Financial Reporting Act 2013

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment
42 Entity must have balance date in each calendar year

(1)

A specified entity must have a balance date in each calendar year.

(2)

However, a specified entity need not have a balance date in the calendar year in which it is formed or incorporated if its first balance date is in the following calendar year and is not later than 15 months after the date of its formation or incorporation.

(3)

If a specified entity changes its balance date, it need not have a balance date in a calendar year if—

(a)

the period between any 2 balance dates does not exceed 15 months; and

(b)

the Commissioner of Inland Revenue approves the change of balance date before it is made.