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Partnership Law Act 2019

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

65: Duties do not apply if alternative financial reporting duties under Financial Markets Conduct Act 2013

You could also call this:

“If your partnership already reports finances under another law, you don't need to do it again”

If you’re part of a partnership, you usually need to follow certain rules about financial reporting. These rules are explained in sections 60 to 64 of the law. However, you don’t have to follow these rules if your partnership already has to prepare financial statements under a different law. This different law is called the Financial Markets Conduct Act 2013. So, if you’re already making financial statements because of that other law, you don’t have to do it again for this one.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS206080.

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64: Partnerships may opt out of audit requirement, or

"Partners can decide together if they want someone to check their big partnership's money records"

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66: Partnership dissolved at end of term, by end of venture or undertaking, or by notice, or

"Different ways a partnership can end: after a set time, when a project finishes, or when a partner says they want to stop"

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

65Duties do not apply if alternative financial reporting duties under Financial Markets Conduct Act 2013

  1. Sections 60 to 64 do not apply to a partnership in relation to an accounting period if financial statements of the partnership are required to be prepared for that period under subpart 3 of Part 7 of the Financial Markets Conduct Act 2013.

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