Partnership Law Act 2019

Financial reporting, dissolution of partnership, and other miscellaneous provisions - Financial reporting for large partnerships

58: Definitions of terms used in this subpart

You could also call this:

"Words used when talking about partnership money and business"

In this part of the law, you'll learn about some important words and what they mean. These words are used when talking about money and business for partnerships.

Some of the words, like 'accounting period', 'applicable auditing and assurance standard', and 'applicable financial reporting standard', mean the same thing as they do in another law called the Financial Reporting Act 2013.

There are also other words that have special meanings:

'Balance date' means the same as it does in the Financial Reporting Act 2013.

'Financial statements' also has the same meaning as in the Financial Reporting Act 2013.

'Generally accepted accounting practice' is also defined the same way as in the Financial Reporting Act 2013.

A 'large partnership' is a partnership that is considered large according to the Financial Reporting Act 2013.

Finally, a 'qualified auditor' means the same thing as it does in the Financial Reporting Act 2013.

All these words are important when talking about how partnerships handle their money and reports.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS206073.


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Part 4Financial reporting, dissolution of partnership, and other miscellaneous provisions
Financial reporting for large partnerships

58Definitions of terms used in this subpart

  1. In this subpart, accounting period, applicable auditing and assurance standard, and applicable financial reporting standard have the same meanings as in section 5(1) of the Financial Reporting Act 2013.

  2. In this subpart,—

    balance date has the same meaning as in section 41 of the Financial Reporting Act 2013

      financial statements has the same meaning as in section 6 of the Financial Reporting Act 2013

        generally accepted accounting practice has the same meaning as in section 8 of the Financial Reporting Act 2013

          large partnership means a partnership that is large under section 45 of the Financial Reporting Act 2013

            qualified auditor has the same meaning as in section 35 of the Financial Reporting Act 2013.

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