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Reserves Act 1977

Classification and management of reserves - Management and control of reserves

39A: Annual financial statements

You could also call this:

"Money reports the board must do each year, or not, if the Minister of Finance agrees"

Illustration for Reserves Act 1977

The board can choose not to prepare some financial statements if the Minister of Finance agrees. You need to look at the Crown Entities Act 2004, section 153 and section 154 to see which statements they are talking about. The Minister of Finance can agree to this on any conditions they think are suitable.

The Minister of Finance will only agree if they think preparing all the statements is not necessary or would be too hard for the board. They must be satisfied that the other statements, including those in the Department of Conservation annual report under section 45O of the Public Finance Act 1989, can still show the board's financial position and operations. The Minister must also think that preparing all the statements would be unduly onerous on the board.

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39: Provision of technical assistance to administering body, or

"Minister helps groups look after reserves and other land"

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39B: Financial statements may comply with standards rather than generally accepted accounting practice, or

"Boards can choose to follow special accounting rules or standard accounting practices."

Part 3Classification and management of reserves
Management and control of reserves

39AAnnual financial statements

  1. A board may, with the consent of the Minister of Finance, dispense with preparing any of the statements referred to in section 150, section 153, or section 154 of the Crown Entities Act 2004.

  2. The consent may be given on any conditions the Minister thinks fit (which may include a requirement that the financial statements of any board include other statements, figures, or accounts in place of the statements dispensed with).

  3. The Minister must not give a consent unless satisfied on reasonable grounds that in all the circumstances the preparation of all the statements referred to in subsection (1)—

  4. is not essential because any remaining statements for the financial year (including those appended to the Department of Conservation annual report in accordance with section 45O of the Public Finance Act 1989) can fairly reflect the financial position and operations of the board; and
    1. would be unduly onerous on the board.

      Notes
      • Section 39A: inserted, on , by section 37(1) of the Public Finance Amendment Act 2004 (2004 No 113).