Auckland Regional Amenities Funding Amendment Bill

The Auckland Regional Amenities Funding Act 2008 (the principal Act) provides for funding for specified amenities in the Auckland region.:

Section 39 of the principal Act requires that the specified amenities prepare financial statements that contain a statement of financial position prepared in accordance with New Zealand International Financial Reporting Standards and that contain the other statements and information set out in section 39(2)(b).:

The specified amenities are registered charitable entities under the Charities Act 2005.:

In 2015, the Charities Act 2005 was amended to require that certain charitable entities (those whose total operating payments are $125,000 or more in each of the 2 preceding accounting periods) prepare financial statements in accordance with generally accepted accounting practice (GAAP) (see section 42A of that Act).:

By the same Act that amended the Charities Act 2005, some legislation governing specific charitable entities was amended to achieve consistency with the accounting standard required under the Charities Act 2005 (see the Financial Reporting (Amendments to Other Enactments) Act 2013).:

The principal Act was not amended.:

The requirement under the Charities Act 2005 to prepare financial statements in accordance with GAAP is in addition to any other reporting requirement under any other enactment.:

Consequently, the specified amenities are currently required to prepare financial statements according to both New Zealand International Financial Reporting Standards and GAAP.:

The objects of this Act are to remove the requirement that specified amenities prepare financial statements according to New Zealand International Financial Reporting Standards and to permit specified amenities to prepare a single set of financial statements that comply with GAAP.:

For consistency, this Act also amends section 40 of the principal Act to clarify that the Funding Board’s audited financial statements are prepared in accordance with GAAP.:

The objects of this Act cannot be achieved without legislation.: