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207G: Financial reporting offences
or “Rules and penalties for company financial reporting in New Zealand”
You could also call this:

“When companies can choose to follow or not follow certain rules”

You need to know about a time period called the ‘opting period’. This period is important for companies when they’re deciding whether to opt in or opt out of certain rules. The opting period starts at the beginning of a company’s accounting period. It ends on the earliest of these three dates:

  1. Six months after the accounting period starts.
  2. The date of the annual meeting held during that accounting period.
  3. The end date of the accounting period, but only if it’s shorter than six months. This might happen if the company just got registered or changed its balance date.

Remember, this opting period applies to specific situations described in other parts of the law. These are sections 207I(3), 207J(3), and 207K(2).

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Next up: 207I: Companies with 10 or more shareholders may opt out

or “Companies with 10 or more shareholders can choose to skip some financial rules”
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Part 11 Accounting records and financial reporting
Financial reporting: Provisions relating to opting out and opting in

207HPeriod during which company may opt in or opt out

  1. In sections 207I to 207K, the opting period, in relation to the accounting period referred to in section 207I(3), 207J(3), or 207K(2), is the period from the start of the accounting period until the close of the earliest of the following dates:

  2. the date that is 6 months after the start of the accounting period:
    1. the date of the annual meeting to be held in the accounting period:
      1. in the case of an accounting period that is shorter than 6 months (as a result of the date of the registration of the company or a change of the balance date of the company), the balance date of the period.

        Notes
        • Section 207H: inserted, on , by section 30 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).