Plain language law

New Zealand law explained for everyone

Racing Industry Act 2020

TAB New Zealand

59: Accounts and audit

You could also call this:

“TAB NZ must create and check its money records each year”

You need to know about how TAB NZ handles its money and records. After each racing year ends, TAB NZ must do two important things. First, they have to prepare financial statements. These are documents that show how much money they made and spent. Second, they need to get these statements checked by a special person called a qualified auditor.

The financial statements TAB NZ makes have to follow rules that most businesses use. These statements include several parts. They show how much money and things TAB NZ owns at the end of the year. They also show how much money TAB NZ made or lost during the year. There’s a part that shows how money moved in and out of TAB NZ.

TAB NZ also has to include what they planned to do with their money at the start of the year. They need to list things they’ve promised to pay for and things they might have to pay for in the future. If there’s anything else important about their money, they have to include that too.

The statements also explain how TAB NZ keeps track of their money. They compare what happened this year with what happened last year. They also show what they thought would happen this year compared to what really happened.

All of this helps people understand how TAB NZ is doing with its money and if it’s using it well.

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 It might be out of date or be missing some parts.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

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS292107.

Topics:
Money and consumer rights > Gambling Business > Industry rules
Previous

58: Functions of TAB NZ, or

"TAB NZ's jobs: planning races, managing betting, and helping the racing industry"

Next

60: Performance and efficiency audit, or

"TAB NZ must have a check-up every five years to see if it's doing a good job"

Part 3 TAB New Zealand

59Accounts and audit

  1. TAB NZ must, as soon as practicable after the end of a racing year,—

  2. prepare financial statements for that year; and
    1. have those financial statements audited by a qualified auditor (within the meaning of section 35 of the Financial Reporting Act 2013).

      1. The financial statements of TAB NZ for each racing year must be prepared in accordance with generally accepted accounting practice and must include—

      2. a statement of financial position at the balance date; and
        1. a statement of financial performance for the year; and
          1. a statement of cash flows for the year; and
            1. a statement setting out the financial performance to be achieved during the year as established at the beginning of the year; and
              1. a statement of commitments as at the balance date; and
                1. a statement of contingent liabilities as at the balance date; and
                  1. any other statements that are necessary to fairly reflect the financial operations of TAB NZ for the year and its financial position at the end of the year; and
                    1. a statement of accounting policies; and
                      1. comparative actual figures for the previous racing year in relation to any of the matters set out in paragraphs (a) to (g) that are appropriate; and
                        1. budgeted figures for the year in relation to any of the matters set out in paragraphs (a) to (g) that are appropriate.

                          Compare