Plain language law

New Zealand law explained for everyone

Financial Reporting Act 2013

External Reporting Board, standards, and provisions that apply to other enactments - Standards - Tiers of financial reporting

29: Tiers of financial reporting for different classes of reporting entities

You could also call this:

"Rules for what financial information different groups must share"

Illustration for Financial Reporting Act 2013

The law has rules to help decide what financial information different groups must share. You need to know that these rules are explained in sections 30 to 33. These rules make sure the right information is shared by each group.

When the law talks about a "strategy", it means a plan to decide what financial information to share. You can find this plan in section 34C of the Financial Reporting Act 1993, or a new plan approved under section 31. This plan helps decide what information each group must share.

The plan might be changed or replaced with a new one approved under section 31. This new plan will also help decide what financial information each group must share. You can find more information about this in sections 30 to 33.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=DLM4632934.

Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rules
Previous

28: Accounting period to which standards and authoritative notices apply, or

"When new accounting rules start and which years they apply to"

Next

30: Board must implement strategy for tiers of financial reporting, or

"The Board must make a plan to help decide how to report finances at different levels."

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

29Tiers of financial reporting for different classes of reporting entities

  1. The purpose of sections 30 to 33 is to provide for a system of tiers of financial reporting that impose different financial reporting requirements in respect of different classes of reporting entities in order to ensure that the requirements that apply in respect of those entities are appropriate.

  2. In sections 30 to 33, strategy means—

  3. the strategy for establishing different tiers of financial reporting approved under section 34C of the Financial Reporting Act 1993 as in force immediately before the commencement of this section (with any variations approved under section 31); or
    1. a replacement of that strategy as approved under section 31.

      Compare