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Financial Markets Conduct Act 2013

Regulations, transitional provisions, and miscellaneous provisions - Regulations

554: Regulations or exemptions may require compliance with generally accepted accounting practice, standards, frameworks, or FMA methodologies

You could also call this:

"Some accounting rules must be followed, like standards and practices, when reporting finances."

Illustration for Financial Markets Conduct Act 2013

You might need to follow certain rules when it comes to accounting and reporting. These rules can be found in things like regulations, notices, or exemptions. You can find more information about these rules in the Financial Reporting Act 2013.

You may need to comply with things like generally accepted accounting practice, financial reporting standards, or auditing and assurance standards. There are also rules about climate-related disclosures and climate standards. These rules can be found in regulations, notices, or exemptions, and they might have specific requirements or modifications.

Some words have special meanings in this context, like auditing and assurance standard, climate standard, and financial reporting standard. You can find the meanings of these words in the Financial Reporting Act 2013. These rules are in place to help with financial reporting and disclosures.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4091814.

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"Rules about implied provisions in agreements that override what's written"

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"Rules can be different for different financial situations"

Part 9Regulations, transitional provisions, and miscellaneous provisions
Regulations

554Regulations or exemptions may require compliance with generally accepted accounting practice, standards, frameworks, or FMA methodologies

  1. Regulations, notices issued under subpart 4, or exemptions granted by the FMA may require any person, class of persons, information, or class of information to comply with any of the following:

  2. generally accepted accounting practice, either generally or in specified circumstances:
    1. a financial reporting standard:
      1. the climate-related disclosure framework, either generally or in specified circumstances:
        1. a climate standard:
          1. an auditing and assurance standard:
            1. a notice issued under subpart 4.

              1. Regulations, a notice issued under subpart 4, or an exemption granted by the FMA may require compliance with generally accepted accounting practice, a financial reporting standard, the climate-related disclosure framework, a climate standard, an auditing and assurance standard, or a notice issued under subpart 4—

              2. in whole or in part; and
                1. with modifications, additions, or variations specified in the regulations, notice, or exemption.

                  1. In this section,—

                    auditing and assurance standard has the same meaning as in section 5(1) of the Financial Reporting Act 2013

                      climate standard has the same meaning as in section 5(1) of the Financial Reporting Act 2013

                        financial reporting standard has the same meaning as in section 5(1) of the Financial Reporting Act 2013.

                        Notes
                        • Section 554 heading: amended, on , by section 18(1) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
                        • Section 554(1)(baaa): inserted, on , by section 18(2) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
                        • Section 554(1)(ba): inserted, on , by section 18(2) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
                        • Section 554(2): amended, on , by section 18(3) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
                        • Section 554(3): replaced, on , by section 56 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
                        • Section 554(3) climate standard: inserted, on , by section 18(4) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).