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Local Government Act 2002

Regulations, other Orders in Council, and rules - Regulations

259D: Regulations may incorporate financial reporting standards by reference

You could also call this:

“Rules can include special money guidelines in the law”

You can make rules called regulations about financial reporting standards. These regulations can include the full financial reporting standards or just parts of them. The standards come from the Financial Reporting Act 2013.

When you include these standards in the regulations, you can change them a bit if you need to. You can add things, take things away, or make other changes.

Once you put these financial reporting standards into the regulations, they become part of the law. This means everyone has to follow them, just like any other regulation.

These regulations are made under a specific part of the Local Government Act 2002. This part is called section 259(1)(dc).

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4926336.

Topics:
Government and voting > Local councils
Money and consumer rights > Banking and loans
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259C: Auditor-General must report on disclosures made under certain regulations, or

“The big checker reports on special information shared by local councils”

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259E: Effect of amendments to, or replacement of, standards incorporated by reference in regulations, or

“How changes to financial reporting standards affect government rules”

Part 11 Regulations, other Orders in Council, and rules
Regulations

259DRegulations may incorporate financial reporting standards by reference

  1. Regulations made under section 259(1)(dc) may incorporate financial reporting standards in effect under the Financial Reporting Act 2013, as those standards are defined in section 5(1) of that Act.

  2. Financial reporting standards may be incorporated by reference in the regulations—

  3. in whole or in part; and
    1. with modifications, additions, or variations specified in the regulations.

      1. Financial reporting standards incorporated by reference in regulations made under section 259(1)(dc) have legal effect as part of those regulations.

      Notes
      • Section 259D: inserted, on , by section 33 of the Local Government Act 2002 Amendment Act 2012 (2012 No 93).
      • Section 259D(1): amended, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).