Plain language law

New Zealand law explained for everyone

Incorporated Societies Act 2022

Administration of societies - Accounting records, financial reporting, and annual returns - Financial reporting

108: Duties do not apply if alternative financial reporting duties under financial markets or charities legislation

You could also call this:

"You don't have to follow some rules if you already report finances under other laws."

Illustration for Incorporated Societies Act 2022

You do not have to follow sections 102 to 105 if you are required to prepare financial statements under the Financial Markets Conduct Act 2013. You also do not have to follow these sections if you are a charitable entity and you have to give financial statements with your annual return under section 41 of the Charities Act 2005. This means you do not have to do the same financial reporting twice.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS100998.

This page was last updated on — View changes

Topics:
Money and consumer rights > TaxesMoney and consumer rights > Consumer protectionBusiness > Industry rulesBusiness > Starting a business
Previous

107: Auditor’s report must be sent to Registrar and External Reporting Board if requirements have not been complied with, or

"Auditor must send report to authorities if society breaks rules"

Next

109: Annual returns, or

"Sending yearly updates to the Registrar"

Part 3Administration of societies
Accounting records, financial reporting, and annual returns: Financial reporting

108Duties do not apply if alternative financial reporting duties under financial markets or charities legislation

  1. Sections 102 to 105 do not apply to a society in relation to an accounting period if—

  2. financial statements for the society and that accounting period are required to be prepared under subpart 3 of Part 7 of the Financial Markets Conduct Act 2013; or
    1. the society is a charitable entity and an annual return of the society under section 41 of the Charities Act 2005 is required to be accompanied by financial statements for the society and that accounting period.

      Compare