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Financial Markets Conduct Act 2013

Financial reporting - Accounting records

455: FMC reporting entities must keep proper accounting records

You could also call this:

"Companies must keep accurate and proper financial records at all times."

Illustration for Financial Markets Conduct Act 2013

If you are an FMC reporting entity, you must keep proper accounting records at all times. These records must correctly show all your transactions and any transactions of a scheme you manage. You must also keep records that help you prepare financial statements that follow generally accepted accounting practice.

You need to keep records that allow your financial statements to be easily and properly audited. You must have a good system to control your accounting records. When we talk about financial statements, we mean the statements you must prepare for this Act or the regulations.

As an FMC reporting entity, you can find more information about the rules you must follow by looking at the Financial Markets Conduct Act 2013 and other related laws, such as the Financial Reporting (Amendments to Other Enactments) Act 2013.

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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=DLM4702247.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rulesBusiness > Fair trading
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454: Miscellaneous provisions relating to application, or

"Rules for when you start or stop being a company that has to report to the government"

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456: Place where accounting records to be kept, or

"Where you must keep your company's financial records"

Part 7Financial reporting
Accounting records

455FMC reporting entities must keep proper accounting records

  1. Every FMC reporting entity must ensure that there are kept at all times accounting records that—

  2. correctly record the transactions of the FMC reporting entity; and
    1. in the case of a manager of a registered scheme, correctly record the transactions of the scheme; and
      1. will enable the FMC reporting entity to ensure that the financial statements of the FMC reporting entity and of any such scheme comply with generally accepted accounting practice and any prescribed requirements; and
        1. will enable the financial statements of the FMC reporting entity and of any such scheme to be readily and properly audited.

          1. Every FMC reporting entity must establish and maintain a satisfactory system of control of its accounting records.

          2. In this subpart, financial statements means the financial statements or group financial statements that are required to be prepared for the purposes of this Act or the regulations.

          Compare
          Notes
          • Section 455: replaced, on , by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).