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Electricity Industry Act 2010

Industry participants and consumers - Financial statements of customer and community trusts

99: Customer and community trusts must prepare and submit for audit financial statements

You could also call this:

“Trusts must make yearly money reports and have them checked”

If you are in charge of a customer trust or a community trust, you need to do two important things every year. First, you must create financial statements. These statements show all the money that came in and went out of the trust during the year. You need to make these statements within four months after the trust’s financial year ends. When you make these statements, you have to follow special rules called ‘generally accepted accounting practice’. These rules are explained in a law called the Financial Reporting Act 2013.

Second, after you have made the financial statements, you need to give them to an auditor. An auditor is someone who checks if the financial statements are correct and follow all the rules. This step is important to make sure everything is done properly and the trust’s money is being managed well.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM2634501.

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Part 4 Industry participants and consumers
Financial statements of customer and community trusts

99Customer and community trusts must prepare and submit for audit financial statements

  1. The trustees of a customer trust and the trustees of a community trust must, within 4 months after the end of each financial year of the trust,—

  2. prepare financial statements in accordance with generally accepted accounting practice (within the meaning of section 8 of the Financial Reporting Act 2013) in relation to the trust for that financial year; and
    1. submit those financial statements to an auditor for audit.

      Compare
      Notes
      • Section 99(a): replaced, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).