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Financial Reporting Act 2013

Preliminary provisions

4: Overview of financial reporting and other duties

You could also call this:

"What the law says about money reporting and other important jobs"

Illustration for Financial Reporting Act 2013

This Act is about financial reporting and other duties. You need to know that it covers things like defining key concepts, preparing financial reporting standards, and providing standard provisions for auditors. The Act also relates to other laws, such as the Companies Act 1993 and the Financial Markets Conduct Act 2013, which specify financial reporting duties for different kinds of entities.

These entities have to keep accounting records, prepare financial statements, have those statements audited, and register or lodge those statements. The Act also provides for climate-related disclosure duties under the Financial Markets Conduct Act 2013, including defining key concepts and providing for the Board to prepare and issue climate standards.

This section gives you a general idea of what the Act and other laws are about when it comes to financial reporting and climate-related disclosure duties.

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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=DLM4632836.

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3: Purpose, or

"This law says what the Financial Reporting Act 2013 is for and what it does."

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5: Interpretation, or

"What words mean in the Financial Reporting Act 2013"

Part 1Preliminary provisions

4Overview of financial reporting and other duties

  1. This Act provides for various matters relating to financial reporting duties under other enactments, including—

  2. defining key concepts (for example, generally accepted accounting practice, financial statements, and group financial statements); and
    1. providing for the Board to prepare and issue financial reporting standards and auditing and assurance standards; and
      1. providing standard provisions for auditor qualifications, access to information by auditors, and balance dates.

        1. Other enactments (for example, the Companies Act 1993 and the Financial Markets Conduct Act 2013) specify various financial reporting duties that apply to different kinds of entities, including requirements to—

        2. keep accounting records; and
          1. prepare financial statements or group financial statements in accordance with generally accepted accounting practice or non-GAAP standards; and
            1. have those statements audited; and
              1. register or lodge those statements or otherwise distribute those statements to interested persons (for example, shareholders or members).

                1. This Act also provides for various matters relating to climate-related disclosure duties under the Financial Markets Conduct Act 2013, including—

                2. defining key concepts (for example, climate-related disclosure framework, climate statements, and group climate statements); and
                  1. providing for the Board to prepare and issue climate standards.

                    1. This section is only a guide to the general scheme and effect of this Act and other enactments in relation to financial reporting duties, and of this Act in relation to climate-related disclosure duties.

                    Notes
                    • Section 4 heading: amended, on , by section 34(1) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
                    • Section 4(2A): inserted, on , by section 34(2) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).
                    • Section 4(3): amended, on , by section 34(3) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).