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Financial Reporting Act 2013

External Reporting Board, standards, and provisions that apply to other enactments - Standards - Provisions relating to making of and status of standards and authoritative notices

22: Consultation

You could also call this:

"Talking to people before making new rules"

Illustration for Financial Reporting Act 2013

Before the Board issues a new standard or notice, you need to know they must talk to people who will be affected by it. The Board thinks about who will be substantially affected and takes reasonable steps to consult them. This is so the people who will be impacted have a say in what happens.

When the Board is thinking about issuing a standard or notice that needs personal information, they must consult the Privacy Commissioner. This is an important step to make sure people's personal information is protected.

If the Board forgets to consult the right people, it does not mean the standard or notice is not valid. The Board's failure to consult does not change the fact that the standard or notice is still in effect.

This part of the law does not limit what is said in section 16 or section 17 of the Crown Entities Act 2004, which you can find on the New Zealand legislation website.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4632924.

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"What special words mean in sections 22 to 26"

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23: Disclosure required to comply with standards does not breach information privacy principles, or

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Part 2External Reporting Board, standards, and provisions that apply to other enactments
Standards: Provisions relating to making of and status of standards and authoritative notices

22Consultation

  1. The Board must not issue a standard, an authoritative notice, an amendment, or a revocation unless the Board has taken reasonable steps to consult the persons or representatives of persons who, in the opinion of the Board, would be substantially affected by the issue of the standard, notice, amendment, or revocation.

  2. The Board must not issue a standard, an authoritative notice, or an amendment that is likely to require the disclosure of personal information unless the Board has consulted the Privacy Commissioner.

  3. Any failure to comply with subsection (1) or (2) does not affect the validity of the standard, authoritative notice, amendment, or revocation.

  4. This section does not limit section 16 or 17 of the Crown Entities Act 2004.

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