1: Title
This Act is the Financial Reporting (Amendments to Other Enactments) Act 2013.
2: Commencement
1: This Act comes into force on a date appointed by the Governor-General by Order in Council; and 1 or more orders may be made appointing different dates for different provisions and for different purposes.
2: To the extent that it is not previously brought into force under subsection (1), the rest of this Act comes into force on 1 April 2017.
3: In this section, provision Section 2(1) brought into force 1 April 2015 clause 3(2) Financial Reporting Legislation Commencement Order 2014 Section 2(1) brought into force 1 April 2014 clause 3(1) Financial Reporting Legislation Commencement Order 2014
3: Overview
This Act makes amendments to other enactments in connection with the Financial Reporting Act 2013 Amendments to Building Societies Act 1965
4: Principal Act
Sections 5 to 15 Building Societies Act 1965 principal Act OIC LI 2014/52 2014-04-01 Building Societies Act 1965 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
5: Section 2 amended (Interpretation)
1: In section 2(1) financial year financial year section 41 Financial Reporting Act 2013 .
2: In section 2(1) licensed auditor registered audit firm
3: In section 2(1) applicable auditing and assurance standard section 5 Financial Reporting Act 2013 financial statements section 6 Financial Reporting Act 2013 generally accepted accounting practice section 8 Financial Reporting Act 2013 .
6: Sections 90 to 94 and cross-heading above section 90 replaced
Replace sections 90 to 94 Accounting records and financial reporting
90: Accounting records must be kept
Every society must comply with subpart 2 of Part 7
91: Financial reporting
1: Every society must comply with subpart 3 of Part 7
2: The directors of every society must ensure that the financial statements of the society are laid before the society at the annual general meeting.
92: Half-yearly financial statements must be prepared
1: Every society must ensure that, within 3 months after the end of the first half of the financial year, financial statements that comply with generally accepted accounting practice are—
a: completed in relation to the society and that first half of the financial year; and
b: dated and signed on behalf of the society by 2 directors of the society.
2: The financial statements referred to in subsection (1)
a: published in the manner, or distributed to the persons, that are prescribed; and
b: audited by a qualified auditor if required by regulations made under this Act.
7: Sections 95 to 97B replaced
Replace sections 95 to 97B
95: Directors' report
1: The directors must prepare for submission at the annual general meeting a report on the state of the affairs of the society.
2: The directors' report must be attached to the financial statements laid before that meeting.
3: The directors of every society must ensure that every copy of the financial statements of the society referred to in section 91
a: a copy of the directors' report; and
b: a copy of the auditor's report on those statements.
96: Distribution of copies of financial statements and reports
1: The directors of every society must ensure that a copy of the financial statements to be laid before the society at the annual general meeting, a copy of the auditor's report on those statements, and a copy of the directors' report are, not less than 14 days before the date of the meeting,—
a: sent to each member of the society; or
b: published in major daily newspapers circulating generally in those parts of New Zealand where members reside.
2: The directors of every society must ensure that a copy of the directors' report is sent to the Registrar for registration within the time frame referred to in subsection (1)
3: Subsection (1)(b)
97: Depositors and members entitled to be supplied with copy of financial statements
1: Every depositor in or member of a society is entitled, on demand and without charge, to be supplied with copies of the last financial statements and reports of the society that are required to be laid before that society at the annual general meeting.
2: The directors of the society must ensure that the depositor or member is sent copies of the financial statements and reports within 7 days after the demand is made.
3: However, this section does not apply if the depositor in or member of the society—
a: has previously been sent copies of the financial statements and reports; or
b: has already demanded and received copies of the financial statements and reports under this section.
97A: Offences relating to laying financial statements before annual general meeting, half-yearly financial statements, directors' report, and distribution of financial statements
1: If any of sections 91(2), 92, 95, 96, and 97
2: It is a defence to a director of a society charged with an offence under this section in respect of a requirement referred to in section 91(2), 92, 95, 96, or 97
a: the society took all reasonable and proper steps to ensure that the requirement would be complied with; or
b: the director took all reasonable steps to ensure that the requirement would be complied with; or
c: in the circumstances, the director could not reasonably have been expected to take steps to ensure that the requirement would be complied with.
8: Section 98 amended (Appointment of auditors)
Repeal section 98(2) and (2A)
9: Section 100 replaced (Disqualifications for appointment as auditor)
Replace section 100
100: Qualifications of auditors and access to information
1: No person is qualified for appointment as auditor of a society unless he or she is a qualified auditor (within the meaning of section 35 Financial Reporting Act 2013
2: See sections 37 to 39 Financial Reporting Act 2013
10: Section 101 amended (Auditors' report, right of access to books, and right to attend meetings)
1: In the heading to section 101 , right of access to books,
2: In section 101(1) on the accounts examined by them, and
3: Replace section 101(2) to (6)
2: An auditor must, in carrying out an audit for the purposes of subsection (1) or section 92
3: The auditor's report must comply with the requirements of all applicable auditing and assurance standards.
11: Section 102 repealed (Accounts of groups in terminating society)
Repeal section 102
12: Section 106 amended (Auditors' report on annual return)
In section 106(3)(c) books of account and records accounting and other records
13: Section 121B amended (Registration of documents)
In section 121B(1)(b) section 97A(1) section 96(1)
14: Section 130 amended (Form in which records may be kept)
In section 130(1) and (2) book of account accounting record
15: Section 137 amended (Regulations)
1: Repeal section 137(1)(aa)
2: Replace section 137(1)(ac)
ac: requiring financial statements required under section 92 .
16: Consequential amendments to Building Societies Regulations 1989
1: This section amends the Building Societies Regulations 1989
2: In the Part 2 Financial statements and annual Annual
3: Revoke regulations 17 to 38 regulations 17 23 25 38
4: Revoke Schedule 4 OIC LI 2014/52 2014-04-01 Building Societies Regulations 1989 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
17: Transitional provision
1: The Building Societies Act 1965, as amended by sections 5 to 15
2: The Building Societies Act 1965 Building Societies Regulations 1989 Financial Reporting Act 2013
3: This section is subject to sections 55 and 56 Financial Reporting Act 2013 Financial Reporting Act 1993 Amendments to Charities Act 2005
18: Principal Act
Sections 19 to 21 Charities Act 2005 principal Act OIC LI 2014/52 2015-04-01 Charities Act 2005 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2015 by LI 2014/52.
19: Section 41 amended (Duty to prepare annual return)
Replace section 41(2)
2: The annual return of a charitable entity must—
a: be in the form, contain the particulars, and comply with the directions as to the preparation of those returns that are prescribed by the chief executive under section 42; and
b: be accompanied by a copy of the financial statements of the charitable entity (or, in the case of section 46(1A)(b)
20: New sections 42A and 42B inserted
After section 42
42A: Content of financial statements
1: The financial statements referred to in section 41(2)(b)
a: in the case of financial statements of a specified not-for-profit entity, generally accepted accounting practice; or
b: in any other case, either generally accepted accounting practice or a non-GAAP standard that applies for the purposes of this section.
2: In this section and sections 41 and 42B
a: specified not-for-profit entity section 46 Financial Reporting Act 2013
b: accounting period applicable financial reporting standard financial statements generally accepted accounting practice non-GAAP standard section 5 Financial Reporting Act 2013
3: If a charitable entity is subject to another Act that imposes duties relating to the preparation, audit, registration, or lodgement of financial statements, the entity must, in addition to complying with this Act, comply with the requirements of that other Act.
42B: Offence to knowingly fail to comply with standards
1: A charitable entity and every officer of the charitable entity commit an offence and are liable on conviction to a fine not exceeding $50,000 if—
a: the financial statements of the charitable entity referred to in section 41(2)(b)
b: the charitable entity or officer (as the case may be) knows, at the time that the financial statements accompany the annual return when it is sent or delivered under section 41, that the financial statements fail to so comply.
2: If financial statements are prepared on a consolidated basis in respect of a single entity under section 46(1A)(a) subsection (1)
21: 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)
1: After section 46(1)
1A: If the duty under section 41 (duty to prepare annual return) is to be complied with by the parent entity in relation to the single entity, the terms and conditions under subsection (1) may provide that the financial statements that must accompany an annual return that is sent or delivered by the parent entity are prepared—
a: on a consolidated basis in respect of the single entity; or
b: separately in respect of each entity that forms part of the single entity.
1B: The Board or the chief executive must, in deciding whether subsection (1A)(a) or (b)
a: the needs of users of the financial statements; and
b: the purpose of this Act set out in section 3.
2: In section 46(4)(b) that section (but see subsection (1A)
22: Transitional provision
1: The Charities Act 2005, as amended by sections 19 to 21
2: The Charities Act 2005 Financial Reporting Act 2013 Amendments to Companies Act 1993
23: Principal Act
Sections 24 to 43 Companies Act 1993 principal Act OIC LI 2014/52 2014-04-01 Companies Act 1993 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
24: Section 2 amended (Interpretation)
1: In section 2(1) balance date balance date section 41 Financial Reporting Act 2013 .
2: In section 2(1) exempt company
3: In section 2(1) financial statements financial statements section 6 Financial Reporting Act 2013 .
4: In section 2(1) group financial statements group financial statements section 7 Financial Reporting Act 2013 .
5: In section 2(1) group of companies
6: In section 2(1) applicable auditing and assurance standard section 5 Financial Reporting Act 2013 applicable financial reporting standard section 5 Financial Reporting Act 2013 generally accepted accounting practice section 8 Financial Reporting Act 2013 .
7: After section 2(5)
6: An example used in this Act is only illustrative of the provisions to which it relates. It does not limit those provisions.
7: If an example and a provision to which it relates are inconsistent, the provision prevails.
25: Section 4 amended (Meaning of solvency test)
1: Replace section 4(2)(a)(i)
i: the most recent financial statements of the company that are prepared under this Act or any other enactment (if any); and
ia: the accounting records of the company; and .
2: Replace section 4(3)(a)(i)
i: the most recent financial statements of each amalgamating company that are prepared under this Act or any other enactment (if any); and
ia: the accounting records of the amalgamating company; and .
26: Section 80 amended (Financial assistance not exceeding 5% of shareholders' funds)
1: In section 80(1)(a) most recent financial statements of the company that comply with section 10 of the Financial Reporting Act 1993 relevant statements or records
2: After section 80(1)
1A: In subsection (1), relevant statements or records
a: financial statements of the company prepared for the most recently completed accounting period in accordance with generally accepted accounting practice; or
b: if those financial statements have not been prepared, the accounting records of the company.
27: Section 120 amended (Annual meeting of shareholders)
Replace section 120(1) to (3)
1: The board of a company must call an annual meeting of shareholders to be held—
a: not later than 6 months after the balance date of the company; and
b: not later than 15 months after the previous annual meeting.
2: However, a company does not have to hold its first annual meeting in the calendar year of its registration but must hold that meeting within 18 months after its registration.
28: Section 122 amended (Resolution in lieu of meeting)
Replace section 122(3)(a)
a: in the case of a resolution under section 207I or 207J .
29: Section 189 amended (Company records)
Replace section 189(1)(h)
h: copies of all financial statements and group financial statements required to be completed by this Act or any other enactment for the last 7 completed accounting periods of the company: .
30: Part 11 replaced
Replace Part 11
11: Accounting records and financial reporting
1: Accounting records
194: Accounting records must be kept
1: The board of a company must ensure that there are kept at all times accounting records that—
a: correctly record the transactions of the company; and
b: will enable the company to ensure that the financial statements or group financial statements of the company comply with generally accepted accounting practice (if the company is required to prepare such statements under this Act or any other enactment); and
c: will enable the financial statements or group financial statements of the company to be readily and properly audited (if those statements are required to be audited).
2: The board of a company must establish and maintain a satisfactory system of control of its accounting records.
3: The accounting records must be kept—
a: in written form in English; or
b: in a form or manner in which they are easily accessible and convertible into written form in English.
4: If the board of a company fails to comply with the requirements of this section, every director of the company commits an offence and is liable on conviction to the penalty set out in section 374(3)
195: Place accounting records to be kept
1: A company need not keep its accounting records in New Zealand.
2: If the records are not kept in New Zealand,—
a: the company must ensure that accounts and returns for the operations of the company that satisfy the following requirements are sent to, and kept at, a place in New Zealand:
i: the accounts and returns must enable the preparation of the company's financial statements or group financial statements required by this Act or any other enactment; and
ii: the accounts and returns must enable the preparation of any other document required by this Act; and
b: notice of the place where the accounting records and the accounts and returns required under paragraph (a)
3: If a company fails to comply with subsection (2)
a: the company commits an offence and is liable on conviction to the penalty set out in section 373(2):
b: every director of the company commits an offence and is liable on conviction to the penalty set out in section 374(2).
2: Financial reporting
196: Overview
1: This subpart imposes financial reporting requirements on—
a: every large company; and
b: every large overseas company that carries on business in New Zealand; and
c: every other company with 10 or more shareholders (unless the shareholders of the company opt out of compliance); and
d: every other company with fewer than 10 shareholders if shareholders of the company holding at least 5% of the voting shares require the company to comply.
2: This section is only a guide to the general scheme and effect of this subpart.
197: Non-application of subpart if alternative financial reporting duties under financial markets legislation
This subpart does not apply to a company or an overseas company in relation to an accounting period if financial statements of the company or overseas company, or group financial statements of the group that comprises the company or overseas company and its subsidiaries, are required to be prepared for that period under subpart 3 of Part 7 section 55 Financial Reporting Act 2013
198: Interpretation
In this subpart,— group large company section 45 Financial Reporting Act 2013 large overseas company
a: carries on business in New Zealand within the meaning of section 332; and
b: is large under section 45 Financial Reporting Act 2013 public entity qualified auditor section 35 Financial Reporting Act 2013 subsidiary
a: means a subsidiary within the meaning of sections 5 to 8; and
b: includes, except in section 207D voting share
a: during a period in which a payment or distribution (or part of a payment or distribution) in respect of the share is in arrears or some other default exists:
b: on a proposal that affects rights attached to the share:
c: during the liquidation of the company:
d: in respect of a special, immaterial, or remote matter that is inconsequential to control of the company.
199: Determining number of shareholders
1: For the purposes of this subpart and section 208
2: Joint holders of a parcel of shares must be counted as a single shareholder. Example
ABC Limited has an accounting period of 1 April 2014 to 31 March 2015. ABC Limited is not large ( see section 45 Financial Reporting Act 2013 At the close of 1 April 2014, 16 shareholders hold ordinary voting shares. (The company also has 12 shareholders who hold non-voting preference shares, but non-voting shares are not relevant to the calculation under this section). Two of those shareholders hold their parcel of ordinary voting shares jointly. These shareholders are counted as a single shareholder. For the purposes of this subpart and section 208 section 207I Preparation of financial statements
200: Application of preparation provisions
1: Sections 201 and 202
a: every large company; and
b: every company that is a public entity; and
c: every large overseas company; and
d: every other company with 10 or more shareholders unless the company has opted out of compliance with the provision in accordance with section 207I
e: every other company with fewer than 10 shareholders if the company has opted into compliance with the provision in accordance with section 207K
2: However, section 201 does not apply to a company or an overseas company in relation to a balance date if the company or overseas company has, on that date, 1 or more subsidiaries ( see section 202
201: Financial statements must be prepared
Every company or overseas company to which this section applies ( A
a: completed in relation to A and that balance date; and
b: dated and signed on behalf of A by 2 directors of A, or, if A has only 1 director, by that director. 1993 No 106 ss 10(1), 11(1)
202: Group financial statements must be prepared
1: Every company or overseas company to which this section applies ( A
a: completed in relation to that group and that balance date; and
b: dated and signed on behalf of A by 2 directors of A, or, if A has only 1 director, by that director.
2: Group financial statements are not required under subsection (1)
a: on the balance date, A is a subsidiary of a body corporate that is incorporated in New Zealand ( B
b: group financial statements in relation to a group comprising B, A, and all other subsidiaries of B that comply with generally accepted accounting practice are completed in relation to that balance date under this Act or any other enactment. 1993 No 106 ss 13(1), 14(1)
203: Recognition of financial reporting requirements of overseas countries
1: Subsection (2) A
a: the financial statements of A comply with the requirements of the law in force in the country where A is incorporated or constituted; and
b: those requirements are—
i: substantially the same as those of this Act; or
ii: sufficiently equivalent, in relation to the quality of financial reporting they achieve, to the requirements of this Act.
2: The financial statements must be treated as complying with generally accepted accounting practice.
3: Subsection (4) A
a: the group financial statements of the group that comprises A and its subsidiaries comply with the law in force in the country where A is incorporated or constituted; and
b: those requirements are—
i: substantially the same as those of this Act; or
ii: sufficiently equivalent, in relation to the quality of financial reporting they achieve, to the requirements of this Act.
4: The group financial statements must be treated as complying with generally accepted accounting practice. 1993 No 106 ss 11(3), 14(5)
204: Financial statements for overseas company must include financial statements for large New Zealand business
1: If an overseas company is required to prepare financial statements under section 201
2: If an overseas company is required to prepare group financial statements under section 202
3: In this section, the New Zealand business or the group's New Zealand business is large
a: as at the balance date of each of the 2 preceding accounting periods, the total assets of the business exceed $20 million:
b: in each of the 2 preceding accounting periods, the total revenue of the business exceeds $10 million.
4: A financial reporting standard (or a part of a standard) issued by the External Reporting Board that is expressed as applying for the purposes of subsection (3)
5: If an overseas company has been granted an exemption under section 207L section 201 section 202 subsection (1) or (2) 1993 No 106 ss 8(2), 9(2)
205: Balance date of subsidiaries
1: The board of a company or an overseas company that is required to comply with section 202
2: If the balance date of a subsidiary of a company or an overseas company referred to in subsection (1) 1993 No 106 s 7(7), (11) Audit of financial statements
206: Application of audit requirement
1: Section 207
a: every large company unless subsection (2)
b: every company that is a public entity; and
c: every large overseas company; and
d: every company with 10 or more shareholders unless the company has opted out of compliance with that section in accordance with section 207I
e: every company with fewer than 10 shareholders if the company has opted into compliance with the section in accordance with section 207K
2: Subsection (1)(a) A
a: A has opted out of compliance with section 207 section 207J
b: the following requirements are satisfied:
i: A is a wholly-owned subsidiary of another company ( B B
ii: group financial statements in relation to a group comprising B, A, and all other subsidiaries of B that comply with generally accepted accounting practice are completed and signed within the time specified in section 202
iii: a copy of the group financial statements referred to in subparagraph (ii)
207: Financial statements must be audited
1: Every company or overseas company to which this section applies ( A section 201, 202, or 204
2: See sections 37 to 39 Financial Reporting Act 2013
207A: Audit must be carried out in accordance with auditing and assurance standards
1: An auditor must, in carrying out an audit for the purposes of section 207
2: Subsection (3) A overseas standards
a: substantially the same as the applicable auditing and assurance standards referred to in subsection (1)
b: sufficiently equivalent, in relation to the quality of auditing they achieve, to the applicable auditing and assurance standards referred to in subsection (1)
3: The auditor of A's financial statements or group financial statements may, in carrying out the audit of those statements and in preparing the auditor's report, comply with the overseas standards instead of the applicable auditing and assurance standards.
4: This section does not apply to a company that is a public entity.
207B: Auditor must report to shareholders
1: The auditor of a company must make a report to the shareholders on the financial statements or group financial statements audited by the auditor.
2: The auditor's report must comply with the requirements of all applicable auditing and assurance standards.
3: Subsection (2) section 207A(3)
207C: Auditor's report must be sent to Registrar and External Reporting Board if requirements have not been complied with
If the auditor's report indicates that the requirements of this Act have not been complied with, the auditor must, within 7 working days after signing the report, send a copy of the report and a copy of the financial statements or group financial statements to which it relates to the Registrar and the External Reporting Board. 1993 No 106 s 16(2) Registration of financial statements of overseas companies and other companies with significant overseas ownership
207D: Application of registration provisions
1: Section 207E
a: every large overseas company:
b: every large company in which shares that in aggregate carry the right to exercise or control the exercise of 25% or more of the voting power at a meeting of the company are held by—
i: a subsidiary of a body corporate incorporated outside New Zealand; or
ii: a body corporate incorporated outside New Zealand; or
iii: a person not ordinarily resident in New Zealand.
2: However, section 207E A
a: A is a subsidiary of a company that is incorporated in New Zealand ( B
b: group financial statements in relation to a group comprising B, A, and all other subsidiaries of B that comply with generally accepted accounting practice are completed and signed within the time specified in section 202
c: a copy of the group financial statements referred to in paragraph (b)
3: For the purposes of subsection (1) ordinarily resident in New Zealand
a: is domiciled in New Zealand; or
b: is living in New Zealand and the place where that person usually lives, and has been living for the immediately preceding 12 months, is in New Zealand, whether or not that person has on occasions been away from New Zealand during that 12-month period. 1993 No 106 s 19(1), (2)
207E: Financial statements must be registered
1: A company or an overseas company to which this section applies must ensure that, within 5 months after the balance date of the company or overseas company, copies of its financial statements or group financial statements completed in relation to that balance date under section 201, 202, or 204
2: The company or overseas company must, when the financial statements or group financial statements are registered, pay to the Registrar the prescribed registration fee (if any).
3: Any person may, on payment of the prescribed fee (if any), inspect the copies of the financial statements, group financial statements, and auditor's report on those statements delivered to the Registrar under this section. 1993 No 106 s 19(3) Shareholders may request copy of financial statements prepared for tax purposes
207F: Shareholders may request copy of financial statements prepared for tax purposes
1: This section applies if—
a: neither financial statements in relation to a company nor group financial statements in relation to a company's group are prepared under this Act or Part 7
b: financial statements in relation to the company, or group financial statements in relation to its group, are prepared under, or for the purposes of, any of the Inland Revenue Acts (as defined in section 3(1) of the Tax Administration Act 1994).
2: A shareholder of the company may at any time make a written request to the company for a copy of the financial statements or group financial statements (or both) referred to in subsection (1)(b)
3: The company must, within 10 working days of receiving a request under subsection (2) Financial reporting offences
207G: Financial reporting offences
1: This section applies if—
a: a company or an overseas company is required to comply with section 201
i: are not completed and signed within the time specified in that section; or
ii: fail to comply with an applicable financial reporting standard; or
b: a company or an overseas company is required to comply with section 202
i: are not completed and signed within the time specified in that section; or
ii: fail to comply with an applicable financial reporting standard; or
c: an overseas company is required to comply with section 204
i: are not completed and signed within 5 months after the balance date of the overseas company; or
ii: fail to comply with an applicable financial reporting standard; or
d: a company or an overseas company fails to comply with section 207
e: a company or an overseas company fails to comply with section 207E
f: a company fails to comply with section 207F
2: The company or overseas company commits an offence and is liable on conviction to a fine not exceeding $50,000.
3: Every director of the company or overseas company commits an offence and is liable on conviction to the penalty set out in section 374(3)
4: See 1993 No 106 ss 36, 38, 39 Provisions relating to opting out and opting in
207H: Period during which company may opt in or opt out
In sections 207I to 207K opting period section 207I(3), 207J(3), or 207K(2)
a: the date that is 6 months after the start of the accounting period:
b: the date of the annual meeting to be held in the accounting period:
c: in the case of an accounting period that is shorter than 6 months (as a result of the date of the registration of the company or a change of the balance date of the company), the balance date of the period.
207I: Companies with 10 or more shareholders may opt out
1: This section applies to a company with 10 or more shareholders.
2: However, this section does not apply—
a: if the constitution of the company expressly provides that this section does not apply; or
b: if the company is a large company or a public entity.
3: The shareholders of the company may, at a meeting of shareholders held within the opting period, opt out of compliance with 1 or more of the following provisions in relation to the accounting period by way of a resolution approved by not less than 95% of the votes of those shareholders entitled to vote and voting on the question:
a: sections 201 and 202
b: section 207
c: section 208
4: If the shareholders opt out of compliance with a provision in relation to an accounting period under this section, the provision does not apply to the company in relation to that period. Example
ABC Limited has an accounting period of 1 April 2014 to 31 March 2015. ABC Limited is not a large company in relation to that period ( see section 45 Financial Reporting Act 2013 Under section 199 The opting period ends no later than the close of the date of the annual meeting to be held in that period. At the annual meeting, a resolution to opt out of the preparation provisions ( sections 201 and 202 section 207
207J: Large companies may opt out of audit requirement
1: This section applies to a large company.
2: However, this section does not apply if—
a: the constitution of the company expressly provides that this section does not apply; or
b: the company is a public entity; or
c: the company is required to register financial statements under section 207E
3: The shareholders of the company may, at a meeting of shareholders held within the opting period, opt out of compliance with section 207
4: If the shareholders opt out of compliance with section 207
207K: Companies with fewer than 10 shareholders may opt in
1: This section applies to a company (other than a large company) with fewer than 10 shareholders.
2: A shareholder of the company who holds, or shareholders of the company who together hold, not less than 5% of the voting shares may, by written notice given to the company within the opting period but not later than 5 working days before the end of that period, require the company to comply with 1 or more of the following provisions in relation to the accounting period:
a: section 201 or 202
b: section 207
c: section 208
3: If a notice is given under subsection (2) Registrar may grant exemptions to overseas companies
207L: Registrar may grant exemptions to overseas companies
1: The Registrar may, by notice in the Gazette sections 201, 202, 207, and 207E
2: The Registrar must not grant an exemption under this section unless he or she is satisfied that—
a: compliance with the relevant provision would require the overseas company to comply with requirements that are unduly onerous or burdensome; and
b: financial reporting requirements must be complied with in relation to the overseas company under the law in force in the country where the overseas company is incorporated or constituted and that those requirements are satisfactory; and
c: the extent of the exemption is not broader than what is reasonably necessary to address the matters that gave rise to the exemption.
3: The exemption may be granted on any terms and conditions that the Registrar thinks fit.
4: The Registrar may vary or revoke an exemption in the same way as an exemption may be granted under this section. 1993 No 106 s 35B(1)–(3), (5)
207M: Publication and status of exemptions
1: The Registrar may give notice of the exemption in any publications he or she thinks fit (in addition to notifying the exemption in the Gazette
2: Each notice published in the Gazette section 207L
3: The Registrar's reasons for granting an exemption (including why the exemption is appropriate) must be notified in the Gazette 1993 No 106 s 35B(4), (6), (7)
207N: Consultation
In deciding whether or not to grant, amend, or revoke an exemption under section 207L
a: may consult with any persons or organisations that the Registrar thinks fit; but
b: must consult with the Commissioner of Inland Revenue if the exemption involves any provision of section 201 or 202 1993 No 106 s 35C
207O: Exemption may apply to accounting period before exemption is granted
An exemption under section 207L section 207E 1993 No 106 s 35D
3: Miscellaneous auditing provisions
207P: Auditor must be appointed if financial statements must be audited
1: This section applies to a company in relation to an accounting period if financial statements or group financial statements of the company for that period are required to be audited under this Act, the Financial Markets Conduct Act 2013, or any other enactment.
2: A company must, at the annual meeting held in the accounting period referred to in subsection (1)
a: hold office from the conclusion of the meeting until the conclusion of the next annual meeting; and
b: audit the financial statements or group financial statements referred to in subsection (1)
3: However, if a company is a public entity, the Auditor-General is its auditor in accordance with that Act and subsection (2)
4: The first auditor of a company may be appointed by the directors of the company before the first annual meeting, and, if so appointed, holds office until the conclusion of that meeting.
207Q: Registrar may appoint auditor
1: The Registrar may appoint an auditor if,—
a: at an annual meeting of a company, no auditor is appointed or reappointed as required by section 207P
b: a casual vacancy in the office of auditor is not filled within 1 month of the vacancy occurring and the company is required to comply with section 207P
2: A company must, within 5 working days of the power becoming exercisable, give written notice to the Registrar of the fact that the Registrar is entitled to appoint an auditor under this section.
3: If a company fails to comply with subsection (2)
a: the company commits an offence and is liable on conviction to the penalty set out in section 373(2); and
b: every director of the company commits an offence and is liable on conviction to the penalty set out in section 374(2).
207R: Resignation and casual vacancy
1: An auditor may resign at any time by giving written notice to the board of the company, and the company must, as soon as practicable, notify its shareholders of the auditor's resignation.
2: If a company fails to comply with subsection (1)
3: The board of a company may fill any casual vacancy in the office of auditor, but while the vacancy remains the surviving or continuing auditor, if any, may continue to act as auditor.
207S: Auditor's fees and expenses
The fees and expenses of an auditor of a company must be fixed,—
a: if the auditor is appointed at a meeting of the company, by the company at the meeting or in the manner that the company determines at the meeting:
b: if the auditor is appointed by the directors, by the directors:
c: if the auditor is appointed by the Registrar, by the Registrar:
d: if the auditor is the Auditor-General, in accordance with the Public Audit Act 2001.
207T: Automatic reappointment
1: An auditor of a company, other than an auditor appointed under section 207P(4)
a: the auditor is not a qualified auditor; or
b: the company passes a resolution at the meeting appointing another person to replace him or her as auditor; or
c: the company is not required to appoint an auditor at the meeting ( see section 207P
d: the auditor has given notice to the company that the auditor does not wish to be reappointed.
2: An auditor is not automatically reappointed if the person who it is proposed will replace the auditor dies, or is or becomes incapable of, or disqualified from, appointment.
207U: Replacement of auditor
1: A company must not appoint a new auditor in the place of an auditor who is a qualified auditor, unless—
a: at least 20 working days' written notice of a proposal to do so has been given to the auditor; and
b: the auditor has been given a reasonable opportunity to make representations to the shareholders on the appointment of another person either in writing or by the auditor or the auditor's representative speaking at a shareholders' meeting (whichever the auditor may choose).
2: The auditor is entitled to be paid by the company reasonable fees and expenses for making the representations to shareholders.
207V: Auditor not seeking reappointment or resigning
1: If an auditor gives the board of a company written notice that the auditor does not wish to be reappointed or of the auditor's resignation, the board must, if requested to do so by that auditor,—
a: distribute, as soon as practicable, to all shareholders, at the expense of the company, a written statement of the auditor's reasons for the auditor's wish not to be reappointed or for the auditor's resignation; or
b: permit the auditor or the auditor's representative to explain at a shareholders' meeting the reasons for wishing not to be reappointed or for resigning.
2: An auditor is entitled to be paid by the company reasonable fees and expenses for making the representations to shareholders.
207W: Auditor's attendance at shareholders' meeting
1: The board of a company must ensure that an auditor of the company—
a: is permitted to attend a meeting of shareholders of the company; and
b: receives the notices and communications that a shareholder is entitled to receive that relate to a meeting of shareholders; and
c: may be heard at a meeting of shareholders that the auditor attends on any part of the business of the meeting that concerns the auditor as auditor.
2: If the board of a company fails to comply with subsection (1)
4: Infringement offence for failing to register financial statements
207X: Interpretation in this subpart
In this subpart,— infringement fee infringement notice section 207Z infringement offence section 207G(2) or (3) section 207G(1)(e)
207Y: Infringement offences
1: If a person is alleged to have committed an infringement offence, that person may—
a: be proceeded against by filing a charging document under section 14 of the Criminal Procedure Act 2011; or
b: be served with an infringement notice as provided in section 207Z
2: Proceedings commenced in the way described in subsection (1)(a)
207Z: Infringement notices
1: The Registrar may issue an infringement notice to a person if the Registrar believes on reasonable grounds that the person is committing, or has committed, an infringement offence.
2: The Registrar may revoke an infringement notice before the infringement fee is paid, or before an order for payment of a fine is made or deemed to be made by a court under section 21 of the Summary Proceedings Act 1957.
3: An infringement notice is revoked by giving written notice to the person to whom it was issued that the notice is revoked.
207ZA: Procedural requirements for infringement notices
1: An infringement notice may be served on a person—
a: by delivering it, or a copy of it, personally to the person who appears to have committed the infringement offence; or
b: by sending it, or a copy of it, by post, addressed to the person at the person's last known place of residence or business.
2: An infringement notice sent under subsection (1)(b)
3: An infringement notice must be in the prescribed form and must contain—
a: details of the alleged infringement offence that are sufficient to fairly inform a person of the time, place, and nature of the alleged infringement offence; and
b: the amount of the infringement fee; and
c: an address at which the infringement fee may be paid; and
d: the time within which the infringement fee must be paid; and
e: a summary of the provisions of section 21(10) of the Summary Proceedings Act 1957; and
f: a statement that the person served with the notice has a right to request a hearing; and
g: a statement of what will happen if the person served with the notice does not pay the fee and does not request a hearing; and
h: any other prescribed matters.
4: If an infringement notice has been issued, proceedings in respect of the infringement offence to which the notice relates may be commenced in accordance with section 21 of the Summary Proceedings Act 1957 and, in that case,—
a: reminder notices may be prescribed under regulations made under this Act; and
b: in all other respects, section 21 of the Summary Proceedings Act 1957 applies with all necessary modifications.
5: Reminder notices must contain the prescribed information.
207ZB: Payment of infringement fee
The Registrar must pay all infringement fees received into a Crown Bank Account.
31: Section 208 replaced (Obligation to prepare annual report)
Replace section 208
208: Obligation to prepare annual report
1: This section applies to—
a: every large company (within the meaning of section 198
b: every company that is a public entity; and
c: every company that is required to prepare financial statements or group financial statements under Part 7 section 55 Financial Reporting Act 2013
d: every company with 10 or more shareholders unless the company has opted out of compliance with this section in accordance with section 207I subsection (2)
e: every company with fewer than 10 shareholders if the company has opted into compliance with this section in accordance with section 207K subsection (2)
2: The board of every company to which this section applies must, within 5 months after the balance date of the company, prepare an annual report on the affairs of the company during the accounting period ending on that date.
3: If the board of a company fails to comply with subsection (2)
32: Section 209 amended (Obligation to make annual report available to shareholders)
1: After section 209(1)
1A: Subsection (1) does not apply if the annual report is not required to be prepared under section 208
2: Replace section 209(5)
5: For the purposes of this section and sections 209A and 209B, every concise annual report for a company must, in relation to an accounting period, include,—
a: in relation to a company that has, on the balance date of the company, no subsidiaries,—
i: financial statements for the accounting period that comply with generally accepted accounting practice and any auditor's report on those financial statements; or
ii: summary financial statements for the accounting period that comply with generally accepted accounting practice:
b: in relation to a company that has, on the balance date of the company, 1 or more subsidiaries,—
i: group financial statements for the accounting period that comply with generally accepted accounting practice and any auditor's report on those group financial statements; or
ii: summary financial statements for the accounting period, prepared in relation to the group comprising the company and its subsidiaries, that comply with generally accepted accounting practice.
33: Section 209A amended (Board must send copy of annual report or concise annual report on request)
After section 209A(2)
2A: Subsection (2) does not require a company to send a copy of an annual report on the affairs of the company during a particular accounting period if the board of the company is not required to comply with section 208
34: Section 211 amended (Contents of annual report)
1: Replace section 211(1)(b)
b: include any financial statements or group financial statements for the accounting period that are required to be prepared under Part 11 Part 7
c: if an auditor's report is required under Part 11 Part 7 .
2: In section 211(3) all shareholders shareholders who together hold at least 95% of the voting shares (within the meaning of section 198
3: Repeal section 211(4)
35: Section 211A repealed (Obligations to prepare and make available annual reports or financial statements do not apply to non-active companies)
Repeal section 211A
36: Section 212 amended (Shareholders may elect not to receive documents)
After section 212(2)
3: Subsection (2)(b) does not apply if the board of the company is not required to comply with section 209(1) in respect of an accounting period.
37: Section 300 amended (Liability if proper accounting records not kept)
Replace section 300(1)(a)
a: a company that is in liquidation and is unable to pay all its debts has failed to comply with—
i: section 194
ii: section 201 or 202 .
38: New section 340A inserted (Financial reporting requirements for large overseas companies)
After section 340
340A: Financial reporting requirements for large overseas companies
Subpart 2 of Part 11 section 198
39: Section 373 amended (Penalty for failure to comply with Act)
Replace section 373(2)(h) to (j)
h: section 195(3)(a)
i: section 207Q(3)(a) .
40: Section 374 amended (Penalties that may be imposed on directors in cases of failure by board or company to comply with Act)
1: Replace section 374(2)(15) to (20)
15: section 195(3)(b)
16: section 207Q(3)(b)
17: section 207R(2)
18: section 207W(2)
19: section 208(3) .
2: After section 374(2)
3: A director of a company who is convicted of an offence against any of the following sections of this Act is liable to a fine not exceeding $50,000:
a: section 194(4)
b: section 207G(3)
41: 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)
In section 386F(2) section 194(2) section 194(1)
42: Schedule 1 amended
In Schedule 1, after clause 2(2)(b)
ba: the text of any resolution for the purposes of section 207I or 207J .
43: Schedule 4 amended
1: In Schedule 4 section 18 or section 19 of the Financial Reporting Act 1993 applied to the company the financial statements or group financial statements of the company were required to be registered or lodged under any Act
2: In Schedule 4
k: in the case of a company that has passed a resolution under section 207I or 207J
ka: in the case of a company in respect of which a notice has been given under section 207K .
44: Transitional provision
1: The Companies Act 1993 sections 24 to 43
2: The Companies Act 1993 Financial Reporting Act 1993 section 54(2) and (3) Financial Reporting Act 2013
3: Unless the context otherwise requires, a reference to financial statements or group financial statements in the Companies Act 1993 sections 200 to 207O Financial Reporting Act 1993 section 55 Financial Reporting Act 2013
4: This section is subject to sections 55 56 Financial Reporting Act 2013 Financial Reporting Act 1993 Amendments to Financial Markets Conduct Act 2013
45: Principal Act
Sections 46 to 61 Financial Markets Conduct Act 2013 principal Act OIC LI 2014/52 2014-04-01 Financial Markets Conduct Act 2013 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
46: Section 6 amended (Interpretation)
1: In section 6(1) accounting period applicable auditing and assurance standard applicable financial reporting standard financial statements FMC reporting entity generally accepted accounting practice group group financial statements licensed insurer
a: has the same meaning as in section 6 of the Insurance (Prudential Supervision) Act 2010; but
b: in Part 7 .
2: In section 6(1) balance date balance date .
3: In section 6(1) Part 7 financial reporting provision Part 7 financial reporting provision .
4: In section 6(1) qualified auditor qualified auditor section 461E .
5: In section 6(1) subsidiary subsidiary
a: has the meaning set out in section 5 of the Companies Act 1993; and
b: in Part 7, includes any entity that is classified as a subsidiary in any applicable financial reporting standard .
47: Section 351 amended (Regulations modifying Part for licensed markets)
1: In the heading to section 351 Part this Part or Part 7
2: After section 351(1)(a)
ab: providing that section 451(d) does not apply in respect of persons that are listed issuers only in respect of a licensed market or class of licensed markets, and providing for replacement or modified requirements to apply relating to accounting records and financial reporting: .
48: Part 7 replaced
Replace Part 7
7: Financial reporting
1: Overview, application, and interpretation
450: Overview
1: This Part provides for FMC reporting entities to—
a: keep proper accounting records; and
b: prepare financial statements, to have those financial statements audited, and to lodge those financial statements.
2: This section is only a guide to the general scheme and effect of this Part.
451: Meaning of FMC reporting entity
In this Act, FMC reporting entity
a: every person who is an issuer of a regulated product (but see
b: every person who holds a licence under Part 6 (other than an independent trustee of a restricted scheme):
c: every licensed supervisor:
d: every listed issuer (but see section 351(1)(ab)
e: every operator of a licensed market (other than a market licensed under section 317 (overseas-regulated markets)):
f: every recipient of money from a conduit issuer ( see
g: every registered bank:
h: every licensed insurer:
i: every credit union:
j: every building society:
k: every person that is an FMC reporting entity under clause 27A of Schedule 1.
452: Company that issues equity securities not FMC reporting entity if fewer than 50 shareholders
1: A company within the meaning of section 2(1) of the Companies Act 1993 is not an FMC reporting entity under section 451(a)
a: has fewer than 50 shareholders or fewer than 50 parcels of shares that are voting products; and
b: would, but for this section, be an FMC reporting entity by reason only of being an issuer of equity securities that are both voting products and regulated products.
2: In this section, shareholder 1993 No 106 s 6(g); 1993 No 107 s 2A
453: Recipients of money from conduit issuers
In section 451, a person ( A recipient of money from a conduit issuer
a: A is an associated person of another person (the conduit issuer
b: the conduit issuer raises an amount of money by the issue of financial products under—
i: a regulated offer; or
ii: an offer made, in the prescribed circumstances, in reliance upon an exclusion in Schedule 1; and
c: that money is raised as part of an agreement under which 75% or more of that money is provided, directly or indirectly and whether by 1 transaction or a series of transactions, for the use of—
i: A; or
ii: A and 1 or more third persons that are associated persons of A; and
d: the money that is provided to A under paragraph (c) is 10% or more of the money that is raised under paragraph (b); and
e: all or part of the money that is provided under paragraph (c) has not yet been repaid or returned to the conduit issuer. 1993 No 106 s 4A
454: Miscellaneous provisions relating to application
1: If a person ceases to be an FMC reporting entity during an accounting period, that person must be treated as continuing to be an FMC reporting entity in relation to that accounting period for the purposes of this Act and every other enactment.
2: Nothing in this Part or clause 20 of Schedule 4 requires an FMC reporting entity to ensure the completion of financial statements or group financial statements and the lodgement of those financial statements in relation to an accounting period that ended before the accounting period in which that person became an FMC reporting entity. 1993 No 106 ss 5, 21
2: Accounting records
455: FMC reporting entities must keep proper accounting records
1: Every FMC reporting entity must ensure that there are kept at all times accounting records that—
a: correctly record the transactions of the FMC reporting entity; and
b: in the case of a manager of a registered scheme, correctly record the transactions of the scheme; and
c: will enable the FMC reporting entity to ensure that the financial statements of the FMC reporting entity and of any such scheme comply with generally accepted accounting practice and any prescribed requirements; and
d: will enable the financial statements of the FMC reporting entity and of any such scheme to be readily and properly audited.
2: Every FMC reporting entity must establish and maintain a satisfactory system of control of its accounting records.
3: In this subpart, financial statements 1978 No 103 s 53
456: Place where accounting records to be kept
1: Accounting records required to be kept by this subpart must be kept—
a: at the registered office of the FMC reporting entity (if any); or
b: at another place that the directors of the FMC reporting entity think fit.
2: The accounting records may be kept at a place outside New Zealand only if there are sent to, and kept at a place in, New Zealand documents in respect of the business dealt with in those accounting records that will enable the preparation in accordance with this Act of—
a: the financial statements of the FMC reporting entity and any registered scheme referred to in section 455; and
b: any other document annexed to any of those statements that gives information that is required by any enactment. 1978 No 103 s 53A
457: Accounting records to be in English
1: Accounting records required to be kept by this subpart and the documents referred to in section 456(2) must be kept—
a: in written form and in English; or
b: in a form or manner in which they are easily accessible and convertible into written form in English.
2: An FMC reporting entity that contravenes this section commits an offence and is liable on conviction to a fine not exceeding $50,000.
3: The offence in this section is an infringement offence ( see 1978 No 103 s 53B
458: Period for which accounting records to be kept
Accounting records kept under this subpart, or copies of them, must be retained by the FMC reporting entity for a period of at least 7 years after the later of—
a: the date the records are made; and
b: the date of completion of the transaction to which the records relate. 1978 No 103 s 53C
459: Inspection of accounting records
1: Every FMC reporting entity must make the accounting records required to be kept under this subpart and the documents referred to in section 456(2) available, in written form in English at all reasonable times for inspection without charge, to—
a: the directors of the FMC reporting entity; and
b: any supervisor (if the FMC reporting entity is an issuer of debt securities or the manager of a registered scheme); and
c: the FMA; and
d: any other persons authorised or permitted by an enactment to inspect the accounting records of the FMC reporting entity or scheme.
2: An FMC reporting entity that contravenes this section commits an offence and is liable on conviction to a fine not exceeding $50,000.
3: The offence in this section is an infringement offence ( see 1978 No 103 s 53D
3: Preparation, audit, and lodgement of financial statements
Preparation of financial statements
460: Financial statements must be prepared
1: Every FMC reporting entity must ensure that, within 4 months after the balance date of the entity, financial statements that comply with generally accepted accounting practice are—
a: completed in relation to the entity and that balance date; and
b: dated and signed on behalf of the entity by 2 directors of the entity or, if the entity has only 1 director, by that director.
2: Subsection (1) is subject to sections 461(2) and 461A(4). 1993 No 106 ss 10(1), 11(1)
461: Group financial statements must be prepared
1: Every FMC reporting entity that has, on the balance date of the entity, 1 or more subsidiaries must ensure that, within 4 months after that balance date, group financial statements that comply with generally accepted accounting practice are—
a: completed in relation to the group and that balance date; and
b: dated and signed on behalf of the entity by 2 directors of the entity or, if the entity has only 1 director, by that director.
2: Section 460 does not apply to an FMC reporting entity in relation to a balance date if the entity has, on that date, 1 or more subsidiaries (and is, accordingly, required to prepare group financial statements under subsection (1)).
3: The board of an FMC reporting entity must ensure that the balance date of the FMC reporting entity is the same as the balance date of its subsidiaries.
4: This section is subject to section 461A(4). 1993 No 106 ss 7(8), 13(1)
461A: Financial statements for registered schemes and funds
1: This section applies to every manager of a registered scheme.
2: If the liabilities of the manager and the scheme are not limited to a particular group of assets (a separate fund
a: completed in relation to the scheme and that balance date; and
b: dated and signed on behalf of the manager by 2 directors of the manager or, if the manager has only 1 director, by that director.
3: If the liabilities of the manager or the scheme are limited to a separate fund, the manager must ensure that, within 4 months after the balance date of the manager, financial statements that comply with generally accepted accounting practice are—
a: completed in relation to the scheme and that balance date; and
b: completed in relation to the separate fund and that balance date; and
c: dated and signed on behalf of the manager by 2 directors of the manager or, if the manager has only 1 director, by that director.
4: If the manager is an FMC reporting entity by reason only of being a manager of a restricted scheme, the manager—
a: is required to comply with this section; but
b: is not required to comply with sections 460 and 461. 1993 No 106 s 9A(1), (2)
461B: Financial statements for overseas FMC reporting entity to include financial statements for New Zealand business
1: If an FMC reporting entity that is an overseas company is required to prepare financial statements under section 460, the financial statements that are prepared must include, in addition to the financial statements of the entity, financial statements for its New Zealand business prepared as if that business were conducted by a company formed and registered in New Zealand.
2: If an FMC reporting entity that is an overseas company is required to prepare group financial statements under section 461, the group financial statements that are prepared must include, in addition to the financial statements of the group, financial statements for the group's New Zealand business prepared as if the members of the group were companies formed and registered in New Zealand.
3: In this section, overseas company 1993 No 106 ss 8(2), 9(2)
461C: Failure to comply with authoritative notice does not give rise to pecuniary penalty
1: This section applies if financial statements or group financial statements referred to in this subpart fail to comply with generally accepted accounting practice as a result of a failure to comply with an authoritative notice.
2: A pecuniary penalty order may not be made under section 489 in relation to the failure to comply with the authoritative notice.
3: In this section, authoritative notice Audit of financial statements
461D: Financial statements must be audited
Every FMC reporting entity must ensure that the financial statements or group financial statements that are required to be prepared under this subpart are audited by a qualified auditor. 1978 No 103 s 53E
461E: Meaning of qualified auditor
1: For the purposes of this Act, qualified auditor
a: a licensed auditor; or
b: a registered audit firm; or
c: in the case of an FMC reporting entity that is a public entity under the Public Audit Act 2001, the Auditor-General or any other person who may act as the auditor under that Act.
2: In this section, licensed auditor registered audit firm
3: The appointment of a registered audit firm by the firm name to be the qualified auditor for the purposes of this Act is deemed to be the appointment of all the partners in the firm, from time to time, who are licensed auditors.
4: None of the following persons is qualified for appointment as the qualified auditor of an FMC reporting entity:
a: the FMC reporting entity, or a director, an officer, or an employee of the FMC reporting entity:
b: a person who is a partner, or in the employment, of a person specified in paragraph (a):
c: a body corporate.
5: A person is not qualified for appointment as the qualified auditor of an FMC reporting entity if the person is, by virtue of subsection (4), disqualified for appointment as auditor of a related body corporate. 1978 No 103 s 2C
461F: Audit must be carried out in accordance with auditing and assurance standards
An auditor must, in carrying out an audit for the purposes of section 461D, comply with all applicable auditing and assurance standards.
461G: Auditor's report
1: The auditor's report on the financial statements or group financial statements that are required to be audited under this subpart must comply with the requirements of all applicable auditing and assurance standards.
2: If the auditor's report indicates that the requirements of this Part have not been complied with, the auditor must, within 7 working days after signing the report, send a copy of the report, and a copy of the financial statements or group financial statements to which it relates, to—
a: the FMA; and
b: the External Reporting Board; and
c: in the case of an issuer of debt securities or a manager of a registered scheme, the supervisor. 1993 No 106 s 16(1), (2) Lodgement of financial statements
461H: Lodgement of financial statements
1: Every FMC reporting entity must ensure that, within 4 months after the balance date of the entity, copies of the financial statements or group financial statements that are required to be prepared under this subpart, together with a copy of the auditor's report on those statements, are delivered to the Registrar for lodgement.
2: An FMC reporting entity that contravenes this section commits an offence and is liable on conviction to a fine not exceeding $50,000.
3: The offence in this section is an infringement offence ( see 1993 No 106 s 18(1)–(2) Offences
461I: Offence to knowingly fail to comply with financial reporting standards
1: An FMC reporting entity and every director of the entity commit an offence if—
a: any of the following fail to comply with an applicable financial reporting standard:
i: the financial statements of the entity prepared under section 460:
ii: group financial statements in relation to a group comprising the entity and its subsidiaries prepared under section 461:
iii: in the case of a manager of a registered scheme, financial statements for the scheme or a fund referred to in section 461A:
iv: the financial statements prepared by the entity under section 461B; and
b: the entity or the director (as the case may be) knows that the financial statements or group financial statements (as the case may be) fail to so comply when those statements are lodged.
2: A person who commits an offence under subsection (1) is liable on conviction,—
a: in the case of an individual, to imprisonment for a term not exceeding 5 years, a fine not exceeding $500,000, or both; and
b: in any other case, to a fine not exceeding $2.5 million. FMC reporting entities with higher level of public accountability
461J: External Reporting Board must have regard to indication of level of public accountability
1: Subsection (2) applies when the External Reporting Board is preparing a proposal to vary or replace the strategy for establishing different tiers of financial reporting ( see
2: The External Reporting Board must have regard to which FMC reporting entities are considered to have a higher level of public accountability under section 461K.
3: Nothing in this section or section 461K requires any particular class of FMC reporting entity to be included within a particular tier of financial reporting (for example, some entities referred to in section 461K(1) could be included in one tier while other entities referred to in that subsection could be included in another tier).
461K: FMA reporting entities considered to have higher level of public accountability
1: The following FMC reporting entities are considered to have a higher level of public accountability than other FMC reporting entities:
a: issuers of equity securities or debt securities under a regulated offer:
b: managers of registered schemes, but only in respect of financial statements of a scheme or fund prepared under section 461A:
c: listed issuers:
d: registered banks:
e: licensed insurers:
f: credit unions:
g: building societies:
h: an FMC reporting entity, or a class of FMC reporting entities, specified for the purposes of this paragraph by a notice issued under section 461L(1)(a).
2: However, an FMC reporting entity, or a class of FMC reporting entities, is not considered to have a higher level of public accountability than other FMC reporting entities if the entity or class is specified for the purposes of this subsection by a notice issued under section 461L(1)(b).
3: Subsection (1)(b) does not limit subsection (1)(h).
461L: FMA may issue notice relating to level of public accountability
1: The FMA may issue a notice that specifies an FMC reporting entity, or a class of FMC reporting entities, for the purposes of—
a: section 461K(1)(h); or
b: section 461K(2).
2: The FMA must, before issuing a notice under subsection (1), be satisfied that the notice is necessary or desirable in order to promote the main purposes of this Act as specified in section 3 or any of the additional purposes specified in section 4.
3: Subpart 5 of Part 9 (general provisions relating to certain FMA instruments) applies to a notice under this section.
4: Civil liability for certain contraventions of this Part
461M: Part 7 financial reporting provisions
1: All of the provisions specified in subsections (3) and (4) are Part 7 financial reporting provisions.
2: A contravention of any of the provisions listed in subsection (3) may give rise to civil liability ( see
3: The provisions are the following:
a: section 455 (FMC reporting entities must keep proper accounting records):
b: sections 460, 461, 461A, and 461B (financial statements and group financial statements must be prepared):
c: section 461D (financial statements must be audited):
d: section 461H (financial statements must be lodged).
4: A contravention of section 456 or 458 (place where, and period for which, accounting records to be kept) may give rise to civil liability ( see
49: Section 462 amended (When FMA may make stop orders)
After section 462(1)(g)
ga: an issuer of financial products, or a person that provides a licensed market service, has contravened any provision of Part 7; or .
50: Section 489 amended (When court may make pecuniary penalty orders)
Replace section 489(3)
3: However, a pecuniary penalty order may not be made—
a: for a contravention, or involvement in a contravention, of section 19:
b: in the circumstances referred to in section 461C.
51: Section 490 amended (Maximum amount of pecuniary penalty)
In section 490(2)(f) section 461(4) section 461M(4)
52: Section 501 amended (Additional disclosure defence for directors who are treated as contravening)
1: In the heading to section 501 disclosure or financial reporting
2: In section 501(1)(a) section 82, 99, or 427 any of sections 82, 99, 427, 460 to 461B, 461D, and 461H
53: Section 534 amended (Directors treated as having contravened in case of defective disclosure)
1: In the heading to section 534 disclosure or financial reporting contravention
2: After section 534(1)(c)
ca: an FMC reporting entity has contravened any of sections 460 to 461B, 461D, and 461H (financial reporting obligations); or .
3: In section 534(3) authorised body, FMC reporting entity,
4: In section 534(3) (c), (ca),
54: Section 543 amended (Regulations for purposes of Part 3 (Disclosure of offers of financial products))
After section 543(1)(l)
la: prescribing circumstances for the purposes of section 453(b)(ii)
lb: prescribing circumstances for the purposes of clause 27A .
55: Section 547 amended (Transitionals, savings, and orderly implementation of Act and related enactments)
1: In section 547(1)(a) Schedule 4 the specified enactments
2: In section 547(6) specified enactments
ab: the Financial Reporting Act 2013; and
ac: the Financial Reporting (Amendments to Other Enactments) Act 2013 .
56: Section 554 amended (Regulations or exemptions may require compliance with generally accepted accounting practice, standards, or FMA frameworks or methodologies)
Replace section 554(3)
3: In this section,— auditing and assurance standard section 5(1) Financial Reporting Act 2013 financial reporting standard section 5(1) Financial Reporting Act 2013
57: New section 561A inserted (Financial reporting exemptions)
After section 561
561A: Financial reporting exemptions
1: An exemption granted under this subpart in relation to any provision of Part 7 may, if the FMA thinks fit, apply to an accounting period that commenced before the exemption is granted (including an accounting period that ended before the exemption is granted) if the exemption is granted before the financial statements or group financial statements for that period are required to be lodged under that Part.
2: In deciding whether to grant, amend, or revoke an exemption under this subpart in relation to any provision of Part 7, the FMA must consult the Reserve Bank if the exemption concerns any of the following:
a: a registered bank:
b: a licensed insurer:
c: an NBDT.
58: Section 570 amended (Application of subpart)
After section 570(a)
ab: notices issued under section 461L: .
59: Section 571 amended (Status and publication of instruments)
After section 571(2)(a)
ab: a notice issued under section 461L in respect of a class of FMC reporting entities: .
60: Schedule 1 amended
In Schedule 1
27A: Offeror is FMC reporting entity in prescribed circumstances
A person to whom clause 26 applies is an FMC reporting entity in the prescribed circumstances.
61: Schedule 4 amended
1: In Schedule 4
2A: For the purposes of subclause (1), the security must, on and after the effective date, be treated as being a regulated product under section 451(a) and, accordingly, the issuer must be treated as being an FMC reporting entity (unless section 452
2B: See section 56 Financial Reporting Act 2013
2: In Schedule 4
62: Financial Markets (Repeals and Amendments) Act 2013 amended
1: This section amends the Financial Markets (Repeals and Amendments) Act 2013
2: In the Schedule
3: In the Schedule OIC LI 2014/52 2014-04-01 Financial Markets (Repeals and Amendments) Act 2013 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52. Amendments to Friendly Societies and Credit Unions Act 1982
63: Principal Act
Sections 64 to 85 Friendly Societies and Credit Unions Act 1982 principal Act OIC LI 2014/52 2014-04-01 Friendly Societies and Credit Unions Act 1982 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
64: Section 2 amended (Interpretation)
1: In section 2 applicable auditing and assurance standard section 5 Financial Reporting Act 2013 applicable financial reporting standard section 5 Financial Reporting Act 2013 financial statements section 6 Financial Reporting Act 2013 generally accepted accounting practice section 8 Financial Reporting Act 2013 non-GAAP standard section 5 Financial Reporting Act 2013 qualified auditor section 35 Financial Reporting Act 2013 .
2: In section 2 exempt society exempt branch exempt credit union
3: In section 2 licensed auditor registered audit firm
65: Section 9 amended (Registrar may publish statements, etc)
In section 9(a) (including forms of accounts, and statements of financial position)
66: Section 41 repealed (Inspection of books and accounts of society)
Repeal section 41
67: Cross-heading above section 59 replaced
Replace the cross-heading above section 59 Accounting records and financial reporting .
68: Section 59 amended (Financial year)
Repeal section 59(3)
69: Sections 60 to 64 replaced
Replace sections 60 to 64
60: Accounting records must be kept
1: Every registered society or branch must ensure that there are kept at all times accounting records that—
a: correctly record the transactions of the society or branch; and
b: will enable the society or branch to ensure that the financial statements of the society or branch comply with the requirements of this Act or any other Act (if those statements are required to be prepared); and
c: will enable the financial statements of the society or branch to be readily and properly audited (if those statements are required to be audited).
2: Every registered society or branch must establish and maintain a satisfactory system of control of its accounting records.
3: The accounting records must be kept—
a: in written form in English; or
b: in a form or manner in which they are easily accessible and convertible into written form in English.
61: Non-application of section 63 if alternative financial reporting duties under financial markets legislation
Section 63 subpart 3 of Part 7 section 55 Financial Reporting Act 2013
62: Meaning of specified not-for-profit entity
In sections 63 to 64A specified not-for-profit entity section 46 Financial Reporting Act 2013
63: Financial statements must be prepared
1: Every registered society or branch must ensure that, within 3 months after the end of the financial year of the society or branch, financial statements are—
a: completed in relation to the society or branch and that financial year; and
b: dated and signed on behalf of the society or branch by the secretary of the society or branch and either by 2 members of its committee of management acting on behalf of that committee, or by 1 member of its committee of management acting on behalf of that committee and by 1 of the trustees of the society or branch.
2: The financial statements must be prepared in accordance with,—
a: in the case of a specified not-for-profit entity, generally accepted accounting practice; or
b: in any other case, either generally accepted accounting practice or a non-GAAP standard that applies for the purposes of this section.
3: A registered society or branch must not publish any financial statements unless—
a: those financial statements have been audited by the auditor or auditors last appointed to audit the financial statements of the society or branch; and
b: those financial statements include, or are accompanied by, a report by the auditor or auditors.
4: Subsection (3)
5: This section is subject to sections 61 and 64
64: Registered society or branch may opt out
1: This section applies to a registered society or branch that would, but for this section, be required to comply with section 63
2: However, this section does not apply to a registered society or branch in respect of a financial year if, in each of the 2 preceding financial years, the total operating expenditure of the society or branch is $30 million or more.
3: The members of a registered society or branch may, at a meeting of the society or branch held within 6 months from the start of a financial year, opt out of compliance with section 63
4: If the members opt out of compliance with section 63
5: A financial reporting standard (or a part of a standard) issued by the External Reporting Board that is expressed as applying for the purposes of this section must be applied in determining whether subsection (2)
64A: Obligation to appoint auditors
1: Every registered society or branch that is a specified not-for-profit entity in respect of a financial year must appoint a qualified auditor to audit its financial statements for that year (whether the financial statements are prepared under this Act or another Act).
2: Subsection (1)
3: See sections 37 to 39 Financial Reporting Act 2013
4: If a registered society or branch is not a specified not-for-profit entity in respect of a financial year, the society or branch must appoint a qualified auditor to audit its financial statements for that year if the rules of the society or branch require an auditor to be appointed.
64B: Registrar may appoint auditor
The Registrar may appoint an auditor if—
a: no auditor is appointed as required by section 64A
b: a casual vacancy in the office of auditor is not filled within 1 month of the vacancy occurring.
64C: Offences relating to accounting records and financial reporting
Every registered society or branch commits an offence and is liable on conviction to a fine not exceeding $50,000 if—
a: the society or branch fails to comply with section 60, 63(3), or 64A
b: the society or branch is required to comply with section 63
i: are not completed and signed within the time specified in that section; or
ii: fail to comply with an applicable financial reporting standard or a non-GAAP standard (as the case may be).
64D: Audit must be carried out in accordance with auditing and assurance standards
An auditor must, in carrying out an audit of the financial statements of a registered society or branch, comply with all applicable auditing and assurance standards.
64E: Auditor must report to society or branch
1: The auditor of a registered society or branch must make a report to the society or branch on the financial statements audited by the auditor.
2: The auditor's report must comply with the requirements of all applicable auditing and assurance standards.
70: Section 65 amended (Reappointment and removal of auditors)
1: In section 65(1) accounts and statement of financial position financial statements
2: After section 65(1)(a)
ab: financial statements for the current financial year are not required to be prepared; or
ac: the society or branch is not required under section 64A .
71: Section 68 repealed (Auditors' report)
Repeal section 68
72: Section 69 amended (Auditors' rights of access)
1: In the heading to section 69 of access to attend and be heard at meetings
2: Repeal section 69(1).
73: Section 70 amended (Annual return)
1: Replace section 70(3)(b)
b: must contain, if financial statements are required by this Act or any other Act to be prepared in relation to the society or branch for the financial year to which the return relates, a copy of those financial statements; and .
2: Replace section 70(5)
5: The annual return sent to the Registrar must be accompanied by the auditor's report on the financial statements referred to in subsection (3)(b)
74: Section 72 replaced (Annual return to be supplied to members)
Replace section 72
72: Annual return to be supplied to members
1: A registered society or branch must, on the application of a member or person interested in its funds, supply to the member or person without charge a copy of the last annual return of the society or branch.
2: A registered society or branch must provide, together with every copy of an annual return supplied under subsection (1)
75: Section 73 replaced (Accounts and statement of financial position to be available)
Replace section 73
73: Financial statements must be available
Every registered society or branch must keep available for inspection (without charge), by a member or person interested in its funds, at its office during ordinary office hours a copy of the last financial statements completed and signed in accordance with this Act or any other Act (if any), together with the auditor's report (if any) and a copy of the last actuarial report.
76: Cross-heading below section 118 replaced
Replace the cross-heading below section 118 Accounting records and financial reporting .
77: Section 120 amended (Financial year of credit union)
Repeal section 120(3)
78: Sections 121 to 125 replaced
Replace sections 121 to 125
121: Accounting records must be kept
Every credit union must comply with subpart 2 of Part 7
122: Financial reporting
Every credit union must comply with subpart 3 of Part 7
123: Obligation to appoint auditors
1: Every credit union must, in each financial year, appoint a qualified auditor to audit its financial statements for that year.
2: See sections 37 to 39 Financial Reporting Act 2013
124: General matters relating to auditors
For the purposes of this Part, the following provisions of this Act, as far as they are applicable and with the necessary modifications, apply in respect of credit unions as if they were societies registered under Part 2:
a: section 64B
b: sections 64D and 64E
c: section 65 (which relates to the reappointment and removal of auditors):
d: section 66 (which relates to notices of resolution affecting the appointment or removal of auditors):
e: section 67 (which relates to proceedings subsequent to a notice of intention to move a resolution):
f: section 69 (which relates to auditors' rights to attend and be heard at meetings).
79: Section 127 amended (Annual return)
1: Replace section 127(3)(b)
b: must contain a copy of the financial statements that are prepared in relation to the credit union for the financial year; and .
2: Replace section 127(4)
4: The annual return sent to the Registrar must be accompanied by the auditor's report on the financial statements referred to in subsection (3)(b)
80: Section 129 replaced (Annual return to be supplied to members)
Replace section 129
129: Annual return to be supplied to members
1: A credit union must, on the application of a member or person interested in its funds, supply to the member or person without charge a copy of the last annual return of the credit union.
2: A credit union must provide, together with every copy of an annual return supplied under subsection (1)
81: Section 131 repealed (Inspection of books and accounts of credit union)
Repeal section 131
82: Section 132 replaced (Accounts and statement of financial position to be available)
Replace section 132
132: Financial statements must be available
Every credit union must keep available for inspection (without charge), by a member or person interested in its funds, at its office during ordinary office hours a copy of the last financial statements completed and signed in accordance with the Financial Markets Conduct Act 2013 or any other Act, together with the auditor's report.
83: Section 146 amended (Registration of association)
In section 146(3)(e) sections 124 and section
84: Schedule 2 amended
In Schedule 2 the audit of the accounts at least once a year the audit (if any) of the financial statements
85: Schedule 3 amended
In Schedule 3 the audit of the accounts at least once a year the audit (if any) of the financial statements
86: Transitional provision for registered societies and branches
1: The Friendly Societies and Credit Unions Act 1982 sections 64 to 85
2: The Friendly Societies and Credit Unions Act 1982 Financial Reporting Act 2013
3: This section is subject to sections 55 56 Financial Reporting Act 1993
87: Transitional provision for credit unions
1: The Friendly Societies and Credit Unions Act 1982 sections 64 to 85
2: The Friendly Societies and Credit Unions Act 1982 Financial Reporting Act 2013
3: This section is subject to sections 55 56 Financial Reporting Act 1993 Amendments to Gambling Act 2003
88: Principal Act
Sections 89 90 Gambling Act 2003 principal Act OIC LI 2014/52 2014-04-01 Gambling Act 2003 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
89: Section 107 amended (Corporate society must provide annual report to Secretary)
Replace section 107(6)
6: In this section and section 108A auditor
a: in the case of a public entity under the Public Audit Act 2001, the Auditor-General; or
b: in any other case, a person who is a qualified auditor within the meaning of section 35 Financial Reporting Act 2013
90: Section 108 replaced (Contents of annual report)
Replace section 108
108: Contents of annual report
1: An annual report must include—
a: an itemised statement of the application or distribution of net proceeds from class 4 gambling for authorised purposes; and
b: financial statements prepared in accordance with generally accepted accounting practice.
2: In this section,— financial statements section 6 generally accepted accounting practice section 8
108A: Audit must be carried out in accordance with auditing and assurance standards
1: An auditor must, in carrying out an audit on the information contained in an annual report under section 107, comply with all applicable auditing and assurance standards.
2: The auditor's report on the information contained in the annual report must comply with the requirements of all applicable auditing and assurance standards.
3: This section does not apply to a corporate society that is a public entity under the Public Audit Act 2001.
4: In this section, applicable auditing and assurance standard section 5 Financial Reporting Act 2013
108B: Clubs that operate gambling equipment at non-commercial class 4 venues must make financial statements available to members
1: This section applies to a corporate society that is a club that operates gambling equipment at a non-commercial class 4 venue that—
a: it owns or leases; and
b: is mainly for the use of club members.
2: A corporate society to which this section applies must ensure that a copy of any financial statements referred to in section 108(1)(b)
3: A corporate society that contravenes subsection (2)
108C: Other corporate societies must make financial statements available on Internet
1: This section applies to a corporate society other than a corporate society to which section 108B
2: A corporate society to which this section applies must, not later than 4 months after the end of its financial year, ensure that a copy of any financial statements referred to in section 108(1)(b)
3: This section does not limit any other duty under this Act or regulations made under this Act to make available the annual report, the financial statements, or the auditor's report.
4: A corporate society that contravenes subsection (2)
91: Transitional provision
1: The Gambling Act 2003 sections 89 90
2: The Gambling Act 2003 Financial Reporting Act 2013 Amendments to Income Tax Act 2007
92: Principal Act
Sections 93 to 97 Income Tax Act 2007 principal Act OIC LI 2014/52 2014-04-01 Income Tax Act 2007 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
93: Section EX 21C amended (Applicable accounting standards for section EX 21E)
1: In section EX 21C(1) subsections (2) to (7) subsections (2) to (5) and section EZ 32F
2: Repeal section EX 21C(6)
3: In section EX 21C(9) subsections (2) to (7) subsections (2) to (5) and section EZ 32F
94: Section EX 21E amended (Non-attributing active CFC: test based on accounting standard)
1: In section EX 21E(10)(a)(i) generally accepted accounting practice former
2: In section EX 21E(10)(e) generally accepted accounting practice former
3: In section EX 21E(12)(f) generally accepted accounting practice former
4: In section EX 21E(12)(g) generally accepted accounting practice former
5: In section EX 21E former generally accepted accounting practice without IFRS
95: New section EZ 32F inserted (Applicable accounting standard for section EX 21E: former generally accepted accounting practice without IFRS)
After section EZ 32E
EZ 32F: Applicable accounting standard for section EX 21E: former generally accepted accounting practice without IFRS
When this section applies
1: This section applies when—
a: a person (the interest holder
b: section GB 15C (Arrangements related to accounting test for non-attributing active CFC) does not apply. Former generally accepted accounting practice without IFRS for CFC
2: The interest holder may use former generally accepted accounting practice without IFRS for the CFC and the accounting period if the interest holder or another person is a company resident in New Zealand that—
a: has no revenue under former Financial Reporting Standard 34 and former Financial Reporting Standard 35; and
b: is an issuer under section 4 of the former Financial Reporting Act in neither of the current and preceding accounting periods; and
c: is not required by section 19 of the former Financial Reporting Act to file its accounts with the Registrar of Companies; and
d: is not a large company under section 19A(1)(b) of the former Financial Reporting Act; and
e: does not have accounts that are prepared and audited under generally accepted accounting practice with IFRS; and
f: is not a subsidiary of a company having accounts that—
i: include the accounts of the subsidiary; and
ii: are prepared and audited, or required to be prepared, under generally accepted accounting practice with IFRS; and
g: has accounts that—
i: include the accounts of the CFC; and
ii: comply with former generally accepted accounting practice without IFRS; and
iii: meet the audit requirements of section EX 21C(8). Former generally accepted accounting practice without IFRS for CFC's test group
3: The interest holder may use former generally accepted accounting practice without IFRS for the CFC's test group under section EX 21D(1) (Non-attributing active CFC: default test) if the interest holder or another person is a company resident in New Zealand that—
a: has no revenue under former Financial Reporting Standard 34 and former Financial Reporting Standard 35; and
b: is an issuer under section 4 of the former Financial Reporting Act in neither of the current and preceding accounting periods; and
c: is not required by section 19 of the former Financial Reporting Act to file its accounts with the Registrar of Companies; and
d: is not a large company under section 19A(1)(b) of the former Financial Reporting Act; and
e: does not have accounts that are prepared and audited under generally accepted accounting practice with IFRS; and
f: is not a subsidiary of a company having accounts that—
i: include the accounts of the subsidiary; and
ii: are prepared and audited, or required to be prepared, under generally accepted accounting practice with IFRS; and
g: has accounts that—
i: include the accounts of the members of the CFC's test group; and
ii: comply with former generally accepted accounting practice without IFRS; and
iii: meet the audit requirements of section EX 21C(8). Terms relating to generally accepted accounting practice before repeal of Financial Reporting Act 1993
4: In this section and section EX 21E,— former Financial Reporting Act
a: as it was before being repealed under the Financial Reporting Act 2013; and
b: treated as if it applied to resident companies for the purposes of this section and section EX 21E former Financial Reporting Standard 34 former Financial Reporting Standard 35 former financial reporting standards without IFRS former generally accepted accounting practice without IFRS
a: as the practice was before the repeal of the Financial Reporting Act 1993 under the Financial Reporting Act 2013; and
b: for persons who under the former Financial Reporting Act are not required to use IFRS but are required to comply with the former financial reporting standards without IFRS generally accepted accounting practice with IFRS accounting period, CFC, company, former Financial Reporting Act, former Financial Reporting Standard 34, former Financial Reporting Standard 35, former financial reporting standards without IFRS, former generally accepted accounting practice without IFRS, generally accepted accounting practice, generally accepted accounting practice with IFRS, IFRS, non-attributing active CFC, resident in New Zealand .
96: Section FE 36B amended (Identifying members of New Zealand banking group: Crown-owned, no interest apportionment)
1: In section FE 36B(3) Financial Reporting Act 1993 Financial Reporting Act 2013
2: Replace section FE 36B(3)(a)
a: under the Financial Reporting Act 2013, or under section 55
b: would be a member of the group referred to in paragraph (a) but for the relevant materiality thresholds.
97: Section YA 1 amended (Definitions)
In section YA 1 former Financial Reporting Act former Financial Reporting Standard 34 former Financial Reporting Standard 35 former financial reporting standards without IFRS former generally accepted accounting practice without IFRS generally accepted accounting practice with IFRS . Amendments to Industrial and Provident Societies Act 1908
98: Principal Act
Sections 99 to 102 Industrial and Provident Societies Act 1908 principal Act OIC LI 2014/52 2014-04-01 Industrial and Provident Societies Act 1908 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
99: Section 8 amended (Duties and obligations of societies)
1: Repeal section 8(a)(iii)
2: Replace section 8(a)(iv)
iv: within 3 months of each balance date of the society, send to the Registrar an annual return that is in the form and contains all of the particulars that the Registrar may from time to time require together with a prescribed fee (if any): .
3: Replace section 8(a)(vi)
vi: supply without charge to every member or person interested in the funds of the society, on application, a copy of the last annual return of the society: .
4: In section 8
2: In subsection (1)(a)(iv) balance date section 41 Financial Reporting Act 2013
3: Subsection (1)(b) to (e) sections 8A to 8M
100: New sections 8A to 8M inserted
After section 8
8A: Accounting records must be kept
1: Every registered society must ensure that there are kept at all times accounting records that—
a: correctly record the transactions of the society; and
b: will enable the society to ensure that the financial statements of the society comply with generally accepted accounting practice (if the society is required to prepare those statements); and
c: will enable the financial statements of the society to be readily and properly audited (if those statements are required to be audited).
2: Every registered society must establish and maintain a satisfactory system of control of its accounting records.
3: The accounting records must be kept—
a: in written form in English; or
b: in a form or manner in which they are easily accessible and convertible into written form in English.
8B: Non-application of provisions if alternative financial reporting duties under financial markets legislation
Sections 8D and 8E subpart 3 of Part 7 section 55 Financial Reporting Act 2013
8C: Interpretation for financial reporting provisions
1: In sections 8A to 8M accounting period applicable auditing and assurance standard applicable financial reporting standard section 5 Financial Reporting Act 2013
2: In sections 8A to 8M balance date section 41 Financial Reporting Act 2013 financial statements section 6 Financial Reporting Act 2013 generally accepted accounting practice section 8 Financial Reporting Act 2013 large registered society section 45 Financial Reporting Act 2013 qualified auditor section 35 Financial Reporting Act 2013
8D: Financial statements must be prepared
1: This section applies to—
a: every large registered society; and
b: every other registered society unless the society has opted out of compliance with this section in accordance with section 8K
2: Every registered society to which this section applies must ensure that, within 4 months after the balance date of the society, financial statements that comply with generally accepted accounting practice are—
a: completed in relation to the society and that balance date; and
b: dated and signed on behalf of the society by 2 members of the committee of the society.
8E: Financial statements must be audited
1: This section applies to every registered society unless the society has opted out of compliance with this section in accordance with section 8K or 8L
2: Every registered society to which this section applies must ensure that the financial statements of the society prepared under section 8D
3: See sections 37 to 39 Financial Reporting Act 2013
8F: Audit must be carried out in accordance with auditing and assurance standards
1: An auditor must, in carrying out an audit for the purposes of section 8E, comply with all applicable auditing and assurance standards.
2: The auditor's report must comply with the requirements of all applicable auditing and assurance standards.
8G: Financial statements must be sent to members
1: Every registered society that is required to prepare financial statements under section 8D
2: If the financial statements are required to be audited, the statements sent under subsection (1)
8H: Registration of financial statements
1: A large registered society that is required to prepare financial statements under section 8D
2: The registered society must, when the financial statements are registered, pay to the Registrar the prescribed registration fee (if any).
8I: Inspection of registered financial statements
Any person may, on payment of the prescribed fee (if any), inspect the copies of any financial statements and auditor's report on those statements delivered to the Registrar under section 8H
8J: Financial reporting offences
1: Subsection (2)
a: a registered society fails to comply with section 8A, 8E, 8G, or 8H
b: a registered society is required to comply with section 8D
i: are not completed and signed within the time specified in that section; or
ii: fail to comply with an applicable financial reporting standard.
2: The registered society and every member of the committee of the society commit an offence and are liable on conviction to a fine not exceeding $50,000.
3: It is a defence to a member of the committee of a society charged with an offence under this section in respect of a requirement referred to in subsection (1)
a: the society took all reasonable and proper steps to ensure that the requirement would be complied with; or
b: the member took all reasonable steps to ensure that the requirement would be complied with; or
c: in the circumstances, the member could not reasonably have been expected to take steps to ensure that the requirement would be complied with.
8K: Societies (other than large societies) may opt out of preparation and audit requirements
1: This section applies to a registered society other than—
a: a large registered society; or
b: a society whose rules expressly provide that this section does not apply.
2: The members of a registered society may, at a meeting held within 6 months from the start of an accounting period, opt out of compliance with either or both of the following provisions in relation to that accounting period by way of a resolution passed under section 8M
a: section 8D
b: section 8E
8L: Large societies may opt out of audit requirements
1: This section applies to a large registered society other than a society whose rules expressly provide that this section does not apply.
2: The members of a registered society may, at a meeting held within 6 months from the start of an accounting period, opt out of compliance with section 8E section 8M
8M: Resolution to opt out
1: For the purposes of sections 8K and 8L
2: Notice of the meeting, specifying the intention to propose the resolution, must be duly given in accordance with the rules of the society.
3: If the members opt out of compliance with a provision in relation to an accounting period under section 8K or 8L
101: Section 16 amended (Penalties)
1: In section 16(a) any statement of financial position of a registered society, or
2: In section 16
2: Subsection (1) sections 8A to 8M
102: Section 19 amended (Appointment of auditors)
1: In section 19(1) an auditor or auditors a qualified auditor
2: In section 19(1A) appoint an auditor appoint a qualified auditor
3: Repeal section 19(2) to (3)
103: Transitional provision
1: The Industrial and Provident Societies Act 1908 sections 99 to 102
2: The Industrial and Provident Societies Act 1908 Financial Reporting Act 2013
3: This section is subject to sections 55 56 Amendments to Limited Partnerships Act 2008
104: Principal Act
Sections 105 to 107 Limited Partnerships Act 2008 principal Act OIC 2014/52 2014-04-01 Limited Partnerships Act 2008 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
105: Section 10 amended (Contents of partnership agreement)
Repeal section 10(f)
106: Section 74 amended (Records of limited partnership)
In section 74(1)(f) section 75 (if any)
107: Section 75 replaced (Obligation to prepare financial statements)
Replace section 75 Financial reporting
75: Financial statements must be prepared
1: The general partners of a large limited partnership, or of a limited partnership that has opted into compliance with this section under section 75F
a: completed in relation to the limited partnership and that balance date; and
b: dated and signed on behalf of the general partners by 2 general partners of the limited partnership, or, if the limited partnership has only 1 general partner, by that general partner.
2: In sections 75A to 75G accounting period applicable auditing and assurance standard applicable financial reporting standard section 5 Financial Reporting Act 2013
3: In this section and sections 75A to 75G balance date section 41 Financial Reporting Act 2013 financial statements section 6 Financial Reporting Act 2013 generally accepted accounting practice section 8 Financial Reporting Act 2013 large limited partnership
a: means a limited partnership that is large under section 45 of the Financial Reporting Act 2013; and
b: includes a limited partnership that is a public entity public entity qualified auditor section 35 Financial Reporting Act 2013
75A: Financial statements must be audited
1: The general partners of a large limited partnership, or of a limited partnership that has opted into compliance with this section under section 75F
2: This section does not apply to a large limited partnership if the limited partnership opts out of this section under section 75G
3: See sections 37 to 39 Financial Reporting Act 2013
75B: Audit must be carried out in accordance with auditing and assurance standards
1: An auditor must, in carrying out an audit for the purposes of section 75A, comply with all applicable auditing and assurance standards.
2: The auditor's report must comply with the requirements of all applicable auditing and assurance standards.
3: This section does not apply to a limited partnership that is a public entity.
75C: Distribution of financial statements
The general partners of a large limited partnership, or of a limited partnership that has opted into compliance with this section under section 75F
75D: Financial reporting offences
1: Subsection (2) applies if—
a: financial statements in relation to a large limited partnership, or a limited partnership that has opted into compliance with section 75
b: the financial statements of a limited partnership referred to in paragraph (a)
c: the financial statements of a large limited partnership, or of a limited partnership that has opted into compliance with section 75A
d: a copy of the financial statements of a large limited partnership, or of a limited partnership that has opted into compliance with section 75C
2: Every general partner of the limited partnership commits an offence and is liable on conviction to a fine not exceeding $50,000.
3: It is a defence to a general partner of a partnership charged with an offence under this section in respect of a requirement referred to in subsection (1) if the partner proves that—
a: the general partners took all reasonable and proper steps to ensure that the requirement would be complied with; or
b: the general partner took all reasonable steps to ensure that the requirement would be complied with; or
c: in the circumstances, the general partner could not reasonably have been expected to take steps to ensure that the requirement would be complied with.
75E: Non-application of provisions if alternative financial reporting duties under financial markets legislation
Sections 75 to 75D subpart 3 of Part 7 section 55 Financial Reporting Act 2013
75F: Limited partnership may opt in
1: A partner of a limited partnership who has, or the partners of a limited partnership who together have, contributed at least 5% of the capital contributions of all the partners may, by written notice given to the limited partnership within 6 months after the start of an accounting period, require the limited partnership to comply with 1 or more of the following provisions in relation to the accounting period:
a: section 75
b: section 75A
c: section 75C
2: If a notice is given under subsection (1)
75G: Large limited partnerships may opt out of audit requirement
1: This section applies to a large limited partnership unless—
a: the partnership agreement for the limited partnership expressly provides that this section does not apply; or
b: the limited partnership is a public entity.
2: The limited partnership may, within 6 months from the start of an accounting period, opt out of compliance with section 75A
3: If the limited partnership opts out of compliance with section 75A Annual return .
108: Transitional provision
1: The Limited Partnerships Act 2008 sections 105 to 107
2: The Limited Partnerships Act 2008 Financial Reporting Act 2013
3: This section is subject to sections 55 56 Financial Reporting Act 1993 Amendments to Partnership Act 1908
109: Principal Act
Section 110 Partnership Act 1908 principal Act OIC LI 2014/52 2014-04-01 Partnership Act 1908 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
110: New sections 34A to 34H and cross-heading inserted
After section 34 Financial reporting
34A: Non-application of provisions if alternative financial reporting duties under financial markets legislation
Sections 34C to 34H subpart 3 of Part 7 section 55 Financial Reporting Act 2013
34B: Accounting records
1: The partners of a large partnership must ensure that there are kept at all times accounting records that—
a: correctly record the transactions of the partnership; and
b: will enable the partnership to ensure that the financial statements of the partnership comply with generally accepted accounting practice; and
c: will enable the financial statements of the partnership to be readily and properly audited (if those statements are required to be audited).
2: The partners of a large partnership must establish and maintain a satisfactory system of control of its accounting records.
3: The accounting records must be kept—
a: in written form in English; or
b: in a form or manner in which they are easily accessible and convertible into written form in English.
34C: Financial statements must be prepared
The partners of a large partnership must ensure that, within 5 months after the balance date of the partnership, financial statements that comply with generally accepted accounting practice are—
a: completed in relation to the partnership and that balance date; and
b: dated and signed on behalf of the partners by 2 partners.
34D: Interpretation for purposes of financial reporting provisions
1: In sections 34A to 34H accounting period applicable auditing and assurance standard applicable financial reporting standard section 5 Financial Reporting Act 2013
2: In sections 34A to 34H balance date section 41 Financial Reporting Act 2013 financial statements section 6 Financial Reporting Act 2013 generally accepted accounting practice section 8 Financial Reporting Act 2013 large partnership section 45 Financial Reporting Act 2013 qualified auditor section 35 Financial Reporting Act 2013
34E: Financial statements must be audited
1: The partners of a large partnership must ensure that the financial statements of the partnership are audited by a qualified auditor.
2: This section does not apply to a partnership if the partnership opts out of this section under section 34H
3: See sections 37 to 39 Financial Reporting Act 2013
34F: Audit must be carried out in accordance with auditing and assurance standards
1: An auditor must, in carrying out an audit for the purposes of section 34E
2: The auditor's report must comply with the requirements of all applicable auditing and assurance standards.
34G: Financial reporting offences
1: Subsection (2)
a: the partners of a partnership fail to comply with section 34B
b: the partners of a partnership are required to comply with section 34C
i: are not completed and signed within the time specified in that section; or
ii: fail to comply with an applicable financial reporting standard; or
c: the partners of a partnership fail to comply with section 34E
2: Every partner of the partnership commits an offence and is liable on conviction to a fine not exceeding $50,000.
3: It is a defence to a partner charged with an offence under this section in respect of a requirement referred to in subsection (1)
a: the partnership took all reasonable and proper steps to ensure that the requirement would be complied with; or
b: the partner took all reasonable steps to ensure that the requirement would be complied with; or
c: in the circumstances, the partner could not reasonably have been expected to take steps to ensure that the requirement would be complied with.
34H: Partnerships may opt out of audit requirement
1: This section applies to a partnership unless the partnership agreement for the partnership expressly provides that this section does not apply.
2: The partnership may, within 6 months from the start of an accounting period, opt out of compliance with section 34E
3: If the partnership opts out of compliance with section 34E
111: Transitional provision
1: The Partnership Act 1908 section 110
2: The Partnership Act 1908 Financial Reporting Act 2013
3: This section is subject to sections 55 56 Financial Reporting Act 1993 Amendments to Retirement Villages Act 2003
112: Principal Act
Sections 113 to 116 Retirement Villages Act 2003 principal Act OIC LI 2014/52 2014-04-01 Retirement Villages Act 2003 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
113: Section 5 amended (Interpretation)
In section 5 accounting period section 5 Financial Reporting Act 2013 applicable auditing and assurance standard section 5 Financial Reporting Act 2013 applicable financial reporting standard section 5 Financial Reporting Act 2013 balance date section 41 Financial Reporting Act 2013 financial statements section 6 Financial Reporting Act 2013 generally accepted accounting practice section 8 Financial Reporting Act 2013 qualified auditor section 35 Financial Reporting Act 2013 .
114: Section 13 amended (Annual return)
1: Replace section 13(3)(b)
b: a copy of the audited financial statements prepared by the operator under section 35B section 35F
ba: a copy of the audited financial statements prepared by the operator under section 35C .
2: Replace section 13(3)(c)(i)
i: the operator has supplied to the supervisor a copy of the financial statements of the operator and, if section 35C .
115: New sections 35A to 35G inserted
After section 35 Financial reporting
35A: Accounting records
1: An operator of a retirement village must ensure that there are kept at all times accounting records that—
a: correctly record the transactions of the operator; and
b: will enable the operator to ensure that the financial statements of the operator and of the retirement village comply with generally accepted accounting practice (if the operator is required to prepare such statements under this Act or any other enactment); and
c: will enable the financial statements of the operator and of the retirement village to be readily and properly audited.
2: The operator of a retirement village must establish and maintain a satisfactory system of control of its accounting records.
3: The accounting records must be kept—
a: in written form in English; or
b: in a form or manner in which they are easily accessible and convertible into written form in English.
35B: Financial statements must be prepared
1: An operator of a retirement village must ensure that, within 5 months after the balance date of the operator, financial statements that comply with generally accepted accounting practice are—
a: completed in relation to the operator and that balance date; and
b: dated and signed on behalf of the operator by 2 directors, trustees, or office holders of the operator.
2: Subsection (1)
35C: Financial statements for retirement villages
1: This section applies if—
a: the financial statements of an operator of a retirement village include the activities of—
i: more than 1 retirement village; or
ii: another trading activity that operates independently of the retirement village; and
b: either the statutory supervisor of the retirement village, or, if the operator is exempted under section 41 from appointing a statutory supervisor, the Registrar, as a condition of that exemption, requires the operator to comply with this section.
2: The operator of a retirement village must ensure that, within 5 months after the balance date of the operator, financial statements that comply with generally accepted accounting practice are—
a: completed in relation to the village and that balance date; and
b: dated and signed on behalf of the operator by 2 directors, trustees, or office holders of the operator.
3: The operator of a retirement village must lodge a copy of the financial statements of the operator and each village, within 5 months after the balance date of the operator,—
a: with the statutory supervisor of the retirement village (if there is one); or
b: if the operator is exempted from appointing a statutory supervisor, with the person the Registrar appoints under a condition of that exemption (if any).
35D: Financial statements must be audited
1: The operator of a retirement village must ensure that the financial statements prepared under sections 35B and 35C
2: See sections 37 to 39 Financial Reporting Act 2013
35E: Audit must be carried out in accordance with auditing and assurance standards
1: An auditor must, in carrying out an audit for the purposes of section 35D
2: The auditor's report must comply with the requirements of all applicable auditing and assurance standards.
35F: Non-application of section 35B if alternative financial reporting duties under financial markets legislation
Section 35B subpart 3 of Part 7 section 55 Financial Reporting Act 2013
35G: Financial reporting offences
An operator of a retirement village commits an offence and is liable on conviction to a fine not exceeding $50,000 if—
a: financial statements required to be prepared by the operator under section 35B or 35C
b: financial statements required to be prepared by the operator under section 35B or 35C
c: the operator fails to comply with section 35A, 35C(3), or 35D
116: Section 97 amended (Registrar's powers of inspection)
In section 97(1)(a)(i) or the Financial Reporting Act 1993
117: Transitional provision
1: The Retirement Villages Act 2003 sections 113 to 116
2: The Retirement Villages Act 2003 Financial Reporting Act 1993 Financial Reporting Act 2013
3: If, immediately before the commencement of this section, an operator is, in accordance with section 9A(4)(b) section 9A(5)
a: the operator must be treated as being required to comply with section 35C
b: the requirement in paragraph (a) may be removed by the statutory supervisor or the Registrar (as the case may be).
4: This section is subject to section 56 Amendments to Te Ture Whenua Maori Act 1993
118: Principal Act
Sections 119 to 123 Te Ture Whenua Maori Act 1993 principal Act OIC LI 2014/52 2014-04-01 Te Ture Whenua Maori Act 1993 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
119: Section 4 amended (Interpretation)
In section 4 applicable auditing and assurance standard section 5 Financial Reporting Act 2013 applicable financial reporting standard section 5 Financial Reporting Act 2013 financial statements section 6 Financial Reporting Act 2013 generally accepted accounting practice section 8 Financial Reporting Act 2013 non-GAAP standard section 5 Financial Reporting Act 2013 specified not-for-profit entity section 46 Financial Reporting Act 2013 .
120: Section 276 replaced (Accounts and statement of financial position)
Replace section 276
276: Accounting records to be kept
1: Every Maori incorporation must ensure that there are kept at all times accounting records that—
a: correctly record the transactions of the incorporation; and
b: will enable the incorporation to ensure that the financial statements of the incorporation comply with this Act; and
c: will enable the financial statements of the incorporation to be readily and properly audited.
2: Every Maori incorporation must establish and maintain a satisfactory system of control of its accounting records.
276A: Financial statements must be prepared
1: The committee of management of every Maori incorporation must, within 18 months after the making of the order of incorporation, and subsequently at least once in every calendar year, submit to a general meeting of shareholders financial statements for a period ending on a date not earlier than 6 months before the meeting.
2: The financial statements must be prepared in accordance with,—
a: in the case of a specified not-for-profit entity, generally accepted accounting practice; or
b: in any other case, either generally accepted accounting practice or a non-GAAP standard that applies for the purposes of this section.
3: The financial statements must be accompanied by—
a: the auditor's report made under section 277 (if any); and
b: a report by the committee of management in respect of the state of the incorporation's affairs and the amount, if any, that the committee has determined is available for the purposes of section 259(1)(c); and
c: in respect of the assets of the incorporation, a statement setting out the estimated current market value of the assets, together with a statement of the liabilities, if any, of the body corporate charged on or relating particularly to those assets (unless this information is already included in the financial statements).
4: If the assets of the incorporation include any interest in land, the current market value of that interest for the purposes of subsection (3)(c)
276B: Financial statements must be filed
1: The committee of management of a Maori incorporation must ensure that copies of the financial statements and other documents referred to in section 276A
2: Copies filed under this section must be available for inspection by the public during the office hours of the court on payment of the fee (if any) prescribed for that purpose.
121: Section 277 amended (Appointment and duties of auditor)
1: Replace section 277(1A)
1A: This section does not apply to a Maori incorporation that is not a specified not-for-profit entity unless the shareholders of the Maori incorporation resolve by special resolution that the financial statements of the Maori incorporation should be audited or reviewed under this section.
2: Replace section 277(4) to (6)
4: No person may be appointed as auditor of a Maori incorporation unless that person is a qualified auditor (within the meaning of section 35 Financial Reporting Act 2013
5: See sections 37 to 39 Financial Reporting Act 2013
6: The auditor must—
a: audit the financial statements that are to be submitted to the shareholders in a general meeting during the auditor's tenure of office; and
b: in carrying out the audit, comply with all applicable auditing and assurance standards.
6A: If a Maori incorporation referred to in subsection (1A) subsection (6)
6B: The auditor's report on the financial statements must—
a: comply with the requirements of all applicable auditing and assurance standards; and
b: state whether or not, in the auditor's opinion, according to the best of the auditor's information and the explanations given to the auditor, and as shown by the accounting records of the incorporation, any statement required by section 276A(3)(c)
c: state whether or not the share register and index of shareholders required by section 263 to be kept by the incorporation have been duly and correctly kept.
3: Repeal section 277(8)
122: Section 281 amended (Power of court to require officers to attend to explain non-compliance with statutory requirements)
Replace section 281(1)(b) to (d)
b: failure to keep accounting records as required by section 276
c: failure to submit to a general meeting of shareholders financial statements and such other statements and reports as are required by section 276A
d: failure to file in the court the financial statements and other documents as required by section 276B .
123: Section 282 amended (Winding up of incorporation)
Replace section 282(1)(c)
c: if default has been made in the submission to a general meeting of shareholders, or in the filing in the court, of the financial statements and other documents required by sections 276A and 276B .
124: Transitional provision
1: Te Ture Whenua Maori Act 1993 sections 119 to 123
2: Te Ture Whenua Maori Act 1993 Financial Reporting Act 2013 Amendments to other Acts
125: Amendments to other Acts
Amend the enactments specified in Schedule 1 OIC LI 2014/52 2014-04-01 Agricultural and Pastoral Societies Act 1908 Armed Forces Canteens Act 1948 Building Research Levy Act 1969 Burial and Cremation Act 1964 Cadastral Survey Act 2002 Community Trusts Act 1999 Engineering Associates Act 1961 Maori Community Development Act 1962 Maori Purposes Fund Act 1934–35 New Zealand Council for Educational Research Act 1972 New Zealand Horticulture Export Authority Act 1987 New Zealand Maori Arts and Crafts Institute Act 1963 Ngarimu VC and 28th (Maori) Battalion Memorial Scholarship Fund Act 1945 Pacific Islands Polynesian Education Foundation Act 1972 Patriotic and Canteen Funds Act 1947 Reserves Act 1977 Reserves and Other Lands Disposal Act 1995 Taranaki Scholarships Trust Board Act 1957 Taratahi Agricultural Training Centre (Wairarapa) Act 1969 War Pensions Act 1954 Winston Churchill Memorial Trust Act 1965 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
126: Consequential amendments to other Acts
Amend the enactments specified in Schedule 2 OIC LI 2014/52 2014-04-01 Auditor Regulation Act 2011 Biosecurity Act 1993 Broadcasting Act 1989 Chartered Professional Engineers of New Zealand Act 2002 Climate Change Response Act 2002 Commerce Act 1986 Commodity Levies Act 1990 Companies Act 1993 Co-operative Companies Act 1996 Corporations (Investigation and Management) Act 1989 Crown Entities Act 2004 Crown Minerals Act 1991 Crown Research Institutes Act 1992 Electoral Act 1993 Electricity Industry Act 2010 Energy Companies Act 1992 Farmers' Mutual Group Act 2007 Finance Act (No 2) 1990 Financial Markets Authority Act 2011 Gas Act 1992 Government Superannuation Fund Act 1956 Housing Corporation Act 1974 Income Tax Act 2007 Incorporated Societies Act 1908 Industry Training Act 1992 Insurance (Prudential Supervision) Act 2010 Lawyers and Conveyancers Act 2006 Local Government Act 2002 Maori Fisheries Act 2004 Māori Television Service (Te Aratuku Whakaata Irirangi Māori) Act 2003 Maori Trust Boards Act 1955 Marine and Coastal Area (Takutai Moana) Act 2011 Masterton District Council (Montfort Trimble Foundation) Act 2003 Masterton Trust Lands Act 2003 Meat Board Act 2004 New Zealand Superannuation and Retirement Income Act 2001 Nurse Maude Association Act 2000 Plumbers, Gasfitters, and Drainlayers Act 2006 Pork Industry Board Act 1997 Port Companies Act 1988 Property Law Act 2007 Public Audit Act 2001 Public Finance Act 1989 Real Estate Agents Act 2008 Receiverships Act 1993 Registered Architects Act 2005 Reserve Bank of New Zealand Act 1989 Riccarton Bush Act 1914 Royal Society of New Zealand Act 1997 Sale and Supply of Alcohol Act 2012 Selwyn Plantation Board Empowering Act 1992 State-Owned Enterprises Act 1986 Summary Proceedings Act 1957 Telecommunications Act 2001 Trustee Companies Management Act 1975 Unit Titles Act 2010 Wool Industry Restructuring Act 2003 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.
127: Transitional provision in relation to amendments
1: The amendments made by sections 125 126
2: The enactments specified in Schedules 1 2
3: In this section, accounting period section 5(1) Financial Reporting Act 2013
4: Subsections (1) and (2) do not apply to the amendments to the Income Tax Act 2007 Schedule 2
128: Amendments to Auditor Regulation Act 2011 consequential on changes to issuer audits
1: In the provisions of the Auditor Regulation Act 2011 Part 1 issuers FMC reporting entities
2: In the provisions of the Auditor Regulation Act 2011 Part 2 issuer audit FMC audit
3: In the provisions of the Auditor Regulation Act 2011 Part 3 issuer audits FMC audits OIC LI 2014/52 2014-04-01 Auditor Regulation Act 2011 If not brought into force earlier by OIC re section 2(1), then the rest of this Act comes into force on 1 April 2017 re section 2(2). Brought into force on 1 April 2014 by LI 2014/52.