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New Zealand law explained for everyone

Financial Reporting Act 2013

External Reporting Board, standards, and provisions that apply to other enactments - Standards - Financial reporting standards

15: Financial reporting standards

You could also call this:

"Rules for keeping track of money and following financial reporting standards"

Illustration for Financial Reporting Act 2013

The law says financial reporting standards can apply to everyone or just some people. You might have to follow different rules at different times or in different situations. The rules can change depending on what is happening.

A financial reporting standard can say who it applies to, like all companies or just some. It can also say which time periods it applies to, like a whole year or just a few months. You can find more information about this by looking at the law from 1993.

The standard can specify when you have to follow the rules, like for a whole year or just for a short time. This means you have to keep track of when the rules apply to you. You have to follow the rules for the time periods that the standard says.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4632905.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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Part 2External Reporting Board, standards, and provisions that apply to other enactments
Standards: Financial reporting standards

15Financial reporting standards

  1. Financial reporting standards may—

  2. have general or specific application:
    1. differ according to differences in time or circumstance.

      1. A financial reporting standard may be expressed to apply to all reporting entities or groups or to specified classes of reporting entities or groups.

      2. A financial reporting standard may specify the accounting periods or interim accounting periods in relation to which the standard applies.

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