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Retirement Villages Act 2003

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

35B: Financial statements must be prepared

You could also call this:

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

Illustration for Retirement Villages Act 2003

You need to prepare financial statements if you run a retirement village. You must complete these statements within 5 months of your balance date. They must follow generally accepted accounting practice. You must date and sign the statements on behalf of your village. Two directors, trustees, or office holders must sign them. This rule does not apply to some people, like receivers or liquidators. You can find more information about this rule in the Financial Reporting (Amendments to Other Enactments) Act 2013.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6043944.

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Money and consumer rights > Consumer protectionBusiness > Industry rulesHousing and property > Renting
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35A: Accounting records, or

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

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35C: Financial statements for retirement villages, or

"Rules for retirement villages' money reports"

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

35BFinancial statements must be prepared

  1. An operator of a retirement village must ensure that, within 5 months after the balance date of the operator, financial statements that comply with generally accepted accounting practice are—

  2. completed in relation to the operator and that balance date; and
    1. dated and signed on behalf of the operator by 2 directors, trustees, or office holders of the operator.

      1. Subsection (1) does not apply to a receiver or liquidator, or a person who has no financial interest in the retirement village.

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