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New Zealand law explained for everyone

Companies Act 1993

Accounting records and financial reporting - Financial reporting - Preparation of financial statements

201: Financial statements must be prepared

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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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM320894.

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202: Group financial statements must be prepared, or

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

201Financial statements must be prepared

  1. 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—

  2. completed in relation to A and that balance date; and
    1. dated and signed on behalf of A by 2 directors of A, or, if A has only 1 director, by that director.

      Compare
      Notes
      • Section 201: replaced, on , by section 30 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).