Plain language law

New Zealand law explained for everyone

Local Government Act 2002

Planning, decision-making, and accountability - Financial management

111: Information to be prepared in accordance with generally accepted accounting practice

You could also call this:

“Financial reports must follow standard accounting rules, except for funding statements”

When you need to include information in any plan, report, or other document as required by this Part or Schedule 10, you must prepare it using generally accepted accounting practice. This applies if there are standards for that type of information.

However, you don’t need to use generally accepted accounting practice when preparing a funding impact statement.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM172376.

Topics:

Government and voting > Local councils

Money and consumer rights > Taxes

110: Rates postponement policy, or

“Rules for letting people delay paying their property taxes”

112: Interpretation, or

“This part explains tricky words about local government money and borrowing”

Part 6 Planning, decision-making, and accountability
Financial management

111Information to be prepared in accordance with generally accepted accounting practice

All information that is required by any provision of this Part or of Schedule 10 to be included in any plan, report, or other document must be prepared in accordance with generally accepted accounting practice if that information is of a form or nature for which generally accepted accounting practice has developed standards.
Subsection (1) does not apply to the preparation of a funding impact statement.

Notes

Section 111(2): added, on 27 November 2010, by section 28 of the Local Government Act 2002 Amendment Act 2010 (2010 No 124).