5Interpretation

1. In this Act, unless the context otherwise requires,—

   accounting period, in relation to a reporting entity,—

   1. means a year ending on a balance date of the entity, and if, as a result of the date of the formation or incorporation of the entity or a change of the balance date of the entity, the period ending on that date is longer or shorter than a year, that longer or shorter period is an accounting period; and
   2. includes, in the case of an entity that is formed or incorporated under, or is affected by, an Act that specifies, refers to, or defines a financial year for the entity, that financial year

   accredited body means a person that is granted accreditation, or is treated as having been granted accreditation, under subpart 5 of Part 2 of the Auditor Regulation Act 2011

   applicable auditing and assurance standard, in relation to an audit or an assurance engagement, means an auditing and assurance standard that applies to the audit or the assurance engagement in accordance with the standard

   applicable climate standard, in relation to a reporting entity and to an accounting period or an interim accounting period of a reporting entity, means a climate standard that applies to the reporting entity and to the accounting period or the interim accounting period in accordance with the climate standard

   applicable financial reporting standard, in relation to a reporting entity and to an accounting period or an interim accounting period of a reporting entity, means a financial reporting standard that applies to the reporting entity and to the accounting period or the interim accounting period in accordance with the financial reporting standard

   approved association means an association of accountants that is approved for the time being by the Registrar under section 36(1)(c)

   auditing and assurance standard means an auditing and assurance standard issued by the Board under section 12; and includes an amendment to an auditing and assurance standard that is issued by the Board

   authoritative notice means a notice issued under section 12(c); and includes an amendment to an authoritative notice that is issued by the Board

   balance date—

   1. has the meaning given to it by section 41; and
   2. in relation to a charitable entity (within the meaning of the Charities Act 2005), means a balance date under section 41(3) to (7) of that Act; and
   3. includes, in the case of an entity that is formed or incorporated under, or is affected by, an Act that specifies, refers to, or defines a financial year for the entity, the last day of the financial year

   Board means the External Reporting Board continued under section 11

   climate-related disclosure framework has the meaning set out in section 9AA

   climate reporting entity has the same meaning as in section 461O of the Financial Markets Conduct Act 2013

   climate standard means a climate standard issued by the Board under section 12; and includes an amendment to a climate standard that is issued by the Board

   climate statements, in relation to a reporting entity and a balance date, means the climate-related disclosures for the entity as at the balance date, or in relation to the accounting period ending at the balance date, that are required to be prepared in respect of the entity by an applicable climate standard

   Commissioner of Inland Revenue means the Commissioner of Inland Revenue appointed or deemed to have been appointed under the Tax Administration Act 1994; and includes any person for the time being authorised to exercise or perform any of the powers, duties, or functions of the Commissioner

   company has the same meaning as in section 2(1) of the Companies Act 1993

   director means,—

   1. in relation to a company or an overseas company, a person occupying the position of a director of the company or overseas company by whatever name called:
   2. in relation to a partnership (other than a limited partnership), a partner:
   3. in relation to a limited partnership, any general partner:
   4. in relation to a charitable entity (within the meaning of the Charities Act 2005), an officer (within the meaning of that Act):
   5. in relation to a body corporate or unincorporate, other than a company or an overseas company or a partnership or a limited partnership or a charitable entity, a person occupying a position in the body that is comparable with that of a director of a company:
   6. in relation to any other person, that person

   entity includes—

   1. a company, an overseas company, or any other body corporate:
   2. a corporation sole:
   3. a trust, a partnership, or an association of persons, whether incorporated or not:
   4. a scheme or fund:
   5. a retirement village (within the meaning of the Retirement Villages Act 2003):
   6. a society or a branch of a society registered or deemed to be registered under the Friendly Societies and Credit Unions Act 1982:
   7. the Crown, a department, or an office of Parliament (within the meaning of those terms in section 2(1) of the Public Finance Act 1989) or an organisation named or described in Schedule 4 of that Act:
   8. a Crown entity (within the meaning of section 7 of the Crown Entities Act 2004):
   9. a local authority (within the meaning of section 5(1) of the Local Government Act 2002)

   financial reporting standard means a financial reporting standard issued by the Board under section 12; and includes an amendment to a financial reporting standard that is issued by the Board

   financial statements has the meaning given to it by section 6

   FMC reporting entity has the same meaning as in section 451 of the Financial Markets Conduct Act 2013

   generally accepted accounting practice has the meaning given to it by section 8

   group means a group comprising a reporting entity and its subsidiaries

   group climate statements, in relation to a group and a balance date, means the climate-related disclosures for the group as at the balance date, or in relation to the accounting period ending at the balance date, that are required to be prepared in respect of the group by an applicable climate standard

   group financial statements has the meaning given to it by section 7

   Institute means the New Zealand Institute of Chartered Accountants constituted under the New Zealand Institute of Chartered Accountants Act 1996

   interim accounting period, in relation to a reporting entity, means a period ending on a date other than the balance date of the reporting entity

   large has the meaning given to it by section 45

   licensed auditor has the same meaning as in section 6(1) of the Auditor Regulation Act 2011

   Minister means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act

   non-GAAP standard means a financial reporting standard that is stated in the standard to be a non-GAAP standard

   overseas company means a body corporate that is incorporated outside New Zealand

   qualified statutory accountant means a person who is—

   1. a chartered accountant (within the meaning of section 19 of the New Zealand Institute of Chartered Accountants Act 1996); or
   2. a member of an accredited body (other than the Institute) who holds the full professional designation of that body (for example, a certified practising accountant); or
   3. recognised under section 36S

   registered audit firm has the same meaning as in section 6(1) of the Auditor Regulation Act 2011

   Registrar means the Registrar of Companies appointed in accordance with section 357(1) of the Companies Act 1993

   reporting entity—

   1. means an entity whose financial statements, group financial statements, reports, or other information is required by any enactment to comply, or be prepared in accordance, with generally accepted accounting practice or non-GAAP standards; or
   2. means an entity whose climate statements, group climate statements, reports, or other information is required by any enactment to comply, or be prepared in accordance, with the climate-related disclosure framework

   specified not-for-profit entity has the meaning given to it by section 46

   standard means—

   1. a financial reporting standard; or
   2. a climate standard; or
   3. an auditing and assurance standard

   subsidiary means a subsidiary within the meaning of sections 5 to 8 of the Companies Act 1993; and includes any entity that is classified as a subsidiary in any applicable financial reporting standard.

2. An example used in this Act is only illustrative of the provisions to which it relates. It does not limit those provisions.

3. If an example and a provision to which it relates are inconsistent, the provision prevails.