New Zealand companies
Section 207D(1) of the Companies Act 1993 states that certain companies are required to deliver financial statements to the Registrar of Companies for registration. It requires companies to register financial statements if they meet the following criteria:
- 25% or more of the voting shares in the company are held by:
- a subsidiary of a body corporate incorporated outside New Zealand; or
- a body corporate incorporated outside New Zealand; or
- a person not ordinarily resident in New Zealand
- AND the company is 'large' *.
* Note | A ‘large’ company is defined as follows.
As at the balance date of each of the two preceding accounting periods:
- A subsidiary of an overseas company is 'large' if:
- Total assets of the entity and its subsidiaries (if any) exceed NZ$20 million; or
- Total revenue of the entity and its subsidiaries (if any) exceeds NZ$10 million.
- An entity (other than an overseas company or a subsidiary of an overseas company) is 'large' if:
- Total assets of the entity and its subsidiaries (if any) exceed NZ$60 million; or
- Total revenue of the entity and its subsidiaries (if any) exceeds NZ$30 million.
If a 'large' company has subsidiaries, only the audited group financial statements are required to be registered.
All financial statements filed with the Registrar must be audited by a qualified auditor, and if an overseas auditor has audited the financial statements they must be on the Register of Approved Overseas Auditors and Associations of Accountants.
- Registering financial statements online - the content and applicable timeframes.
- Definition of subsidiary
Issuers and FMC reporting entities
The Financial Reporting Act 1993 continues to apply to issuers that have not transitioned to the Financial Markets Conduct Act 2013 (FMC Act) regime. FMC reporting entities are required to lodge financial statements with the Companies Office under section 461H of the FMC Act.
All New Zealand companies registered as foreign companies with the Australian Securities & Investments Commission (ASIC) are required to file financial statements with ASIC every year.