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Financial Reporting Act 2013

External Reporting Board, standards, and provisions that apply to other enactments - Meaning of large and specified not-for-profit entity

47: Financial reporting standards must be complied with

You could also call this:

"Follow the rules for reporting money when working with the law"

Illustration for Financial Reporting Act 2013

When you are working out if a certain law applies, you must follow the financial reporting standards. These standards might help you understand what words like "operating payments" or "control" mean in the law. You can find more information about this in section 45(1)(a) or (b) or (2)(a) or (b) or section 46.

You need to apply the financial reporting standards to see if they affect how the law works. This will help you determine if the law applies to your situation. The standards are an important part of understanding the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM5206503.

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Part 2External Reporting Board, standards, and provisions that apply to other enactments
Meaning of large and specified not-for-profit entity

47Financial reporting standards must be complied with

  1. A financial reporting standard (or a part of a standard) that is expressed as applying for the purposes of section 45(1)(a) or (b) or (2)(a) or (b) or 46 must be applied in determining whether that provision applies (for example, the standard may define operating payments or control for the purposes of section 46).

Notes
  • Section 47: amended, on , by section 110 of the Regulatory Systems (Economic Development) Amendment Act 2025 (2025 No 11).