business.govt.nz"
Search the register
Search this website
| Options Options
Search Type
Home > News & updates > News & media centre > Summary of the financial reporting changes
Welcome Guest. welcome , You last logged on at
Document Actions
 

Summary of the financial reporting changes

— filed under:

26 February 2015

The Financial Reporting Bill passed on 19 November 2013 and received Royal Assent on 3 December 2013.

The Bill was split into two Acts:

  • Parts 1-3 have become the Financial Reporting Act 2013 (FRA 2013).
  • Part 4 and Schedules 1-3 have become the Financial Reporting (Amendments to Other Enactments) Act 2013.

 

Financial Reporting (Amendments to Other Enactments) Act 2013 changes how entities prepare, audit, file and distribute financial statements. The result of these amendments is that the financial reporting requirements of different entity types are contained in specific legislation relating to the type of entity. For instance, the financial reporting requirements for companies are now set out in the Companies Act 1993 and will refer back to the FRA 2013 for definitions and basic concepts.

The legislative changes apply to reporting periods beginning on or after 1 April 2014. Previous filing obligations, under the Financial Reporting Act 1993 (FRA 1993) will still apply for any reporting periods beginning before the 1 April 2014.

At the same time the Financial Markets Conduct Act 2013 introduced “FMC reporting entities” which replace and expand the concept of “issuer”. The FRA 1993 continues to apply to issuers that are not already FMC reporting entities.

 

Financial reporting key changes

[image] Financial reporting key changes - Click to view full screen version.

Note | Click on the image to view a full screen version

 

Previous legislation vs new legislation

[image] Previous legislation vs new legislation - Click to view full screen version.

Note | Click on the image to view a full screen version

 

The information in this article is guidance only. We recommend you seek professional advice as appropriate. The Companies Office is not responsible for the content of other websites linked to, or referenced on this article.

 

Last updated 6 July 2015