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Financial Markets Conduct Act 2013

Financial reporting - Preparation, audit, and lodgement of financial statements - Preparation of financial statements

461C: Failure to comply with authoritative notice does not give rise to pecuniary penalty

You could also call this:

"Not following some rules when making financial reports doesn't always mean you'll get a fine."

Illustration for Financial Markets Conduct Act 2013

If you do not follow an authoritative notice when preparing financial statements, it may not be done correctly. You might not follow the notice because it does not agree with generally accepted accounting practice. In this case, you cannot be given a pecuniary penalty order under section 489 for not following the notice.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6027070.

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461B: Financial statements for overseas FMC reporting entity to include financial statements for New Zealand business, or

"Overseas companies must include New Zealand business details in their financial reports."

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461D: Financial statements must be audited, or

"Big companies must get their money records checked by a special accountant."

Part 7Financial reporting
Preparation, audit, and lodgement of financial statements: Preparation of financial statements

461CFailure to comply with authoritative notice does not give rise to pecuniary penalty

  1. This section applies if financial statements or group financial statements referred to in this subpart fail to comply with generally accepted accounting practice as a result of a failure to comply with an authoritative notice.

  2. A pecuniary penalty order may not be made under section 489 in relation to the failure to comply with the authoritative notice.

  3. Repealed
Notes
  • Section 461C: inserted, on , by section 48 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).
  • Section 461C(3): repealed, on , by section 7 of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).