Plain language law

New Zealand law explained for everyone

Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Reporting obligations - Planning: statement of performance expectations

232: Forecast statement of comprehensive revenue and expense

You could also call this:

"The Reserve Bank's plan for earning and spending money"

Illustration for Reserve Bank of New Zealand Act 2021

You need to know what the Reserve Bank of New Zealand plans to earn and spend. The Bank must make a forecast statement of comprehensive revenue and expense each year. This statement must follow standard accounting rules. You can compare the Bank's forecast with its actual earnings and spending. The forecast statement must include important assumptions and extra information. This helps you understand the Bank's financial plans. The Bank only needs to include this forecast statement in its plans, not other financial statements. You can find similar information in the 1986 Act.

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 It might be out of date or be missing some parts.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=LMS287277.

This page was last updated on — View changes

Topics:
Money and consumer rights > TaxesMoney and consumer rights > Banking and loansBusiness > Industry rules
Previous

231: Exemption for certain outputs, or

"The Minister of Finance can exempt some outputs from reports, if they don't affect the overall result."

Next

233: Ministerial involvement in statement of performance expectations, or

"The Minister helps create the Bank's plan and can add or change things in it."

Part 5Financial and accountability matters
Reporting obligations: Planning: statement of performance expectations

232Forecast statement of comprehensive revenue and expense

  1. Each statement of performance expectations, in relation to the Bank and a financial year, must contain a forecast statement of comprehensive revenue and expense for the financial year.

  2. The forecast statement of comprehensive revenue and expense must—

  3. be prepared in accordance with generally accepted accounting practice; and
    1. include—
      1. a statement of all significant assumptions underlying the statement; and
        1. any additional information and explanations needed to fairly reflect the forecast financial operations of the Bank; and
        2. be prepared in a manner that allows for a comparison with actual revenues and output expenses.

          1. Nothing in this Act requires a statement of performance expectations to contain any financial statements other than a forecast statement of comprehensive revenue and expense.

          Compare