Pursuant to section 9A of the Airport Authorities Act 1966, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.

1 Title

2 Commencement

3 Principal regulations

4 Regulation 2 amended (Interpretation)

5 New regulation 2A inserted (Provisions affecting application of amendments to these regulations)

2A Provisions affecting application of amendments to these regulations

6 Regulation 3 revoked (Meaning of generally accepted accounting practice)

7 Regulation 5 replaced (What disclosure financial statements must comprise)

5 What disclosure financial statements must comprise

8 Regulation 8 amended (Compliance with SSAP 23)

9 Regulation 9 amended (Additional information to be included in disclosure financial statements)

10 Regulation 11 replaced (What disclosure financial statements must comprise)

11 What disclosure financial statements must comprise

11 Regulation 13 revoked (Compliance with generally accepted accounting practice)

12 Regulation 14 amended (Directors' and auditor's certificates)

13 Regulation 17 amended (Secretary for Transport may issue guidelines)

14 New Part 7 inserted

Part 7
Application, savings, and transitional provisions

20 Application, savings, and transitional provisions relating to amendments made to these regulations after 1 January 2014

15 New Schedule 1 inserted

Schedule
New Schedule 1 inserted

Regulations

1 Title

These regulations are the Airport Authorities (Airport Companies Information Disclosure) Amendment Regulations 2014.

2 Commencement

These regulations come into force on 1 April 2014.

3 Principal regulations

These regulations amend the Airport Authorities (Airport Companies Information Disclosure) Regulations 1999 (the principal regulations).

4 Regulation 2 amended (Interpretation)

(1) In regulation 2(1), replace the definition of applicable financial reporting standard with:

“applicable financial reporting standard has the same meaning as in section 5(1) of the Financial Reporting Act 2013”.

(2) In regulation 2(1), definition of qualified auditor, replace “the Companies Act 1993” with “section 36 of the Financial Reporting Act 2013”.

(3) In regulation 2(1), revoke the definition of SSAP 23.

(4) In regulation 2(1), insert in their appropriate alphabetical order:

“applicable auditing and assurance standard has the same meaning as in section 5 of the Financial Reporting Act 2013

“financial statements has the same meaning as in section 6 of the Financial Reporting Act 2013

“generally accepted accounting practice has the same meaning as in section 8 of the Financial Reporting Act 2013

“NZ IFRS 8 means New Zealand Equivalent to International Financial Reporting Standard 8: Operating Segments, which is in effect under the Financial Reporting Act 2013”.

5 New regulation 2A inserted (Provisions affecting application of amendments to these regulations)

After regulation 2, insert:
“2A Provisions affecting application of amendments to these regulations

Schedule 1 contains application, transitional, and savings provisions (relating to amendments to these regulations) that affect other provisions of these regulations (see regulation 20).”

6 Regulation 3 revoked (Meaning of generally accepted accounting practice)

Revoke regulation 3.

7 Regulation 5 replaced (What disclosure financial statements must comprise)

Replace regulation 5 with:
“5 What disclosure financial statements must comprise

The disclosure financial statements of a specified airport company must comprise—

“(a) financial statements prepared in accordance with generally accepted accounting practice; and

“(b) the additional information specified in regulation 9.”

8 Regulation 8 amended (Compliance with SSAP 23)

(1) In the heading to regulation 8 and regulation 8(1), replace “SSAP 23” with “NZ IFRS 8”.

(2) Revoke regulation 8(2).

9 Regulation 9 amended (Additional information to be included in disclosure financial statements)

In regulation 9(1) and (3), replace “the Schedule” with “Schedule 2”.

10 Regulation 11 replaced (What disclosure financial statements must comprise)

Replace regulation 11 with:
“11 What disclosure financial statements must comprise

The disclosure financial statements of an airport company that is not a specified airport company must comprise financial statements prepared in accordance with generally accepted accounting practice.”

11 Regulation 13 revoked (Compliance with generally accepted accounting practice)

Revoke regulation 13.

12 Regulation 14 amended (Directors' and auditor's certificates)

(1) Replace regulation 14(1)(b) with:
- “(b) an auditor's report that—
  
  “(i) complies with all applicable auditing and assurance standards; and
  
  “(ii) states 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.”
(2) Revoke regulation 14(3).

13 Regulation 17 amended (Secretary for Transport may issue guidelines)

In regulation 17(4), replace “the External Reporting Board (established under the Financial Reporting Act 1993)” with “the External Reporting Board (continued under the Financial Reporting Act 2013)”.

14 New Part 7 inserted

After regulation 19, insert:
“Part 7
“Application, savings, and transitional provisions

“20 Application, savings, and transitional provisions relating to amendments made to these regulations after 1 January 2014

The application, savings, and transitional provisions set out in Schedule 1 (which relate to amendments made to these regulations after 1 January 2014) have effect for the purposes of these regulation.s”

15 New Schedule 1 inserted

Before the Schedule, insert as Schedule 1 the schedule set out in the Schedule of these regulations.

r 15

Schedule 1
Application, savings, and transitional provisions relating to amendments made to these regulations after 1 January 2014

rr 2A, 20

Provisions relating to Airport Authorities (Airport Companies Information Disclosure) Amendment Regulations 2014

1 Interpretation

In clause 2, amendment regulations means the Airport Authorities (Airport Companies Information Disclosure) Amendment Regulations 2014.

2 Transitional provision

(1) These regulations, as amended by regulations 4 and 6 to 13 of the amendment regulations, apply in relation to financial years that commence on or after 1 April 2014.

(2) These regulations, as in force before 1 April 2014, continue to apply in relation to financial years that commence before that date as if the amendment regulations had not been made.

Michael Webster,
for Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 1 April 2014, amend the Airport Authorities (Airport Companies Information Disclosure) Regulations 1999 so that the financial reporting requirements in those regulations are consistent with the core financial reporting principles and definitions in the Financial Reporting Act 2013 (the Act), which comes into force on the same date as these regulations.

The amendments made are to provisions of the regulations concerning what the disclosure statements of airport companies must comprise and the requirements that must be met in relation to audit reports. The meanings given to the terms applicable financial reporting standard, generally accepted accounting practice, and qualified auditor are also changed so that they are consistent with the Act.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 27 February 2014.

These regulations are administered by the Ministry of Transport.

Airport Authorities (Airport Companies Information Disclosure) Amendment Regulations 2014