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Retirement Villages Act 2003

Registration, occupation right agreements, and related requirements and rules - Financial reporting

35A: Accounting records

You could also call this:

"Keep clear and accurate financial records for your retirement village"

Illustration for Retirement Villages Act 2003

You must keep accounting records if you run a retirement village. These records must correctly show all your transactions. They must also help you prepare financial statements that follow generally accepted accounting practice. You need to set up a good system to control your accounting records. This system helps you keep track of your records. You must keep your accounting records in English, either in writing or in a form that can be easily converted to written English. Your accounting records must be kept in a way that allows them to be easily audited. This means they must be clear and easy to understand. You must keep your records in a way that makes sense for your retirement village.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6043943.

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Topics:
Money and consumer rights > Savings and retirementBusiness > Industry rules
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35: No legal impediments to occupation, or

"Retirement village operators must ensure you can live in your unit without legal issues."

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35B: Financial statements must be prepared, or

"Retirement villages must prepare and sign financial statements each year"

Part 2Registration, occupation right agreements, and related requirements and rules
Financial reporting

35AAccounting records

  1. An operator of a retirement village must ensure that there are kept at all times accounting records that—

  2. correctly record the transactions of the operator; and
    1. will enable the operator to ensure that the financial statements of the operator and of the retirement village comply with generally accepted accounting practice (if the operator is required to prepare such statements under this Act or any other enactment); and
      1. will enable the financial statements of the operator and of the retirement village to be readily and properly audited.

        1. The operator of a retirement village must establish and maintain a satisfactory system of control of its accounting records.

        2. The accounting records must be kept—

        3. in written form in English; or
          1. in a form or manner in which they are easily accessible and convertible into written form in English.

            Notes
            • Section 35A: inserted, on , by section 115 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).