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Financial Reporting Act 2013

Schedule : Transitional, savings, and related provisions

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"Special rules to help change to new law"

Illustration for Financial Reporting Act 2013

The Financial Reporting Act 2013 has some special rules. You need to know what the 2014 Amendment Act and the principal Act are. The 2014 Amendment Act is the Financial Reporting Amendment Act 2014 and the principal Act is the Financial Reporting Act 2013.

Some new rules apply to accounting periods that start on or after the 2014 Amendment Act starts. Old rules still apply to accounting periods that started before the 2014 Amendment Act. There are also special rules for approvals under section 36 of the principal Act.

The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 made some changes. You can find guidance on accounting periods that started before or after these changes. Climate standards and notices can also apply to these accounting periods.

There are transitional provisions for reviewing monetary amounts in the Financial Markets Conduct Act 2013. These provisions apply if the 2021 Amendment Act starts before 1 April 2022. The Minister's recommendations must follow these provisions.

The Regulatory Systems (Economic Development) Amendment Act 2025 also made some changes. These changes apply to accounting periods that start on or after the commencement date. Old rules still apply to accounting periods that started before the commencement date.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6523394.

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61: Approvals for auditors continue in effect, or

"Auditor approvals from the old law still apply under the new Financial Reporting Act 2013."

Transitional, savings, and related provisions Empowered by s 9A

1Provisions relating to Financial Reporting Amendment Act 2014

1Interpretation

  1. In clauses 2 and 3,—

    2014 Amendment Act means the Financial Reporting Amendment Act 2014

      principal Act means the Financial Reporting Act 2013.

      2New requirements apply to accounting periods that commence on or after commencement of 2014 Amendment Act

      1. Section 36(1)(a) of the principal Act (as in force after the commencement of section 7(2) of the 2014 Amendment Act) applies to audits of financial statements for accounting periods that commence on or after the commencement of section 7(2) of the 2014 Amendment Act.

      2. Section 36(1)(a) of the principal Act (as in force before the commencement of section 7(2) of the 2014 Amendment Act) continues to apply to audits of financial statements for accounting periods that commence before the commencement of section 7(2) of the 2014 Amendment Act.

      3. Section 36(1)(c) of the principal Act (as in force after the commencement of section 7(4) of the 2014 Amendment Act) applies to audits of financial statements for accounting periods that commence on or after the commencement of section 7(4) of the 2014 Amendment Act.

      4. Section 36(1)(c) of the principal Act (as in force before the commencement of section 7(4) of the 2014 Amendment Act) continues to apply to audits of financial statements for accounting periods that commence before the commencement of section 7(4) of the 2014 Amendment Act.

      5. Section 45(3) of the principal Act (as in force after the commencement of section 10 of the 2014 Amendment Act) applies to accounting periods that commence on or after 1 April 2014.

      3Approval under section 36 continues for 1 year only unless re-approved by Registrar under new requirements

      1. This clause applies to—

      2. an association of accountants that, immediately before the commencement of this clause, has an approval that is in effect under section 36(1)(c); and
        1. a person who, immediately before the commencement of this clause, has an approval that is in effect under section 36(1)(d).

          1. The approval referred to in subclause (1) continues in effect after the commencement of this clause.

          2. However, that approval ceases to be in effect on the date that is 12 months after the date on which this clause comes into force unless the Registrar has re-approved the association of accountants or person under section 36(1)(c) or (d), as the case may be (in accordance with section 36A).

          3. Nothing in this clause limits the ability of the Registrar to do either or both of the following in respect of an association or a person referred to in subclause (1):

          4. cancel or suspend the approval of the association or person under this Act (and such a cancellation or suspension may take effect before or after the date that is 12 months after the date on which this clause comes into force); or
            1. impose, vary, revoke, add to, or substitute any conditions under section 36A at any time.

              1. However, for the 12-month period referred to in subclause (3), section 36B(2) to (4) does not apply.

              2. Section 61 is subject to this clause.

              2Provisions relating to Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021

              4Interpretation

              1. In this Part, 2021 Amendment Act means the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021.

              Notes
              • Schedule clause 4: inserted, on , by section 47(2)(a) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).

              5Guidance may apply to accounting periods that commence before section 19A commences

              1. Guidance issued by the Board in accordance with section 19A (as inserted by section 40 of the 2021 Amendment Act) may apply in relation to—

              2. accounting periods that commence before, but end on or after, the commencement of section 19A:
                1. accounting periods that commence on or after the commencement of section 19A.

                  Notes
                  • Schedule clause 5: inserted, on , by section 47(2)(a) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).

                  6Climate standards and authoritative notices may apply to accounting periods that commence before clause commences

                  1. Climate standards issued by the Board may apply in relation to—

                  2. accounting periods that commence before, but end on or after, the commencement of this clause:
                    1. accounting periods that commence on or after the commencement of this clause.

                      1. Authoritative notices issued by the Board for the purposes in section 12(c)(ii) may apply in relation to—

                      2. accounting periods that commence before, but end on or after, the commencement of this clause:
                        1. accounting periods that commence on or after the commencement of this clause.

                          Notes
                          • Schedule clause 6: inserted, on , by section 47(2)(a) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).

                          7Transitional provisions relating to review of monetary amounts in sections 461Q and 461S of Financial Markets Conduct Act 2013

                          1. Subclause (2) applies if section 44(1) of the 2021 Amendment Act (which amends section 48(1)(a) of this Act) comes into force before 1 April 2022.

                          2. The monetary amounts in sections 461Q and 461S of the Financial Markets Conduct Act 2013 do not need to form part of the first review under section 48(2) of this Act.

                          3. Subclause (4) applies—

                          4. if the monetary amounts in sections 461Q and 461S of the Financial Markets Conduct Act 2013 do not form part of the first review under section 48(2) of this Act:
                            1. despite the date on which section 45 of the 2021 Amendment Act (which amends section 49 of this Act) comes into force.

                              1. The Minister’s recommendation (if any) under section 48(1)(b), after conducting the first review, must not include a recommendation for the purposes of section 49(i) or (j).

                              Notes
                              • Schedule clause 7: inserted, on , by section 47(2)(a) of the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 (2021 No 39).

                              3Provision relating to Regulatory Systems (Economic Development) Amendment Act 2025

                              8Application of change to definitions of large and specified not-for-profit entity

                              1. Sections 45 and 46 (as in force on and after the commencement date) apply to accounting periods that commence on or after the commencement date.

                              2. Sections 45 and 46 (as in force before the commencement date) continue to apply to accounting periods that commence before the commencement date.

                              3. In this clause, commencement date means the date on which Part 10 of the Regulatory Systems (Economic Development) Amendment Act 2025 comes into force.

                              Notes
                              • Schedule clause 8: inserted, on , by section 111(a) of the Regulatory Systems (Economic Development) Amendment Act 2025 (2025 No 11).