Key
1 Title
2 Commencement
Part 1
Preliminary provisions
3 Purpose
4 Overview of financial reporting duties
5 Interpretation
6 Meaning of financial statements
7 Meaning of group financial statements
8 Meaning of generally accepted accounting practice
9 Act binds the Crown
Part 2
External Reporting Board, standards, and provisions that apply to other enactments
Subpart 1—External Reporting Board
10 Continuation of External Reporting Board
11 Functions of Board
12 Board must act independently
13 Membership of Board
Subpart 2—Financial reporting standards and auditing and assurance standards
Financial reporting standards
14 Financial reporting standards
15 Prospective, summary, or interim financial information
16 Financial reporting standards may cover non-financial reporting
17 Non-GAAP standards
18 Financial reporting standards may classify entity as subsidiary
Auditing and assurance standards
19 Auditing and assurance standards
Provisions relating to making of and status of standards and authoritative notices
20 Interpretation in sections 21 to 25
21 Consultation
22 Disclosure required to comply with standards does not breach privacy principles
23 Public notice
24 Disallowance of instruments by House of Representatives
25 Certificates of Board
Miscellaneous matters relating to application
26 When standards and authoritative notices take effect
27 Accounting period to which standards and authoritative notices apply
Tiers of financial reporting
28 Tiers of financial reporting for different classes of reporting entities
29 Board must implement strategy for tiers of financial reporting
30 Minister may approve variation or replacement of strategy
31 Process for preparing proposals to vary or replace strategy
32 Consultation on proposals
Subpart 3—Standard provisions relating to auditor qualifications and access to information
33 Purpose and application
Auditor qualifications
34 Meaning of qualified auditor
35 Qualifications of auditor
36 Appointment of partnership
Auditor access to information
37 Specified entity must give auditor access to information
38 Auditor may require information and explanations from director or employee
Subpart 4—Standard provisions relating to balance dates
39 Purpose and application
40 Meaning of balance date
41 Entity must have balance date in each calendar year
42 Approval of Commissioner of Inland Revenue and other provisions relating to change of balance date
Subpart 5—Meaning of large and specified not-for-profit entity
43 Purpose
44 Meaning of large
44 Meaning of large
45 Meaning of specified not-for-profit entity
46 Financial reporting standards must be complied with
46 Financial reporting standards must be complied with
47 Minister must regularly review amounts to take into account inflation
48 Order may amend amounts
Part 3
Miscellaneous provisions
Subpart 1—Regulations and levies
49 Regulations
50 Levies
51 Levy regulations
52 Payment of levies
Subpart 2—Repeal, revocations, and amendments to other Acts
53 Repeal and revocations
54 Amendments to other Acts
55 Consequential amendments to other Acts
56 Transitional provision in relation to amendments
Subpart 3—Transitional provisions
57 Financial Reporting Act 1993 continues to apply to issuers
58 Financial reporting standards and auditing and assurance standards continue in effect
59 External Reporting Board may exercise power before commencement
60 Approvals for auditors continue in effect
Part 4
Amendments to other Acts
Subpart 1—Amendments to Building Societies Act 1965
61 Principal Act
62 Section 2 amended (Interpretation)
63 Sections 90 to 94 and cross-heading above section 90 replaced
64 Sections 95 to 97B replaced
65 Section 98 amended (Appointment of auditors)
66 Section 100 replaced (Disqualifications for appointment as auditor)
67 Section 101 amended (Auditors' report, right of access to books, and right to attend meetings)
68 Section 102 repealed (Accounts of groups in terminating society)
69 Section 106 amended (Auditors' report on annual return)
70 Section 121B amended (Registration of documents)
71 Section 130 amended (Form in which records may be kept)
72 Section 137 amended (Regulations)
73 Consequential amendments to Building Societies Regulations 1989
74 Transitional provision
Subpart 2—Amendments to Charities Act 2005
75 Principal Act
76 Section 41 amended (Duty to prepare annual return)
77 New sections 42A and 42B inserted
77A 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)
78 Transitional provision
Subpart 3—Amendments to Companies Act 1993
79 Principal Act
80 Section 2 amended (Interpretation)
81 Section 4 amended (Meaning of solvency test)
82 Section 80 amended (Financial assistance not exceeding 5% of shareholders' funds)
83 Section 120 amended (Annual meeting of shareholders)
84 Section 122 amended (Resolution in lieu of meeting)
85 Section 189 amended (Company records)
86 Part 11 replaced
87 Section 208 replaced (Obligation to prepare annual report)
88 Section 209 amended (Obligation to make annual report available to shareholders)
89 Section 209A amended (Board must send copy of annual report or concise annual report on request)
90 Section 211 amended (Contents of annual report)
91 Section 211A repealed (Obligations to prepare and make available annual reports or financial statements do not apply to non-active companies)
92 Section 212 amended (Shareholders may elect not to receive documents)
93 Section 300 amended (Liability if proper accounting records not kept)
94 New section 340A inserted (Financial reporting requirements for large overseas companies)
95 Section 373 amended (Penalty for failure to comply with Act)
96 Section 374 amended (Penalties that may be imposed on directors in cases of failure by board or company to comply with Act)
97 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)
98 Schedule 4 amended
99 Transitional provision
Subpart 4—Amendments to Friendly Societies and Credit Unions Act 1982
100 Principal Act
101 Section 2 amended (Interpretation)
102 Section 9 amended (Registrar may publish statements, etc)
103 Section 41 repealed (Inspection of books and accounts of society)
104 Cross-heading above section 59 replaced
105 Section 59 amended (Financial year)
106 Sections 60 to 64 replaced
107 Section 65 amended (Reappointment and removal of auditors)
108 Section 68 repealed (Auditors' report)
109 Section 69 amended (Auditors' rights of access)
110 Section 70 amended (Annual return)
111 Section 72 replaced (Annual return to be supplied to members)
112 Section 73 replaced (Accounts and statement of financial position to be available)
113 Section 110 amended (Credit union may make loans to members)
114 Cross-heading above section 119 replaced
115 Section 119 amended (Credit union to maintain general reserves)
116 Section 120 amended (Financial year of credit union)
117 Sections 121 to 125 replaced
118 Section 127 amended (Annual return)
119 Section 129 replaced (Annual return to be supplied to members)
120 Section 131 repealed (Inspection of books and accounts of credit union)
121 Section 132 replaced (Accounts and statement of financial position to be available)
122 Schedule 2 amended
123 Schedule 3 amended
124 Transitional provision for registered societies and branches
125 Transitional provision for credit unions
Subpart 5—Amendments to Gambling Act 2003
126 Principal Act
127 Section 107 amended (Corporate society must provide annual report to Secretary)
128 Section 108 replaced (Contents of annual report)
129 Transitional provision
Subpart 6—Amendments to Income Tax Act 2007
130 Principal Act
131 Section EX 21C amended (Applicable accounting standards for section EX 21E)
132 Section EX 21E amended (Non-attributing active CFC: test based on accounting standard)
133 New section EZ 32F (Applicable accounting standard for section EX 21E: former generally accepted accounting practice without IFRS)
134 Section FE 36B amended (Identifying members of New Zealand banking group: Crown-owned, no interest apportionment)
135 Section YA 1 amended (Definitions)
Subpart 7—Amendments to Industrial and Provident Societies Act 1908
136 Principal Act
137 Section 8 amended (Duties and obligations of societies)
138 New sections 8A to 8M inserted
139 Section 16 amended (Penalties)
140 Section 19 amended (Appointment of auditors)
141 Transitional provision
Subpart 8—Amendments to Limited Partnerships Act 2008
142 Principal Act
143 Section 10 amended (Contents of partnership agreement)
144 Section 74 amended (Records of limited partnership)
145 Section 75 replaced (Obligation to prepare financial statements)
146 Transitional provision
Subpart 9—Amendments to Partnership Act 1908
147 Principal Act
148 New sections 34A to 34G and cross-heading inserted
149 Transitional provision
Subpart 10—Amendments to Retirement Villages Act 2003
150 Principal Act
151 Section 5 amended (Interpretation)
152 Section 13 amended (Annual return)
153 New sections 35AA to 35F inserted
154 Section 97 amended (Registrar's powers of inspection)
155 Transitional provisions
Subpart 11—Amendments to Te Ture Whenua Maori Act 1993
156 Principal Act
157 Section 4 amended (Interpretation)
158 Section 276 replaced (Accounts and statement of financial position)
159 Section 277 amended (Appointment and duties of auditor)
160 Section 281 amended (Power of court to require officers to attend to explain non-compliance with statutory requirements)
161 Section 282 (Winding up of incorporation)
162 Transitional provision
Schedule 1
Amendments to other Acts
Schedule 2
Consequential amendments
Legislative history