This Accounting alert from Deloitte (New Zealand) discusses the enactment of the New Zealand Financial Reporting Act 2013, which provides clarity on the financial reporting obligations of New Zealand entities.

Background

Following several years of consultation and debate, during December 2013 the New Zealand government finally passed legislation overhauling New Zealand’s financial reporting framework. The end result is largely consistent with the Government’s previous announcements, such as:

• removal of financial statement preparation requirements for most small and medium companies
• clarification of reporting requirements for registered charities
• removal of the requirement for companies and issuers to prepare parent financial statements when group financial statements are already provided
• reduction in filing deadlines for some entities
• alignment of the penalties regime.

However, some late changes were made, particularly for overseas companies carrying on business in New Zealand and subsidiaries of overseas companies. Details of the changes are included in the alert.

This Accounting alert from Deloitte (New Zealand) discusses:

• Legislative requirements – who has to prepare, have audited and/or file financial statements?
• Accounting requirements – what standards apply if financial statements are required in accordance with NZ GAAP?
• What needs to be considered where financial statements are not required in accordance with NZ GAAP?

Download the full alert below.

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