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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Accounting records

258: Board must ensure that proper accounting records are kept

You could also call this:

"The Bank's board must keep accurate and easy-to-understand financial records."

Illustration for Reserve Bank of New Zealand Act 2021

The board of the Reserve Bank of New Zealand must make sure accounting records are kept. You need to know these records must correctly show the Bank's transactions. They must also show the Bank's financial position at any time. The records must help the board ensure the Bank's financial statements comply with section 244. They must also be easy to audit. The records can be in writing or in a format that can be easily converted to writing. The accounting records must be accessible and easy to understand. This helps the board and auditors do their jobs. The records are an important part of the Bank's financial management.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287325.

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Part 5Financial and accountability matters
Accounting records

258Board must ensure that proper accounting records are kept

  1. The board of the Bank must cause accounting records to be kept that—

  2. correctly record and explain the transactions of the Bank; and
    1. will at any time enable the financial position of the Bank to be determined with reasonable accuracy; and
      1. will enable the members of the board to ensure that the financial statements of the Bank comply with section 244; and
        1. will enable the financial statements of the Bank to be readily and properly audited.

          1. The accounting records must be in written form or in a manner in which they are easily accessible and convertible into written form.

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