Plain language law

New Zealand law explained for everyone

Financial Reporting Act 2013

Miscellaneous provisions - Transitional provisions

59: External Reporting Board may exercise power before commencement

You could also call this:

"The External Reporting Board can use its powers before the law officially starts."

Illustration for Financial Reporting Act 2013

The External Reporting Board can use its powers before some parts of the Financial Reporting Act 2013 start. You can find out more about the External Reporting Board in section 22 of the Financial Reporting Act 1993. The Board can issue standards or notices before subparts 1 and 2 of Part 2 of the Act start.

When the Board uses its powers, it is like subparts 1 and 2 of Part 2 are already in force. This means the Board can act as if those parts of the Act are already law.

This rule does not change what section 11 of the Interpretation Act 1999 says.

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 It might be out of date or be missing some parts.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=DLM4632984.

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

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

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

Next

60: Definitions of large and specified not-for-profit entity may take into account accounting periods that commence before commencement of section, or

"Rules for not-for-profit groups can use old accounting periods to decide if they are large or specified."

Part 3Miscellaneous provisions
Transitional provisions

59External Reporting Board may exercise power before commencement

  1. The External Reporting Board (as continued under section 22 of the Financial Reporting Act 1993) may, before the commencement of subparts 1 and 2 of Part 2, exercise a power under those subparts to issue a financial reporting standard, an authoritative notice, or an auditing and assurance standard.

  2. Subsection (1) applies as if subparts 1 and 2 of Part 2 were in force when the power is exercised.

  3. This section does not limit section 11 of the Interpretation Act 1999.