reporting entity, a statement of cash flows for the company in relation to the accounting period ending at the company's balance date; and
(d) notes or documents containing information required by these regulations that is not contained in the statements specified in paragraphs (a) to (c).
(1) A specified airport company must complete disclosure financial statements in relation to each balance date of the company occurring on or after 1 January 2000.
(2) A specified airport company must have its disclosure financial statements audited by a qualified auditor.
(3) Subclauses (1) and (2) must be complied with not later than 5 months after the balance date that the disclosure financial statements relate to.
The disclosure financial statements of a specified airport company must be completed only in relation to the identified airport activities of the company.
(1) The disclosure financial statements of a specified airport company must be completed in accordance with SSAP 23.
(2) However, the disclosure financial statements completed in respect of the balance date in 2000 are not required to disclose comparative amounts for the prior period under paragraph 5.11 of SSAP 23.
(3) For the purposes of subclause (1), the following identified airport activities must be treated as separate industry segments:
(a) airfield activities:
(b) aircraft and freight activities:
(c) specified passenger terminal activities.
(1) The disclosure financial statements of a specified airport company must include the information specified in the Schedule.
(2) The information included in disclosure financial statements under subclause (1) must relate to the accounting period ending on the balance date that the disclosure financial statements relate to.
(3) If methodologies provided in guidelines issued under regulation 17 have been used to complete the disclosure financial statements of a specified airport company, it is sufficient compliance with the Schedule in relation to those methodologies to disclose that those methodologies have been used.
(1) The disclosure financial statements of an airport company that is not a specified airport company must comprise—
(a) a statement of financial position for the company as at the company's balance date; and
(b) a statement of financial performance for the company in relation to the accounting period ending on the company's balance date.
(2) Financial statements of an airport company that is not a specified airport company that are completed in accordance with the Financial Reporting Act 1993 or Part 34A of the Local Government Act 1974 are to be treated as complying with subclause (1).
(1) An airport company that is not a specified airport company must complete disclosure financial statements in relation to each balance date of the company occurring on or after 1 January 2000.
(2) An airport company that is not a specified airport company must have its disclosure financial statements audited by a qualified auditor.
(3) Subclauses (1) and (2) must be complied with not later than 5 months after the balance date that the disclosure financial statements relate to.
(1) Disclosure financial statements of an airport company completed under these regulations must comply with generally accepted accounting practice.
(2) If, in complying with generally accepted accounting practice, the disclosure financial statements of an airport company do not give a true and fair view of the matters to which they relate, those statements must include such information and explanations as will give a true and fair view of those matters.
(1) The disclosure financial statements of an airport company must have endorsed on or attached to them—
(a) a directors' certificate that complies with subclause (2); and
(b) an auditor's certificate that complies with subclause (3).
(2) A directors' certificate complies with this subclause if it—
(a) is signed by at least 2 directors of the airport company; and
(b) is dated; and
(c) states that the disclosure financial statements have been prepared for the purposes of, and in accordance with, these regulations.
(3) An auditor's certificate complies with this subclause if it—
(a) is signed by the auditor in the auditor's name or the name of the auditor's firm; and
(b) states—
(i) the work done by the auditor; and
(ii) the scope and limitations of the audit; and
(iii) the existence of any relationship (other than that of auditor) which the auditor has with, or any interests which the auditor has in, the airport company; and
(iv) whether the auditor has obtained all information and explanations that he or she has required; and
(v) whether, in the auditor's opinion, as far as appears from an examination of them, proper accounting records have been kept by the airport company; and
(vi) whether, in the auditor's opinion, the disclosure financial statements comply with generally accepted accounting practice and, if they do not, the respects in which the fail to comply; and
(vii) whether, in the auditor's opinion and having regard to any information added under regulation 13(2), the disclosure financial statements give a true and fair view of the matters to which they relate and, if they do not, the respects in which they fail to give such a view; and
(viii) whether, in the auditor's opinion, the disclosure financial statements comply with any guidelines issued under regulation 17 and, if they do not, the respects in which they fail to comply
(1) As soon as possible after an airport company's disclosure financial statements have been completed and audited, the airport company must publish a notice in the Gazette stating—
(a) that the disclosure financial statements have been completed and audited under these regulations; and
(b) how the disclosure financial statements may be inspected; and
(c) how copies of the disclosure financial statements may be obtained.
(2) For the period of 1 year after an airport company's disclosure financial statements have been completed and audited, the airport company must—
(a) make copies of its disclosure financial statements available for inspection by any person during ordinary office hours at the airport operated or managed by the airport company; and
(b) provide any person, at his or her request, with a copy of its disclosure financial statements by making them available for collection by that person during ordinary office hours at the airport operated or managed by the airport company.
(1) Subclause (2) applies if an asset used in a specified airport company's identified airport activities has been revalued and the revaluation is based on a report.
(2) For the period of 1 year after the specified airport company's disclosure financial statements that contain the revaluation of the asset have been completed and audited, the specified airport company must—
(a) make copies of the report available for inspection by any person during ordinary office hours at the airport operated or managed by the specified airport company; and
(b) provide any person, at his or her request, with a copy of the report by making it available for collection by that person during ordinary office hours at the airport operated or managed by the airport company.
(1) The Secretary for Transport may, by notice in the Gazette, issue guidelines for the completion of disclosure financial statements under these regulations.
(2) Without limiting subclause (1), the guidelines may provide for the use of methodologies for 1 or more of the following matters:
(a) the valuation of assets in disclosure financial statements:
(b) the allocation in disclosure financial statements of revenue, costs, assets, liabilities, and other items to an identified airport activity:
(c) the calculation of the weighted average cost of capital.
(3) The Secretary for Transport may, by notice in the Gazette, amend or revoke a guideline.
(4) Before issuing or amending a guideline, the Secretary for Transport must consult the External Reporting Board (established under the Financial Reporting Act 1993), if the Secretary considers that the guideline or amendment may limit or affect the application, under these regulations, of generally accepted accounting practice to airport companies.
Regulation 17(4): amended, on 1 July 2011, by section 12 of the Financial Reporting Amendment Act 2011 (2011 No 22).
An airport company that complies with a guideline issued under regulation 17 and for the time being in force is to be treated as complying with the requirements of these regulations (including, but not by way of limitation, regulation 13) that the guideline relates to.
(1) The Secretary for Transport may, after giving not less than 7 days' notice in the Gazette of his or her intention to do so, exempt an airport company that is not a specified airport company from 1 or more of the requirements in these regulations.
(2) The Secretary for Transport may grant an exemption under subclause (1) If he or she is satisfied that—
(a) the cost to the airport company of complying with these regulations is unreasonable, having regard to the size of the airport company's revenue; and
(b) the airport company has consulted its substantial customers and received a report from the airport company about the outcome of that consultation; and
(c) the proposed exemption would not unreasonably disadvantage the airport company's substantial customers.
(3) The Secretary for Transport may, by notice in the Gazette, amend or revoke an exemption.
Schedule |
In this Schedule, unless the context otherwise requires,—
interruption, in relation to a service provided by a specified airport company,—
(a) means the withdrawal by the company of the service, during operational hours, for a period of 15 minutes or longer; but
(b) does not include an interruption to runway services due to weather conditions
operational hours, in relation to a service provided by a specified airport company, means the periods when the service is normally made available
planned interruption, in relation to a service provided by a specified airport company, means an interruption of which the substantial customers affected by it had 24 hours' or more notice
unplanned interruption, in relation to a service provided by a specified airport company, means an interruption of which the substantial customers affected by it had less than 24 hours' notice.
(1) The price per unit of the following charges payable to the specified airport company:
(a) the charges set by the company for airfield activities:
(b) the charges set by the company for aircraft and freight activities:
(c) the charges set by the company for specified passenger terminal activities.
(2) The methodology used to determine the charges specified in subclause (1), including (but not by way of limitation)—
(a) an overview of the approach used to determine the charges:
(b) the categories of cost used to determine the revenue required from the charges:
(c) the basis for using those categories:
(d) the basis for allocating costs between charges.
(1) The price per unit of passenger charges payable to the specified airport company.
(2) The methodology used to determine the charges specified in subclause (1), including (but not by way of limitation)—
(a) an overview of the approach used to determine the charges:
(b) the revenue from each charge allocated to each identified airport activity, and the basis for that allocation.
(3) The total revenue from the charges specified in subclause (1).
The basis for allocating assets to each identified airport activity.
If an asset used in the specified airport company's identified airport activities has been revalued, the date of the revaluation, the date of any report on which the revaluation was based, and the new value of the asset.
(1) The following operating costs in relation to airfield activities, aircraft and freight activities, and specified passenger terminal activities:
(a) remuneration payable to employees, including the value of benefits payable to employees:
(b) repair and maintenance costs:
(c) administration costs:
(d) other operating costs.
(2) An operating cost to be included in disclosure financial statements under subclause (1) must be included, in relation to each category of identified airport activity, under only 1 of paragraphs (a) to (d) of that subclause.
(1) The weighted average cost of capital.
(2) In relation to the disclosure financial statements completed in respect of the balance date in 2000, the methodology and calculations used to determine the weighted average cost of capital.
(3) In relation to the disclosure financial statements completed in respect of the balance date in a year after 2000, the methodology and calculations used to determine the weighted average cost of capital, if they have changed from the previous accounting period.
(1) The following information:
(a) the number of passengers arriving and departing on domestic flights:
(b) the number of passengers arriving and departing on international flights:
(c) the number of scheduled landings of international flights expressed as a number for each type of aircraft in respect of each category of charge specified in clause 2(1)(a), (b), and (c):
(d) the number of scheduled landings of domestic flights expressed as a number for each type of aircraft of 3 tonnes or more in respect of each category or charge specified in clause 2(1)(a), (b), and (c):
(e) the number of scheduled landings of domestic flights in respect of aircraft of less than 3 tonnes in respect of each category of charge specified in clause 2(1)(a), (b), and (c):
(f) the total number of landings for all other types of aircraft to which paragraphs (c) to (e) do not apply, including (but not by way of limitation) freight aircraft, military aircraft, and non-scheduled passenger aircraft:
(g) the total number and total duration (to the nearest 15 minutes) of planned interruptions to each of the following services:
(i) runway services:
(ii) stand position services:
(iii) airbridge services:
(iv) baggage handling services at the point of passenger check in:
(h) the total number and total duration (to the nearest 15 minutes) of unplanned interruptions to each of the following services:
(i) runway services:
(ii) stand position services:
(iii) airbridge services:
(iv) baggage handling services at the point of passenger check in:
(i) the average number of full-time equivalent employees throughout the accounting period concerned for each of the following identified airport activities:
(i) airfield activities:
(ii) aircraft and freight activities:
(iii) specified passenger terminal activities.
(2) In relation to the disclosure financial statements completed in respect of the balance date in 2000, the information about interruptions (as required by subclause (1)(g) and (h)) does not have to include information about interruptions that occurred before 1 October 1999.
Marie Shroff,
Clerk of the Executive Council.
Date of notification in Gazette: 29 July 1999.
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 Airport Authorities (Airport Companies Information Disclosure) Regulations 1999. The reprint incorporates all the amendments to the regulations as at 1 July 2011, 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 Act 2011 (2011 No 22): section 12
New Zealand Institute of Chartered Accountants Amendment Act 2010 (2010 No 74): section 11
Public Audit Act 2001 (2001 No 10): section 53
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