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Financial Reporting Act 2013

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

31: Minister may approve variation or replacement of strategy

You could also call this:

"The Minister can say yes or no to changing a plan, and must consider important matters when making this decision."

Illustration for Financial Reporting Act 2013

The Minister can approve or decline a proposal to change or replace a strategy. You can find out how the Board prepares this strategy in section 32. The Minister receives this proposal and then makes a decision.

The Minister can only decline the proposal if they think the Board has not considered important matters, which are listed in section 32(1)(a), or if the Board has not consulted enough with people about the proposal, as required by section 33.

The Minister makes this decision based on their own opinion about what the Board has done.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4632937.

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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."

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32: Process for preparing proposals to vary or replace strategy, or

"How to plan a change to the financial reporting strategy"

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

31Minister may approve variation or replacement of strategy

  1. The Minister may, after receiving a proposal for the variation or replacement of the strategy prepared by the Board under section 32, either approve or decline to approve the variation or replacement.

  2. The Minister may decline to approve the variation or replacement only if, in his or her opinion,—

  3. the Board has not had sufficient regard to the matters specified in section 32(1)(a); or
    1. the Board has not adequately consulted on the proposal under section 33.

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