Version as at 1 January 2022

Coat of Arms of New Zealand

Financial Reporting Act 2013

Public Act
2013 No 101
Date of assent
3 December 2013
see section 2

The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

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


4Overview of financial reporting and other duties
6Meaning of financial statements
7Meaning of group financial statements
8Meaning of generally accepted accounting practice
9Obligation to comply with generally accepted accounting practice prevails
9AAMeaning of climate-related disclosure framework
9ATransitional, savings, and related provisions
10Act binds the Crown
11Continuation of External Reporting Board
12Functions of Board
13Board must act independently
14Membership of Board
15Financial reporting standards
16Prospective, summary, or interim financial information
17Financial reporting standards may cover non-financial reporting
18Non-GAAP standards
19Financial reporting standards may classify entity as subsidiary
19AGuidance for purposes of non-financial reporting
19BPurpose of climate standards and climate-related disclosures
19CClimate standards
20Auditing and assurance standards
21Interpretation in sections 22 to 26
23Disclosure required to comply with standards does not breach information privacy principles
24Public notice [Repealed]
25Status of standards and authoritative notices
26Certificates of Board
27When standards and authoritative notices take effect
28Accounting period to which standards and authoritative notices apply
29Tiers of financial reporting for different classes of reporting entities
30Board must implement strategy for tiers of financial reporting
31Minister may approve variation or replacement of strategy
32Process for preparing proposals to vary or replace strategy
33Consultation on proposals
34Purpose and application
35Meaning of qualified auditor
36Qualifications of auditor
36APower of Registrar of Companies to approve associations and auditors
36BApproved associations and persons must report to Registrar
36CInstitute, accredited bodies, and approved associations may recognise body corporate as eligible to act as auditor
36DRegistrar of Companies may approve overseas countries and legal structures
36EInstitute, accredited bodies, and approved associations must keep recognition under review
36FBody corporate must ensure that engagement director is qualified auditor
36GRecognised body corporate must not act if requirements no longer met
36HOffence relating to section 36F or 36G
36ICancellation or suspension of recognition or approval
36JEffect of cancellation or suspension of accreditation or approval on recognition under section 36
36KRegistrar of Companies may authorise person to continue to act in respect of audit despite cancellation or suspension under section 36J
36LNotification of recognised and approved persons
36MRecords of recognised persons
36NRegister of approved persons
36OSearch of register
36PAppeals in respect of recognition or approval matters
36QFalse declarations and representations
36RExemption from membership requirement for certain members of religious societies or orders
36SInstitute or other accredited body may recognise as qualified statutory accountants certain members of religious societies or orders
36TRequirements for arrangement
37Appointment of partnership
38Specified entity must give auditor access to information
39Auditor may require information and explanations from director or employee
39AOffence for unqualified auditor to act
39BOffence to hold out as qualified auditor or as approved person
40Purpose and application
41Meaning of balance date
42Entity must have balance date in each calendar year
43Approval of Commissioner of Inland Revenue and other provisions relating to change of balance date
45Meaning of large
46Meaning of specified not-for-profit entity
47Financial reporting standards must be complied with
48Minister must regularly review amounts to take into account inflation
49Order may amend amounts
52Levy regulations
53Payment of levies
53AOffence to hold out as qualified statutory accountant
54Repeal and revocations
55Financial Reporting Act 1993 continues to apply to issuers [Repealed]
56Former law for FMC reporting entities generally continues to apply to accounting periods that commence before commencement of section
57FMC reporting entity that is issuer or trustee of scheme that is not yet registered
58Financial reporting standards and auditing and assurance standards continue in effect
59External Reporting Board may exercise power before commencement
60Definitions of large and specified not-for-profit entity may take into account accounting periods that commence before commencement of section
61Approvals for auditors continue in effect

The Parliament of New Zealand enacts as follows: