Plain language law

New Zealand law explained for everyone

200: Application of preparation provisions
or “Which companies must prepare financial statements”

You could also call this:

“Companies must create and sign accurate financial reports within set timeframes”

If you’re a company or an overseas company that this part of the law applies to, you need to make sure you prepare financial statements. These statements have to follow the rules of generally accepted accounting practice. You have to complete these statements within 5 months after your balance date. Once they’re done, you need to date them and have them signed. If your company has two or more directors, two of them need to sign. If you only have one director, that director needs to sign. Remember, these statements are about your company and its financial situation on that balance date.

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Next up: 202: Group financial statements must be prepared

or “Companies with subsidiaries must prepare group financial statements within set timeframes”

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Companies Act 1993
Accounting records and financial reporting
Preparation of financial statements
201: Financial statements must be prepared

Part 11 Accounting records and financial reporting
Financial reporting: Preparation of financial statements

201Financial statements must be prepared

Every company or overseas company to which this section applies (A) must ensure that, within 5 months after the balance date of A, financial statements that comply with generally accepted accounting practice are—
completed in relation to A and that balance date; and
dated and signed on behalf of A by 2 directors of A, or, if A has only 1 director, by that director.

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