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Financial Reporting Act 2013

Miscellaneous provisions - Transitional provisions

58: Financial reporting standards and auditing and assurance standards continue in effect

You could also call this:

"Old financial reporting rules still apply under the new law"

Illustration for Financial Reporting Act 2013

When the Financial Reporting Act 2013 starts, you need to know what happens to the financial reporting standards and auditing and assurance standards that were already in place. These standards were approved or issued under the Financial Reporting Act 1993. They will keep working as if they were issued under section 12 of the new act.

You can think of these standards like rules that help people make sure financial reports are accurate. The standards that were in place before the new act started will stay in effect. They can also be changed or cancelled under section 12 of the new act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM4632983.

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Part 3Miscellaneous provisions
Transitional provisions

58Financial reporting standards and auditing and assurance standards continue in effect

  1. Every financial reporting standard or auditing and assurance standard approved or issued under the Financial Reporting Act 1993 that is in effect immediately before the commencement of this section—

  2. continues in effect as a financial reporting standard or an auditing and assurance standard (as the case may be) as if issued under section 12; and
    1. may be amended or revoked under section 12.