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Financial Reporting Act 2013

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

18: Non-GAAP standards

You could also call this:

"Rules that are not the usual accounting rules"

Illustration for Financial Reporting Act 2013

When you read a financial reporting standard, it might say it is a non-GAAP standard. You need to know that non-GAAP standards can apply to companies even if their financial statements do not have to follow generally accepted accounting practice. A non-GAAP standard must clearly state which laws it applies to.

A non-GAAP standard is a special kind of standard that can have its own rules. You can find more information about how standards work in section 15. This section is just about non-GAAP standards and does not change what section 15 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=DLM4632908.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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17: Financial reporting standards may cover non-financial reporting, or

"Financial reports can include more than just money matters"

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19: Financial reporting standards may classify entity as subsidiary, or

"Rules can say a smaller company is part of a bigger one, even if it doesn't meet certain criteria."

Part 2External Reporting Board, standards, and provisions that apply to other enactments
Standards: Financial reporting standards

18Non-GAAP standards

  1. A financial reporting standard may state that it is a non-GAAP standard.

  2. A non-GAAP standard may be expressed to apply to an entity even if the financial statements of the entity are not required to comply with generally accepted accounting practice.

  3. A non-GAAP standard must specify the provisions of the enactments in relation to which the standard applies.

  4. This section does not limit section 15.