Financial Reporting Act 2013

External Reporting Board, standards, and provisions that apply to other enactments - Standard provisions relating to balance dates

42: Entity must have balance date in each calendar year

You could also call this:

"Every year, you must pick a date to balance your accounts to keep track of your money."

Illustration for Financial Reporting Act 2013

If you are a specified entity, you must have a balance date in each calendar year. You need to choose a date to balance your accounts every year. This helps you keep track of your finances.

If you are a new entity, you do not need a balance date in the year you are formed, but you must have one within 15 months. This means you can have your first balance date in the next calendar year, as long as it is not too late. You just need to make sure it is within 15 months of when you were formed.

If you want to change your balance date, you can do so without having a balance date in that calendar year. To do this, the time between your old and new balance dates must not be more than 15 months. You also need to get approval from the Commissioner of Inland Revenue before you make the change.

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This page was last updated on 3 October 2025

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4632956.

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41: Meaning of balance date, or

"When a company's financial year ends and its accounts are finalised, that's its balance date."

43: Approval of Commissioner of Inland Revenue and other provisions relating to change of balance date, or

"Getting approval to change your financial report deadline from the Inland Revenue Commissioner"

Part 2External Reporting Board, standards, and provisions that apply to other enactments
Standard provisions relating to balance dates

42Entity must have balance date in each calendar year

A specified entity must have a balance date in each calendar year.
However, a specified entity need not have a balance date in the calendar year in which it is formed or incorporated if its first balance date is in the following calendar year and is not later than 15 months after the date of its formation or incorporation.
If a specified entity changes its balance date, it need not have a balance date in a calendar year if—
the period between any 2 balance dates does not exceed 15 months; and
the Commissioner of Inland Revenue approves the change of balance date before it is made.